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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023, OR
    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: 1-13595
Mettler Toledo International Inc
_______________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware13-3668641
(State or other jurisdiction of(I.R.S Employer Identification No.)
incorporation or organization)
1900 Polaris Parkway
Columbus, OH 43240
and
Im Langacher, P.O. Box MT-100
CH 8606 Greifensee, Switzerland
1-614-438-4511 and +41-44-944-22-11
________________________________________________________________________________
(Registrant's telephone number, including area code)

not applicable
______________________________________________________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueMTDNew York Stock Exchange

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

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No     
        
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer. Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company

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

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

The Registrant had 21,864,818 shares of Common Stock outstanding at June 30, 2023.




METTLER-TOLEDO INTERNATIONAL INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
PAGE



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Three months ended June 30, 2023 and 2022
(In thousands, except share data)
(unaudited)
June 30,
2023
June 30,
2022
Net sales
Products$758,971 $780,244 
Service223,146 198,143 
Total net sales982,117 978,387 
Cost of sales
Products296,953 308,019 
Service101,621 98,707 
Gross profit583,543 571,661 
Research and development47,245 44,023 
Selling, general and administrative228,594 242,206 
Amortization18,042 16,365 
Interest expense19,249 12,765 
Restructuring charges8,021 1,770 
Other charges (income), net(1,011)(2,160)
Earnings before taxes263,403 256,692 
Provision for taxes49,476 44,622 
Net earnings$213,927 $212,070 
Basic earnings per common share:
Net earnings$9.75 $9.39 
Weighted average number of common shares21,944,645 22,593,375 
Diluted earnings per common share:
Net earnings$9.69 $9.29 
Weighted average number of common and common equivalent shares22,080,602 22,821,666 
Comprehensive income, net of tax (Note 9)$175,227 $180,579 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 3 -

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Six months ended June 30, 2023 and 2022
(In thousands, except share data)
(unaudited)
June 30,
2023
June 30,
2022
Net sales  
Products$1,474,972 $1,486,859 
Service435,883 389,319 
Total net sales1,910,855 1,876,178 
Cost of sales
Products582,704 597,108 
Service198,042 187,824 
Gross profit1,130,109 1,091,246 
Research and development92,722 87,051 
Selling, general and administrative463,232 477,518 
Amortization35,821 32,969 
Interest expense37,433 24,103 
Restructuring charges12,295 5,781 
Other charges (income), net(1,407)(5,869)
Earnings before taxes490,013 469,693 
Provision for taxes87,660 83,622 
Net earnings$402,353 $386,071 
Basic earnings per common share:
Net earnings$18.28 $17.02 
Weighted average number of common shares22,013,662 22,680,353 
Diluted earnings per common share:
Net earnings$18.15 $16.84 
Weighted average number of common and common equivalent shares22,164,394 22,928,933 
Comprehensive income, net of tax (Note 9)$362,370 $358,930 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 4 -

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
As of June 30, 2023 and December 31, 2022
(In thousands, except share data)
(unaudited)
June 30,
2023
December 31,
2022
ASSETS
Current assets:  
Cash and cash equivalents$83,574 $95,966 
Trade accounts receivable, less allowances of $20,472 at June 30, 2023
and $22,427 at December 31, 2022648,002 709,321 
Inventories394,959 441,694 
Other current assets and prepaid expenses119,971 128,108 
Total current assets1,246,506 1,375,089 
Property, plant and equipment, net780,723 778,600 
Goodwill665,100 660,170 
Other intangible assets, net294,594 306,054 
Deferred tax assets, net27,836 27,080 
Other non-current assets355,636 345,402 
Total assets$3,370,395 $3,492,395 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:  
Trade accounts payable$170,230 $252,538 
Accrued and other liabilities177,590 205,253 
Accrued compensation and related items139,614 200,031 
Deferred revenue and customer prepayments204,549 192,759 
Taxes payable208,655 191,096 
Short-term borrowings and current maturities of long-term debt107,365 106,054 
Total current liabilities1,008,003 1,147,731 
Long-term debt2,045,462 1,908,480 
Deferred tax liabilities, net116,009 111,360 
Other non-current liabilities290,626 300,031 
Total liabilities3,460,100 3,467,602 
Commitments and contingencies (Note 14)
Shareholders’ equity:  
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares  
Common stock, $0.01 par value per share; authorized 125,000,000 shares;
issued 44,786,011 and 44,786,011 shares; outstanding 21,864,818 shares and
22,139,009 shares at June 30, 2023 and December 31, 2022, respectively448 448 
Additional paid-in capital861,404 850,368 
Treasury stock at cost (22,921,193 shares at June 30, 2023 and 22,647,002 shares at December 31, 2022)(7,811,028)(7,325,656)
Retained earnings7,126,687 6,726,866 
Accumulated other comprehensive loss(267,216)(227,233)
Total shareholders' equity(89,705)24,793 
Total liabilities and shareholders’ equity$3,370,395 $3,492,395 

The accompanying notes are an integral part of these interim consolidated financial statements.
- 5 -

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Six months ended June 30, 2023 and 2022
(In thousands, except share data)
(unaudited)
 Additional Paid-in Capital  Accumulated Other Comprehensive Income (Loss) 
 Common StockTreasury StockRetained Earnings 
 SharesAmountTotal
Balance at December 31, 202122,843,103 $448 $825,974 $(6,259,049)$5,859,272 $(255,224)$171,421 
Exercise of stock options and restricted stock units27,795 — 1,020 6,669 (2,400)— 5,289 
Repurchases of common stock(190,593)— — (275,000)— — (275,000)
Share-based compensation— — 4,509 — — — 4,509 
Net earnings— — — — 174,001 — 174,001 
Other comprehensive income (loss), net of tax— — — — — 4,350 4,350 
Balance at March 31, 202222,680,305 $448 $831,503 $(6,527,380)$6,030,873 $(250,874)$84,570 
Exercise of stock options and restricted stock units44,613 — 1,496 10,925  — 12,421 
Repurchases of common stock(218,308)— — (274,999)— — (274,999)
Share-based compensation— — 4,691 — — — 4,691 
Net earnings— — — — 212,070 — 212,070 
Other comprehensive income (loss), net of tax— — — — — (31,491)(31,491)
Balance at June 30, 202222,506,610 $448 $837,690 $(6,791,454)$6,242,943 $(282,365)$7,262 
Balance at December 31, 202222,139,009 $448 $850,368 $(7,325,656)$6,726,866 $(227,233)$24,793 
Exercise of stock options and restricted stock units47,849 — 1,278 12,720 (2,525)— 11,473 
Repurchases of common stock(166,628)— — (249,999)— — (249,999)
Excise tax on net repurchases of common stock— — — (1,906)— — (1,906)
Share-based compensation— — 4,027 — — — 4,027 
Net earnings— — — — 188,426 — 188,426 
Other comprehensive income (loss), net of tax— — — — — (1,283)(1,283)
Balance at March 31, 202322,020,230 $448 $855,673 $(7,564,841)$6,912,767 $(228,516)$(24,469)
Exercise of stock options and restricted stock units22,342 — 1,536 6,085 (7)— 7,614 
Repurchases of common stock(177,754)— — (250,000)— — (250,000)
Excise tax on net repurchases of common stock— — — (2,272)— — (2,272)
Share-based compensation— — 4,195 — — — 4,195 
Net earnings— — — — 213,927 — 213,927 
Other comprehensive income (loss), net of tax— — — — — (38,700)(38,700)
Balance at June 30, 202321,864,818 $448 $861,404 $(7,811,028)$7,126,687 $(267,216)$(89,705)

The accompanying notes are an integral part of these interim consolidated financial statements.
- 6 -

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended June 30, 2023 and 2022
(In thousands)
(unaudited)
June 30,
2023
June 30,
2022
Cash flows from operating activities:  
Net earnings$402,353 $386,071 
Adjustments to reconcile net earnings to net cash provided by operating activities: 
Depreciation24,217 23,327 
Amortization35,821 32,969 
Deferred tax benefit(1,766)(3,237)
Share-based compensation8,222 9,200 
Increase (decrease) in cash resulting from changes in: 
Trade accounts receivable, net60,460 (4,235)
Inventories47,746 (70,353)
Other current assets4,057 (15,629)
Trade accounts payable(76,707)4,656 
Taxes payable13,249 31,390 
Accruals and other(97,579)(84,166)
Net cash provided by operating activities420,073 309,993 
Cash flows from investing activities:  
Proceeds from sale of property, plant and equipment412 118 
Purchase of property, plant and equipment(51,947)(62,391)
Proceeds from government funding1,264 25,013 
Acquisitions(613)(10,765)
Other investing activities(14,414)7,372 
Net cash used in investing activities(65,298)(40,653)
Cash flows from financing activities:  
Proceeds from borrowings1,080,921 1,239,813 
Repayments of borrowings(958,731)(952,559)
Proceeds from stock option exercises19,087 17,710 
Repurchases of common stock(499,999)(549,999)
Acquisition contingent consideration payment(5,626)(7,912)
Other financing activities(714)(382)
Net cash used in financing activities(365,062)(253,329)
Effect of exchange rate changes on cash and cash equivalents(2,105)(5,126)
Net increase (decrease) in cash and cash equivalents(12,392)10,885 
Cash and cash equivalents: 
Beginning of period95,966 98,564 
End of period$83,574 $109,449 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 7 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)

1.BASIS OF PRESENTATION
Mettler-Toledo International Inc. (Mettler-Toledo or the Company) is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Switzerland, the United Kingdom and the United States. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland.
The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. These financial statements were prepared using information reasonably available as of June 30, 2023 and through the date of this report. Actual results may differ from those estimates due to uncertainty in the economic environment and our end markets, ongoing developments in Ukraine and inflation, as well as other factors.
All intercompany transactions and balances have been eliminated.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Trade Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for expected credit losses represents the Company’s best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.
- 8 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.
Inventories consisted of the following:
June 30,
2023
December 31,
2022
Raw materials and parts$199,229 $222,170 
Work-in-progress74,800 77,848 
Finished goods120,930 141,676 
 $394,959 $441,694 
Goodwill and Other Intangible Assets
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.
Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".
Other intangible assets consisted of the following:
 June 30, 2023December 31, 2022
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$293,257 $(104,139)$189,118 $292,713 $(92,981)$199,732 
Proven technology and patents125,116 (69,299)$55,817 123,623 (64,089)59,534 
Tradenames (finite life)7,746 (4,048)$3,698 7,675 (3,543)4,132 
Tradenames (indefinite life)36,297 — $36,297 36,252 — 36,252 
Other13,275 (3,611)$9,664 13,271 (6,867)6,404 
 $475,691 $(181,097)$294,594 $473,534 $(167,480)$306,054 
- 9 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The Company recognized amortization expense associated with the above intangible assets of $6.9 million and $6.6 million for the three months ended June 30, 2023 and 2022, respectively, and $13.8 million and $13.4 million for the six months ended June 30, 2023 and 2022, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $26.3 million for 2023, $25.8 million for 2024, $25.0 million for 2025, $21.1 million for 2026, $19.7 million for 2027, and $18.9 million for 2028. Purchased intangible amortization was $6.7 million, $5.2 million after tax, and $6.4 million, $4.9 million after tax, for the three months ended June 30, 2023 and 2022, respectively, and $13.3 million, $10.3 million after tax, and $13.0 million, $10.1 million after tax, for the six months ended June 30, 2023 and 2022, respectively.
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $11.1 million and $9.7 million for the three months ended June 30, 2023 and 2022, respectively, and $22.0 million and $19.4 million for the six months ended June 30, 2023 and 2022, respectively.
Revenue Recognition
Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.
Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.
Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.
Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period.

- 10 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Share-Based Compensation
The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $4.2 million and $8.2 million of share-based compensation expense for the three and six months ended June 30, 2023, respectively, compared to $4.7 million and $9.2 million for the corresponding periods in 2022.
Research and Development
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

Business Combinations and Asset Acquisitions
The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the values of the acquired assets and assumed liabilities, including goodwill and intangible assets, require significant judgment. Acquisition transaction costs are expensed when incurred.

In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net.

Recent Accounting Pronouncements
In March 2020, January 2021 and December 2022, the FASB issued ASU 2020-04, ASU 2021-01 and ASU-2022-06: Reference Rate Reform which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2024. During the three months ended June 30, 2023, the Company amended its credit agreement and cross currency swap agreements to change the interest rate benchmark from LIBOR to SOFR and other non-U.S. dollar references, which did not change the amount or timing of cash flows. As a result, the discontinuation of LIBOR in June 2023 did not have a material impact on the Company’s financial statements.

3.REVENUE
The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. A summary of revenue by the Company’s reportable segments for the three and six months ended June 30, 2023 and 2022 follows:
- 11 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
For the three months ended June 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$265,881 $36,662 $130,404 $204,259 $121,765 $758,971 
Service Revenue:
Point in time72,250 7,246 40,831 13,020 32,142 165,489 
Over time20,984 2,895 20,840 4,390 8,548 57,657 
Total$359,115 $46,803 $192,075 $221,669 $162,455 $982,117 
For the three months ended June 30, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$279,438 $33,291 $136,962 $213,131 $117,422 $780,244 
Service Revenue:
Point in time
64,589 6,504 31,957 10,708 30,541 144,299 
Over time
17,118 2,267 21,345 5,970 7,144 53,844 
Total$361,145 $42,062 $190,264 $229,809 $155,107 $978,387 
For the six months ended June 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$512,410 $73,123 $271,111 $374,689 $243,639 $1,474,972 
Service Revenue:
Point in time142,875 14,707 81,996 24,368 62,187 326,133 
Over time41,231 5,342 38,392 8,380 16,405 109,750 
Total$696,516 $93,172 $391,499 $407,437 $322,231 $1,910,855 
For the six months ended June 30, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$528,245 $67,201 $274,971 $381,120 $235,322 $1,486,859 
Service Revenue:
Point in time
124,743 13,671 68,179 21,035 59,143 286,771 
Over time
33,978 4,459 39,999 10,360 13,752 102,548 
Total$686,966 $85,331 $383,149 $412,515 $308,217 $1,876,178 
A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:
Three Months EndedSix Months Ended
2023202220232022
Americas$396,897 $393,707 $768,970 $746,396 
Europe246,340 242,738 500,314 492,522 
Asia / Rest of World338,880 341,942 641,571 637,260 
Total$982,117 $978,387 $1,910,855 $1,876,178 
- 12 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The Company's global revenue mix by product category is laboratory (55% of sales), industrial (39% of sales) and retail (6% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the three and six months ended June 30 is as follows:
Three Months EndedSix Months Ended
2023202220232022
Laboratory$526,699 $545,925 $1,046,730 $1,059,475 
Industrial399,001 384,173 754,181 727,911 
Retail56,417 48,289 109,944 88,792 
Total$982,117 $978,387 $1,910,855 $1,876,178 

The payment terms in the Company’s contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but not yet billed to the customer. Unbilled revenue as of June 30, 2023 and December 31, 2022 was $40.0 million and $29.2 million, respectively, and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation.
Changes in the components of deferred revenue and customer prepayments during the six month periods ending June 30, 2023 and 2022 are as follows:
20232022
Beginning balances as of January 1$192,759 $192,648 
Customer pre-payments/deferred revenue343,373 377,052 
Revenue recognized(332,005)(345,070)
Foreign currency translation422 (9,497)
Ending balance as of June 30$204,549 $215,133 
The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The value of unsatisfied performance obligations other than customer prepayments and deferred revenue associated with contracts greater than one year is immaterial.
- 13 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
4.     FINANCIAL INSTRUMENTS
The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate and cross currency swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate and cross currency swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portion of the cash flow hedges, also see Note 5 and Note 9 to the interim consolidated financial statements. As also described in Note 7, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries.
Cash Flow Hedges
In June 2023, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread, to a fixed Swiss franc expense of 1.55%. The swap replaced the agreement that matured in June 2023. The swap matures in June 2027.
The Company amended all active cross currency swap agreements to replace all references of LIBOR to SOFR as the interest rate benchmark to align with the amendment to the Company's Credit Facility Agreement, as discussed in Note 7 to the interim consolidated financial statements. As part of these amendments, the corresponding fixed Swiss Franc interest rates were amended as well to reflect the change in the benchmark.
In November 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.67%. The swap matures in November 2023.
In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.59%. The swap matures in June 2025.
In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.73%. The swap matures in June 2024.
In June 2019, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.82%. The swap matured in June 2023.
- 14 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
    The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2023 and December 31, 2022, respectively. A derivative gain of $7.1 million based upon interest rates at June 30, 2023, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. The cash flow hedges remain effective as of June 30, 2023.
Other Derivatives
The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese Renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at June 30, 2023 and December 31, 2022, as disclosed in Note 5. The Company recognized in other charges (income) a net loss of $19.0 million and net loss of $10.0 million during the three months ended June 30, 2023 and 2022, respectively, and a net loss of $15.5 million and a net loss of $8.5 million during the six months ended June 30, 2023 and 2022, respectively, which offset the related transaction gains (losses) associated with these contracts. At June 30, 2023 and December 31, 2022, these contracts had a notional value of $725.0 million and $930.3 million, respectively.    
5.    FAIR VALUE MEASUREMENTS
At June 30, 2023 and December 31, 2022, the Company had derivative assets totaling $5.9 million and $11.5 million respectively, and derivative liabilities totaling $9.3 million and $5.4 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not need to present all the required disclosures in tabular format. The fair values of the cross-currency swap agreements and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant at June 30, 2023 and December 31, 2022.
Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability.

A fair value hierarchy has been established that categorizes these inputs into three levels:
Level 1:    Quoted prices in active markets for identical assets and liabilities
Level 2:    Observable inputs other than quoted prices in active markets for identical assets and liabilities
Level 3:    Unobservable inputs
- 15 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The following table presents the Company's assets and liabilities, which are all categorized as Level 2, that are measured at fair value on a recurring basis. The Company does not have any assets or liabilities which are categorized as Level 1:
 June 30, 2023December 31, 2022Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments$2,685 $3,958 Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement1,060609Other current assets and prepaid expenses
Cross currency swap agreement2,1176,890 Other non-current assets
Total derivative assets$5,862 $11,457 
Foreign currency forward contracts not designated as hedging instruments$6,844 $2,056 Accrued and other liabilities
Cash Flow Hedges:
Cross currency swap agreement1,468 3,366 Accrued and other liabilities
Cross currency swap agreement1,019  Other non-current liabilities
Total derivative liabilities$9,331 $5,422 
The Company had $23.0 million and $25.3 million of cash equivalents at June 30, 2023 and December 31, 2022, respectively, the fair value of which is determined using Level 2 inputs, through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost.
The fair value of the Company's debt is less than the carrying value by approximately $248.0 million as of June 30, 2023. The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company.
During the three months ended June 30, 2023, $10.0 million of contingent consideration was paid relating to the PendoTECH acquisition of which $5.6 million is included in financing activities for the amount accrued at the acquisition date and $4.4 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP.
During the three months ended June 30, 2022, $10.0 million of contingent consideration was paid relating to the PendoTECH acquisition of which $7.9 million is included in financing activities and $2.1 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP.
The Company no longer has a contingent consideration obligation relating to the PendoTECH acquisition as of June 30, 2023.
6.    INCOME TAXES
The Company's reported tax rate was 18.8% and 17.4% during the three months ended June 30, 2023 and 2022, respectively and 17.9% and 17.8% during the six months ended June 30, 2023 and 2022, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.0% before non-recurring discrete tax items during both 2023 and 2022. The difference between the Company's projected annual effective tax rate and the reported tax rate is primarily related to the timing of excess tax benefits associated with stock option exercises.
- 16 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
7.    DEBT
Debt consisted of the following at June 30, 2023:
U.S. DollarOther Principal Trading CurrenciesTotal
4.10% $50 million ten-year Senior Notes due September 19, 202350,000  50,000 
3.84% $125 million ten-year Senior Notes due September 19, 2024125,000  125,000 
4.24% $125 million ten-year Senior Notes due June 25, 2025125,000  125,000 
3.91% $75 million ten-year Senior Notes due June 25, 202975,000  75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000  150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000  50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000  150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030 136,685 136,685 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034 147,620 147,620 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036 136,685 136,685 
Debt issuance costs, net(2,852)(1,422)(4,274)
Total Senior Notes997,148 419,568 1,416,716 
$1.25 billion Credit Agreement, interest at benchmark plus 87.5 basis points (a)
478,219 197,071 675,290 
Other local arrangements5,058 55,763 60,821 
Total debt1,480,425 672,402 2,152,827 
Less: current portion(51,812)(55,553)(107,365)
Total long-term debt$1,428,613 $616,849 $2,045,462 
(a) The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.
As of June 30, 2023, the Company had $569.3 million of additional borrowings available under its Credit Agreement, and the Company maintained $83.6 million of cash and cash equivalents.
In May 2023, the Company amended its Credit Agreement to replace all references of LIBOR to SOFR and other non-U.S. dollar references as the interest rate benchmark.
In December 2022, the Company entered into an agreement to issue and sell $150 million 10-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 5.45% (5.45% Senior Notes) in March 2023. The 5.45% Senior Notes are senior unsecured obligations of the Company. The 5.45% Senior Notes mature on March 1, 2033. The terms of the 5.45% Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report on Form 10-K. The Company used the proceeds from the sale of the 5.45% Senior Notes to refinance existing indebtedness and for other general corporate purposes.
In December 2021, the Company entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022 and $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022. The 2.81% and 2.91% Senior Notes are senior unsecured obligations of the Company. The 2.81% Senior Notes mature in March 2037, and the 2.91% Senior Notes mature in
- 17 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
September 2037. Interest on the 2.81% and 2.91% Senior Notes is payable semi-annually in March and September each year. Interest payments on the 2.81% Senior Notes began in September 2022 and interest on the 2.91% began in March 2023. The terms of the Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report on Form 10-K. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.
The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized loss of $3.6 million and an unrealized gain of $19.1 million for the three months ended June 30, 2023 and 2022, respectively, and an unrealized loss of $8.9 million and an unrealized gain of $30.4 million for the six month periods ended June 30, 2023 and 2022, respectively. The Company has a gain of $21.2 million recorded in accumulated other comprehensive income (loss) as of June 30, 2023.

Other Local Arrangements
In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2023.

8.    SHARE REPURCHASE PROGRAM AND TREASURY STOCK
The Company has $3.0 billion of remaining availability for its share repurchase program as of June 30, 2023. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.

The Company has purchased 31.4 million shares since the inception of the program in 2004 through June 30, 2023. During the six months ended June 30, 2023 and 2022, the Company spent $500.0 million and $550.0 million on the repurchase of 344,382 shares and 408,901 shares at an average price per share of $1,464.00 and $1,345.05, respectively. The Company also reissued 70,191 shares and 72,408 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2023 and 2022, respectively. In addition, the Company incurred $2.3 million and $4.2 million of excise tax during the three and six months ended June 30, 2023 related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in the Company's consolidated financial statements.
- 18 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
9.    ACCUMULATED OTHER COMPREHENSIVE INCOME
    Comprehensive income (loss), net of tax consisted of the following as of June 30:        
Three Months EndedSix Months Ended
2023202220232022
Net earnings$213,927 $212,070 $402,353 $386,071 
Other comprehensive income (loss), net of tax(38,700)(31,491)(39,983)(27,141)
Comprehensive income, net of tax$175,227 $180,579 $362,370 $358,930 

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2023 and 2022:
Currency Translation Adjustment, Net of TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 2022$(82,864)$4,256 $(148,625)$(227,233)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements (2,121) (2,121)
Foreign currency translation adjustment
(37,810) (3,960)(41,770)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
 725 3,183 3,908 
Net change in other comprehensive income (loss), net of tax
(37,810)(1,396)(777)(39,983)
Balance at June 30, 2023$(120,674)$2,860 $(149,402)$(267,216)
Currency Translation Adjustment, Net of TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 2021$(19,566)$2 $(235,660)$(255,224)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements 11,343  11,343 
Foreign currency translation adjustment(46,982) 10,003 (36,979)
Amounts recognized from accumulated other comprehensive income (loss), net of tax (8,268)6,763 (1,505)
Net change in other comprehensive income (loss), net of tax(46,982)3,075 16,766 (27,141)
Balance at June 30, 2022$(66,548)$3,077 $(218,894)$(282,365)

- 19 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
    The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:
Three Months Ended
June 30,
20232022Location of Amounts Recognized in Earnings
Effective portion of losses on cash flow hedging arrangements:
Cross currency swap agreement
2,449 (5,735)(a)
Total before taxes2,449 (5,735)
Provision for taxes465 (1,090)Provision for taxes
Total, net of taxes$1,984 $(4,645)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$2,035 $4,222 (b)
Provision for taxes430 908 Provision for taxes
Total, net of taxes$1,605 $3,314 
(a) The cross currency swap reflects an unrealized loss of $5.3 million for the three months ended June 30, 2023 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $2.8 million recorded in interest expense for the three months ended June 30, 2023.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three months ended June 30, 2023 and 2022.
Six Months Ended
June 30,
20232022Location of Amounts Recognized in Earnings
Effective portion of losses on cash flow hedging arrangements:
Interest rate swap agreements
$ $352 Interest expense
Cross currency swap agreement
895 (10,531)(a)
Total before taxes895 (10,179)
Provision for taxes170 (1,911)Provision for taxes
Total, net of taxes$725 $(8,268)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$4,037 $8,615 (b)
Provision for taxes854 1,852 Provision for taxes
Total, net of taxes$3,183 $6,763 
(a) The cross currency swap reflects an unrealized loss of $6.4 million for the six months ended June 30, 2023 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $5.5 million recorded in interest expense for the six months ended June 30, 2023.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the six months ended June 30, 2023 and 2022.

- 20 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
10.    EARNINGS PER COMMON SHARE
In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six months ended June 30, relating to outstanding stock options and restricted stock units:
20232022
Three months ended135,957 228,291 
Six months ended150,732 248,580 
Outstanding options and restricted stock units to purchase or receive 43,334 and 39,156 shares of common stock for the three month period ended June 30, 2023 and 2022, respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. Options and restricted stock units to purchase or receive 43,057 and 38,465 shares for the six month period ended June 30, 2023 and 2022, respectively, have been excluded from the calculation of diluted weighted average of common and common equivalent shares as such options and restricted stock units would be anti-dilutive.
11.    NET PERIODIC PENSION COST
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20232022202320222023202220232022
Service cost, net$289 $416 $3,425 $4,775 $ $ $3,714 $5,191 
Interest cost on projected benefit obligations
1,256 674 4,916 1,492 8 3 6,180 2,169 
Expected return on plan assets(1,383)(1,547)(8,645)(9,023)  (10,028)(10,570)
Recognition of prior service cost
  (1,060)(1,045)(19)(19)(1,079)(1,064)
Recognition of actuarial losses/(gains)
548 585 2,561 4,709 (1)(8)3,108 5,286 
Net periodic pension cost/(credit)
$710 $128 $1,197 $908 $(12)$(24)$1,895 $1,012 

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20232022202320222023202220232022
Service cost, net$579 $832 $6,821 $9,765 $ $ $7,400 $10,597 
Interest cost on projected benefit obligations
2,511 1,348 9,792 3,051 15 6 12,318 4,405 
Expected return on plan assets(2,766)(3,094)(17,212)(18,447)  (19,978)(21,541)
Recognition of prior service cost  (2,110)(2,141)(38)(37)(2,148)(2,178)
Recognition of actuarial losses/(gains)1,096 1,169 5,098 9,639 (1)(15)6,193 10,793 
Net periodic pension cost/(credit)$1,420 $255 $2,389 $1,867 $(24)$(46)$3,785 $2,076 

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, the Company expects to make employer contributions of approximately $27.5 million
- 21 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
to its non-U.S. pension plans during the year ended December 31, 2023. This estimate may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

12.    OTHER CHARGES (INCOME), NET
Other charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related hedging activities, interest income and other items. Non-service pension benefits for the three months ended June 30, 2023 and 2022 were $1.9 million and $4.2 million, respectively, and $3.7 million and $8.5 million for the six months ended June 30, 2023 and 2022, respectively.
13.    SEGMENT REPORTING
As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2022, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other.
The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes).
The following tables show the operations of the Company’s operating segments:
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2023
June 30, 2023CustomersSegmentsSalesProfitGoodwill
U.S. Operations$359,115 $33,741 $392,856 $104,206 $524,459 
Swiss Operations46,803 181,073 227,876 66,914 25,865 
Western European Operations192,075 47,766 239,841 38,747 100,452 
Chinese Operations221,669 67,279 288,948 119,722 603 
Other (a)162,455 13,601 176,056 24,440 13,721 
Eliminations and Corporate (b) (343,460)(343,460)(46,325) 
Total$982,117 $ $982,117 $307,704 $665,100 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2023CustomersSegmentsSalesProfit
U.S. Operations$696,516 $66,989 $763,505 $186,000 
Swiss Operations93,172 383,207 476,379 143,336 
Western European Operations391,499 92,642 484,141 83,270 
Chinese Operations407,437 127,731 535,168 200,963 
Other (a)322,231 14,559 336,790 48,683 
Eliminations and Corporate (b) (685,128)(685,128)(88,097)
Total$1,910,855 $ $1,910,855 $574,155 
(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
- 22 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2022
June 30, 2022CustomersSegmentsSalesProfitGoodwill
U.S. Operations$361,145 $40,314 $401,459 $92,796 $514,057 
Swiss Operations42,062 210,449 252,511 72,012 22,634 
Western European Operations190,264 47,474 237,738 35,233 92,215 
Chinese Operations229,809 75,123 304,932 105,456 665 
Other (a)155,107 709 155,816 22,243 13,878 
Eliminations and Corporate (b) (374,069)(374,069)(42,308) 
Total$978,387 $ $978,387 $285,432 $643,449 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2022CustomersSegmentsSalesProfit
U.S. Operations$686,966 $79,887 $766,854 $167,982 
Swiss Operations85,331 404,284 489,615 143,334 
Western European Operations383,149 97,601 480,751 74,013 
Chinese Operations412,515 155,562 568,077 190,424 
Other (a)308,217 1,673 309,888 42,695 
Eliminations and Corporate (b) (739,007)(739,007)(91,771)
Total$1,876,178 $ $1,876,178 $526,677 

(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
    A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:
 Three Months EndedSix Months Ended
 2023202220232022
Earnings before taxes$263,403 $256,692 $490,013 $469,693 
Amortization18,042 16,365 35,821 32,969 
Interest expense19,249 12,765 37,433 24,103 
Restructuring charges8,021 1,770 12,295 5,781 
Other income, net(1,011)(2,160)(1,407)(5,869)
Segment profit$307,704 $285,432 $574,155 $526,677 



14.    CONTINGENCIES
The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.
- 23 -

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Unaudited Interim Consolidated Financial Statements included herein.
General
Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.
Changes in local currency exclude the effect of currency exchange rate fluctuations. Local currency amounts are determined by translating current and previous year consolidated financial information at an index utilizing historical currency exchange rates. We believe local currency information provides a helpful assessment of business performance and a useful measure of results between periods. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We present non-GAAP financial measures in reporting our financial results to provide investors with an additional analytical tool to evaluate our operating results.
We also include in the discussion below disclosures of immaterial qualitative factors that are not quantified. Although the impact of such factors is not considered material, we believe these disclosures can be useful in evaluating our operating results.
Results of Operations – Consolidated
The following tables set forth certain items from our interim consolidated statements of operations for the three and six month periods ended June 30, 2023 and 2022 (amounts in thousands).
 Three months ended June 30,Six months ended June 30,
 2023202220232022
 (unaudited)%(unaudited)%(unaudited)%(unaudited)%
Net sales$982,117 100.0 $978,387 100.0 $1,910,855 100.0 $1,876,178 100.0 
Cost of sales398,574 40.6 406,726 41.6 780,746 40.9 784,932 41.8 
Gross profit583,543 59.4 571,661 58.4 1,130,109 59.1 1,091,246 58.2 
Research and development47,245 4.8 44,023 4.5 92,722 4.9 87,051 4.6 
Selling, general and administrative228,594 23.3 242,206 24.8 463,232 24.2 477,518 25.5 
Amortization18,042 1.8 16,365 1.6 35,821 1.9 32,969 1.8 
Interest expense19,249 2.0 12,765 1.3 37,433 2.0 24,103 1.3 
Restructuring charges8,021 0.8 1,770 0.2 12,295 0.6 5,781 0.3 
Other charges (income), net(1,011)(0.1)(2,160)(0.2)(1,407)(0.1)(5,869)(0.3)
Earnings before taxes263,403 26.8 256,692 26.2 490,013 25.6 469,693 25.0 
Provision for taxes49,476 5.0 44,622 4.5 87,660 4.5 83,622 4.4 
Net earnings$213,927 21.8 $212,070 21.7 $402,353 21.1 $386,071 20.6 

Net sales
Net sales were $982.1 million and $978.4 million for the three months ended June 30, 2023, and 2022, respectively, and $1.9 billion for the six months ended both June 30, 2023 and 2022. Sales in U.S. dollars were flat for the three months ended June 30, 2023 and increased 2% in U.S. dollars for the six months ended June 30, 2023. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 2% and 4% for the three and six months ended June 30, 2023, respectively. Our net sales growth during the three months ended June 30,
- 24 -

2023 included strong growth in our Service business, as well as solid performance across our Industrial product categories, which was offset in part by softer market conditions in Laboratory products and China following very strong growth in recent years. We continue to benefit from the execution of our global sales and marketing programs, our innovative product portfolio, and investments in our field organization, particularly surrounding digital tools and techniques. However, there is increased uncertainty in the economic environment and our end markets, including the risk of recession in many countries, and market conditions may change quickly. In particular, market demand in China has deteriorated sharply and we expect reduced sales during the remainder of 2023 as compared to the prior year. The ongoing developments related to Ukraine and inflation also present several risks to our business as further described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022. These topics could adversely impact our financial results and could have a greater impact on our operating results in future periods.
Net sales by geographic destination for the three months ended June 30, 2023 in U.S. dollars increased 1% in the Americas, 1% in Europe, and decreased 1% in Asia/Rest of World. In local currencies, our net sales by geographic destination increased 1% in the Americas, 4% in Asia/Rest of World, and were flat in Europe. Our net sales by geographic destination for the six months ended June 30, 2023 in U.S. dollars increased 3% in the Americas, 2% in Europe, and 1% in Asia/Rest of World. Net sales by geographic destination for the six months ended June 30, 2023 in local currencies increased 3% in the Americas, 3% in Europe, and 6% in Asia/Rest of World. Net sales growth in Asia/Rest of World in local currency includes 3% and 6% growth in China during the three and six months ended June 30, 2023, respectively. A discussion of sales by operating segment is included below.
As described in Note 18 to our consolidated financial statements for the year ended December 31, 2022, our net sales comprise product sales of precision instruments and related services. Service revenues are primarily derived from repair and other services, including regulatory compliance qualification, calibration, certification, preventative maintenance and spare parts.
Net sales of products decreased 3% in U.S. dollars and 1% in local currencies for the three months ended June 30, 2023 and decreased 1% in U.S. dollars and increased 2% in local currencies for the six months ended June 30, 2023, compared to the corresponding periods in 2022. Service revenue (including spare parts) increased by 13% in both U.S. dollars and local currencies for the three months ended June 30, 2023 and increased 12% in U.S. dollars and 14% in local currencies for the six months ended June 30, 2023, compared to the corresponding periods in 2022.
Net sales of our laboratory products and services, which represented approximately 55% of our total net sales, decreased 4% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2023, and decreased 1% in U.S. dollars and increased 1% in local currencies for the six months ended June 30, 2023. The local currency decrease in net sales of our laboratory-related products for the three months ended June 30, 2023 includes a decline in most product categories, especially pipettes, partially offset by strong growth in analytical instruments. Net sales of our laboratory products also benefited from solid growth in process analytics for the six months ended June 30, 2023.
Net sales of our industrial products and services, which represented approximately 39% of our total net sales, increased 4% in U.S. dollars and 6% in local currencies for the three months and the six months ended June 30, 2023. The local currency increase in net sales of our industrial-related products for the three and six months ended June 30, 2023 includes solid growth in both core industrial and product inspection.
Net sales in our food retailing products and services, which represented approximately 6% of our total net sales, increased 17% in both U.S. dollars and local currencies for the three months ended June 30, 2023, and increased 24% in U.S. dollars and 25% in local currencies for the six months ended June 30, 2023. The local currency increase in food retailing products for the three and six months ended June 30, 2023 includes very strong project activity in the Americas. The six months ended June 30, 2023 also benefited from strong project activity in Europe.
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Gross profit
Gross profit as a percentage of net sales was 59.4% and 58.4% for the three months ended June 30, 2023 and 2022, respectively, and 59.1% and 58.2% for the six months ended June 30, 2023 and 2022, respectively.
Gross profit as a percentage of net sales for products was 60.9% and 60.5% for the three months ended June 30, 2023 and 2022, respectively, and 60.5% and 59.8% for the six months ended June 30, 2023 and 2022.
Gross profit as a percentage of net sales for services (including spare parts) was 54.5% and 50.2% for the three months ended June 30, 2023 and 2022, respectively, and 54.6% and 51.8% for the six months ended June 30, 2023 and 2022, respectively.
The increase in gross profit as a percentage of net sales for the three and six months ended June 30, 2023 primarily reflects favorable price realization, offset in part by higher costs, business mix and foreign currency translation.
Research and development and selling, general and administrative expenses
Research and development expenses as a percentage of net sales was 4.8% and 4.5% for the three months ended June 30, 2023 and 2022, respectively, and was 4.9% and 4.6% for the six months ended June 30, 2023 and 2022, respectively. Research and development expenses increased 7% in U.S. dollars and 6% in local currencies for the three months ended June 30, 2023, and increased 7% in both U.S. dollars and in local currencies for the six months ended June 30, 2023, respectively, compared to the corresponding periods in 2022 due to increased project activity.
Selling, general and administrative expenses as a percentage of net sales were 23.3% and 24.8% for the three months ended June 30, 2023 and 2022, respectively, and were 24.2% and 25.5% for the six months ended June 30, 2023 and 2022, respectively. Selling, general and administrative expenses decreased 6% in both U.S. dollars and in local currencies for the three months ended June 30, 2023, and decreased 3% in U.S. dollars and 2% in local currencies for the six months ended June 30, 2023. The local currency decrease includes reduced variable compensation and benefits from our cost savings initiatives.
Amortization, interest expense, restructuring charges, other charges (income), net and taxes
Amortization expense was $18.0 million and $16.4 million for the three months ended June 30, 2023 and 2022, respectively, and $35.8 million and $33.0 million for the six months ended June 30, 2023 and 2022, respectively.
Interest expense was $19.2 million and $12.8 million for the three months ended June 30, 2023 and 2022, respectively, and $37.4 million and $24.1 million for the six months ended June 30, 2023 and 2022, respectively. The increase in interest expense is related to higher variable interest rates, as well as additional borrowings.
Restructuring charges were $8.0 million and $1.8 million for the three months ended June 30, 2023 and 2022, respectively, and $12.3 million and $5.8 million for the six months ended June 30, 2023 and 2022, respectively. Restructuring expenses are primarily comprised of employee-related costs.
Other charges (income), net includes non-service pension costs (benefits), net (gains) losses from foreign currency transactions and hedging activities, interest income and other items. Non-service pension benefits were $1.9 million and $4.2 million for the three months ended June 30, 2023 and 2022, respectively, and $3.7 million and $8.5 million and for the six months ended June 30, 2023 and 2022, respectively.
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Our reported tax rate was 18.8% and 17.4% during the three months ended June 30, 2023 and 2022, respectively, and 17.9% and 17.8% during the six months ended June 30, 2023 and 2022, respectively. The provision for taxes is based upon using our projected annual effective tax rate of 19.0% before non-recurring discrete tax items for the periods ended June 30, 2023 and 2022. The difference between our projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises.
Results of Operations – by Operating Segment
The following is a discussion of the financial results of our operating segments. We currently have five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. A more detailed description of these segments is outlined in Note 18 to our consolidated financial statements for the year ended December 31, 2022.
U.S. Operations (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20232022%20232022%
Total net sales$392,856 $401,459 (2)%$763,505 $766,854 —%
Net sales to external customers$359,115 $361,145 (1)%$696,516 $686,966 1%
Segment profit$104,206 $92,796 12%$186,000 $167,982 11%

Total net sales decreased 2% and were flat for the three months and six months ended June 30, 2023, respectively, compared with the corresponding periods in 2022. Net sales to external customers decreased 1% and increased 1% for the three and six months ended June 30, 2023, respectively, compared with the corresponding periods in 2022. Total net sales and net sales to external customers for the three and six months ended June 30, 2023 reflects a decline in laboratory products, including a significant decline in pipette products, as well as growth in industrial products and very strong project activity in food retailing.
Segment profit increased $11.4 million and $18.0 million for the three and six months ended June 30, 2023, respectively, compared to the corresponding periods in 2022. Segment profit during the three and six months ended June 30, 2023 includes benefits from our margin expansion and cost savings initiatives, offset in part by a decrease in net sales.
Swiss Operations (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20232022
%1)
20232022
%1)
Total net sales$227,876 $252,511 (10)%$476,379 $489,615 (3)%
Net sales to external customers$46,803 $42,062 11%$93,172 $85,331 9%
Segment profit$66,914 $72,012 (7)%$143,336 $143,334 —%
1)Represents U.S. dollar growth (decline) for net sales and segment profit.
    
Total net sales decreased 10% in U.S. dollars and 12% in local currency for the three months ended June 30, 2023, and decreased 3% in U.S. dollars and 6% in local currency for the six months ended June 30, 2023, respectively, compared to the corresponding periods in 2022. Net sales to external customers increased 11% in U.S. dollars and 10% in local currency for the three months ended June 30, 2023 and increased 9% in U.S. dollars and 7% in local currency for the six months ended June 30, 2023, compared to the corresponding periods in 2022. The increase in local currency net sales to external customers for the three and six months ended June 30, 2023 includes particularly strong growth in food retailing and excellent results in industrial, offset in part by a decline in laboratory products.
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Segment profit decreased $5.1 million and was flat for the three and six months ended June 30, 2023, compared to the corresponding periods in 2022. Segment profit during the six months ended June 30, 2023 includes lower net sales volume to other intercompany segments and unfavorable foreign currency translation, offset in part by our margin expansion initiatives.
Western European Operations (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20232022
%1)
20232022
%1)
Total net sales$239,841 $237,738 1%$484,141 $480,751 1%
Net sales to external customers$192,075 $190,264 1%$391,499 $383,149 2%
Segment profit$38,747 $35,233 10%$83,270 $74,013 13%
1)Represents U.S. dollar growth (decline) for net sales and segment profit.

Total net sales increased 1% in U.S. dollars and 14% in local currencies for the three months ended June 30, 2023 and increased 1% in U.S. dollars and 3% in local currencies for the six months ended June 30, 2023, compared to the corresponding periods in 2022. Net sales to external customers increased 1% in U.S. dollars and 14% in local currencies for the three months ended June 30, 2023, and increased 2% in U.S. dollars and 5% in local currencies for the six months ended June 30, 2023, compared to the corresponding periods in 2022. Local currency net sales to external customers for the three and six months ended June 30, 2023 includes significant growth in process analytics and solid growth in industrial products, offset in part by a significant decline in pipette products.
Segment profit increased $3.5 million and $9.3 million for the three and six month periods ended June 30, 2023, respectively, compared to the corresponding periods in 2022. Segment profit increased during the three and six months ended June 30, 2023 due to benefits from our margin expansion and cost savings initiatives, offset in part by unfavorable currency translation.
Chinese Operations (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20232022
%1)
20232022
%1)
Total net sales$288,948 $304,932 (5)%$535,168 $568,077 (6)%
Net sales to external customers$221,669 $229,809 (4)%$407,437 $412,515 (1)%
Segment profit$119,722 $105,456 14%$200,963 $190,424 6%
1)Represents U.S. dollar growth for net sales and segment profit.

Total net sales decreased 5% in U.S. dollars and increased 4% in local currency for the three months ended June 30, 2023 and decreased 6% in U.S. dollars and were flat in local currency for the six months ended June 30, 2023, compared to the corresponding periods in 2022. Net sales to external customers decreased 4% in U.S. dollars and increased 5% in local currency by origin for the three months ended June 30, 2023 and decreased 1% in U.S. dollars and increased 5% in local currency during the six months ended June 30, 2023, compared to the corresponding periods in 2022. The increase in local currency net sales to external customers during the three months ended June 30, 2023 reflects good growth in industrial products, while laboratory products increased modestly and included a significant decline in pipette products. However, market demand in China has deteriorated sharply and we expect reduced sales during the remainder of 2023 as compared to the prior year. Uncertainties have increased and market conditions may change quickly. We also will continue to face difficult prior period comparisons in 2023 relating to our strong prior years' performance.
Segment profit increased $14.3 million and $10.5 million for the three and six month periods ended June 30, 2023, respectively, compared to the corresponding periods in 2022. The
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increase in segment profit for the three and six months ended June 30, 2023 primarily reflects benefits from our margin expansion initiatives, offset in part by lower sales and unfavorable currency translation.
Other (amounts in thousands)
 Three months ended June 30,Six months ended June 30,
 20232022
%1)
20232022
%1)
Total net sales$176,056 $155,816 13%$336,790 $309,888 9%
Net sales to external customers$162,455 $155,107 5%$322,231 $308,217 5%
Segment profit$24,440 $22,243 10%$48,683 $42,695 14%
1)Represents U.S. dollar growth for net sales and segment profit.

Total net sales increased 13% in U.S. dollars and 23% in local currency for the three months ended June 30, 2023 and increased 9% in U.S. dollars and 12% in local currency for the six months ended June 30, 2023, compared to the corresponding periods in 2022. Net sales to external customers increased 5% in U.S. dollars and 15% in local currencies for the three months ended June 30, 2023 and increased 5% in U.S. dollars and 8% in local currencies for the six months ended June 30, 2023, compared to the corresponding periods in 2022. The increase in net sales to external customers for the three and six months ended June 30, 2023 includes solid growth in most product categories.
Segment profit increased $2.2 million and $6.0 million for the three and six months ended June 30, 2023, respectively, compared to the corresponding periods in 2022. The increase in segment profit for the three and six months ended June 30, 2023 is primarily related to increased sales volume and our margin expansion initiatives, offset in part by unfavorable foreign currency translation.
Liquidity and Capital Resources
Liquidity is our ability to generate sufficient cash flows from operating activities to meet our obligations and commitments. In addition, liquidity includes available borrowings under our Credit Agreement, the ability to obtain appropriate financing and our cash and cash equivalent balances. Currently, our liquidity needs are primarily driven by working capital requirements, capital expenditures, share repurchases and acquisitions. Global market conditions can be uncertain, and our ability to generate cash flow could be reduced by a deterioration in global markets.
We currently believe that cash flows from operating activities, together with liquidity available under our Credit Agreement, local working capital facilities, and cash balances, will be sufficient to fund currently anticipated working capital needs and spending requirements for at least the foreseeable future.
Cash provided by operating activities totaled $420.1 million during the six months ended June 30, 2023, compared to $310.0 million in the corresponding period in 2022. The increase for the six months ended June 30, 2023 is primarily related to working capital and lower cash incentive payments of $20 million.
Capital expenditures are made primarily for investments in information systems and technology, machinery, equipment and the purchase and expansion of facilities. Our capital expenditures totaled $51.9 million for the six months ended June 30, 2023 compared to $62.4 million in the corresponding period in 2022.
In September 2021, we entered into an agreement with the U.S. Department of Defense to increase domestic production capacity of pipette tips and enhance manufacturing automation and logistics. As of June 30, 2023, we have obtained $30.9 million of the $35.8 million of total funding to be received through the remainder of 2023, which will offset associated capital expenditures.
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During the six months ended June 30, 2023 and 2022, respectively, we incurred approximately $7.1 million and $24.9 million of capital expenditures relating to this funding agreement, respectively.
We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness. During the six months ended June 30, 2023, $10.0 million of contingent consideration was paid relating to the PendoTECH acquisition of which $5.6 million is included in financing activities for the amount accrued at the acquisition date and $4.4 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP.
Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $500.0 million and $550.0 million on the repurchase of 344,382 shares and 408,901 shares, during the six months ended June 30, 2023 and 2022, respectively.
The Inflation Reduction Act (IRA) was enacted on August 16, 2022. The IRA includes provisions imposing a 1% excise tax on net share repurchases that occur after December 31, 2022 and introduces a 15% corporate alternative minimum tax (CAMT) on adjusted financial statement income. We expect the financial impact of the IRA to be immaterial to our financial statements.
Senior Notes and Credit Facility Agreement
Our debt consisted of the following at June 30, 2023:
U.S. DollarOther Principal Trading CurrenciesTotal
4.10% $50 million ten-year Senior Notes due September 19, 202350,000 — 50,000 
3.84% $125 million ten-year Senior Notes due September 19, 2024125,000 — 125,000 
4.24% $125 million ten-year Senior Notes due June 25, 2025125,000 — 125,000 
3.91% $75 million ten-year Senior Notes due June 25, 202975,000 — 75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000 — 150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000 — 50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000 — 150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030— 136,685 136,685 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034— 147,620 147,620 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036— 136,685 136,685 
Debt issuance costs, net(2,852)(1,422)(4,274)
Total Senior Notes997,148 419,568 1,416,716 
$1.25 billion Credit Agreement, interest at benchmark plus 87.5 basis points (a)
478,219 197,071 675,290 
Other local arrangements5,058 55,763 60,821 
Total debt1,480,425 672,402 2,152,827 
Less: current portion(51,812)(55,553)(107,365)
Total long-term debt$1,428,613 $616,849 $2,045,462 
(a) The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.    

As of June 30, 2023, approximately $569.3 million of additional borrowings was available under our Credit Agreement, and we maintained $83.6 million of cash and cash equivalents.
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In May 2023 we amended our Credit Agreement to replace all references of LIBOR to SOFR and other non-U.S. dollar references as the interest rate benchmark.
Changes in exchange rates between the currencies in which we generate cash flows and the currencies in which our borrowings are denominated affect our liquidity. In addition, because we borrow in a variety of currencies, our debt balances fluctuate due to changes in exchange rates. Further, we do not have any downgrade triggers relating to ratings from rating agencies that would accelerate the maturity dates of our debt. We were in compliance with our debt covenants as of June 30, 2023.
In December 2022, we entered into an agreement to issue and sell $150 million 10-year Senior Notes in a private placement. We issued $150 million with a fixed interest rate of 5.45% (5.45% Senior Notes) in March 2023. The 5.45% Senior Notes are senior unsecured obligations of the Company. The 5.45% Senior Notes mature on March 1, 2033. The terms of the 5.45% Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report on Form 10-K. We used the proceeds from the sale of the 5.45% Senior Notes to refinance existing indebtedness and for other general corporate purposes.
In December 2021, we entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. We issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022, which will mature in March 2037, and an additional $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022, which will mature in September 2037. We will use the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.
Other Local Arrangements
In April 2018, two of our non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2023.
Share Repurchase Program
We have $3.0 billion of remaining availability for our share repurchase program as of June 30, 2023. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.
We have purchased 31.4 million shares since the inception of the program in 2004 through June 30, 2023. During the six months ended June 30, 2023 and 2022, we spent $500.0 million and $550.0 million on the repurchase of 344,382 and 408,901 shares at an average price per share of $1,464.00 and $1,345.05, respectively. We also reissued 70,191 shares and 72,408 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2023 and 2022, respectively.
Effect of Currency on Results of Operations
Our earnings are affected by changes in exchange rates. We are most sensitive to changes in the exchange rates between the Swiss franc, euro, Chinese renminbi, and U.S. dollar. We have more Swiss franc expenses than we do Swiss franc sales because we develop and manufacture products in Switzerland that we sell globally, and have a number of corporate functions located in Switzerland. When the Swiss franc strengthens against our other trading currencies, particularly the U.S. dollar and euro, our earnings decrease. We also have significantly more sales in the euro than we do expenses. When the euro weakens against the U.S. dollar and Swiss franc, our earnings also decrease. We estimate a 1% strengthening of the Swiss franc against the euro would reduce our earnings before tax by approximately $1.9 million to $2.1 million annually.
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We also conduct business in many geographies throughout the world, including Asia Pacific, the United Kingdom, Eastern Europe, Latin America, and Canada. Fluctuations in these currency exchange rates against the U.S. dollar can also affect our operating results. The most significant of these currency exposures is the Chinese renminbi. The impact on our earnings before tax of the Chinese renminbi weakening 1% against the U.S. dollar is a reduction of approximately $3.8 million to $4.3 million annually.
In addition to the effects of exchange rate movements on operating profits, our debt levels can fluctuate due to changes in exchange rates, particularly between the U.S. dollar, the Swiss franc and the euro. Based on our outstanding debt at June 30, 2023, we estimate that a 5% weakening of the U.S. dollar against the currencies in which our debt is denominated would result in an increase of approximately $35.5 million in the reported U.S. dollar value of our debt.
Forward-Looking Statements Disclaimer
You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties, including statements about expected revenue growth, inflation and ongoing developments related to Ukraine. You can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue.”
We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position, pricing, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, and the impact of inflation and ongoing developments related to Ukraine on our business.
Our forward-looking statements may not be accurate or complete, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements, including inflation, and the ongoing developments related to Ukraine. See in particular “Factors Affecting Our Future Operating Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022 and other reports filed with the SEC from time to time.

Item 3.Quantitative and Qualitative Disclosures About Market Risk
As of June 30, 2023, there was no material change in the information provided under Item 7A in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Item 4.Controls and Procedures
Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer, have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION

Item 1.Legal Proceedings. None
Item 1A.Risk Factors.
For the three and six months ended June 30, 2023 there were no material changes from risk factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
 (a)(b)(c)(d)
Total Number of
Shares Purchased
Average Price Paid
per Share
Total Number of
Shares Purchased as Part of Publicly Announced Program
Approximate Dollar
Value (in thousands) of Shares that may yet be Purchased under the Program
April 1 to April 30, 202347,482 $1,557.86 47,482 $3,135,193 
May 1 to May 31, 202367,719 $1,411.84 67,719 $3,040,386 
June 1 to June 30, 202362,553 $1,321.93 62,553 $2,958,433 
Total177,754 $1,419.21 177,754 $2,958,433 
The Company has $3.0 billion of remaining availability as of June 30, 2023. We have purchased 31.4 million shares since the inception of the program through June 30, 2023.
During the six months ended June 30, 2023 and 2022, we spent $500.0 million and $550.0 million on the repurchase of 344,382 and 408,901 shares at an average price per share of $1,464.00 and $1,345.05, respectively. We also reissued 70,191 shares and 72,408 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2023 and 2022, respectively. In addition, we incurred $2.3 million and $4.2 million of excise tax during the three and six months ended June 30, 2023 related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in our consolidated financial statements.
Item 3.Defaults Upon Senior Securities. None
Item 5.    Other information. None
Item 6.    Exhibits. See Exhibit Index.

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EXHIBIT INDEX
Exhibit No. Description
 
    
 
 
101.INS*XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*XBRL Taxonomy Extension Schema Document
101.CAL*XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*XBRL Taxonomy Extension Label Linkbase Document
101.PRE*XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*XBRL Taxonomy Extension Definition Linkbase Document
_______________________
*    Filed herewith
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SIGNATURE

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.
    
Mettler-Toledo International Inc.
Date:July 28, 2023By:  /s/ Shawn P. Vadala
 
  Shawn P. Vadala
  Chief Financial Officer 

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Exhibit 31.1
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Patrick Kaltenbach, certify that:
(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

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

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

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

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 28, 2023

/s/ Patrick Kaltenbach
    
Patrick Kaltenbach    
Chief Executive Officer

Exhibit 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Shawn P. Vadala certify that:
(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

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

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

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

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
(5)The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 28, 2023

/s/ Shawn P. Vadala

Shawn P. Vadala
Chief Financial Officer


Exhibit 32
Certification Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of Mettler-Toledo International Inc. (the "Company") does hereby certify, to such officer's knowledge, that:
This quarterly report on Form 10-Q for the period ending June 30, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 28, 2023




/s/ Patrick Kaltenbach




Patrick Kaltenbach
Chief Executive Officer





/s/ Shawn P. Vadala



Shawn P. Vadala
Chief Financial Officer


v3.23.2
Document and Entity Information Document
6 Months Ended
Jun. 30, 2023
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 30, 2023
Document Transition Report false
Entity File Number 1-13595
Entity Registrant Name Mettler Toledo International Inc
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 13-3668641
Entity Address, Address Line One 1900 Polaris Parkway
Entity Address, City or Town Columbus
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43240
City Area Code 614
Local Phone Number 438-4511
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol MTD
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Central Index Key 0001037646
Document Fiscal Year Focus 2021
Document Fiscal Period Focus Q3
Current Fiscal Year End Date --12-31
Amendment Flag false
v3.23.2
Interim Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues $ 982,117 $ 978,387 $ 1,910,855 $ 1,876,178
Gross profit 583,543 571,661 1,130,109 1,091,246
Research and development 47,245 44,023 92,722 87,051
Selling, general and administrative 228,594 242,206 463,232 477,518
Amortization 18,042 16,365 35,821 32,969
Interest expense 19,249 12,765 37,433 24,103
Restructuring Charges 8,021 1,770 12,295 5,781
Other charges (income), net (1,011) (2,160) (1,407) (5,869)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 263,403 256,692 490,013 469,693
Provision for taxes 49,476 44,622 87,660 83,622
Net earnings $ 213,927 $ 212,070 $ 402,353 $ 386,071
Basic earnings per common share:        
Net earnings $ 9.75 $ 9.39 $ 18.28 $ 17.02
Weighted average number of common shares 21,944,645 22,593,375 22,013,662 22,680,353
Diluted earnings per common share:        
Net earnings $ 9.69 $ 9.29 $ 18.15 $ 16.84
Weighted average number of common and common equivalent shares 22,080,602 22,821,666 22,164,394 22,928,933
Comprehensive Income, Net of Tax (Note 9) $ 175,227 $ 180,579 $ 362,370 $ 358,930
Product [Member]        
Revenues 758,971 780,244 1,474,972 1,486,859
Cost of Goods and Services Sold 296,953 308,019 582,704 597,108
Service [Member]        
Revenues 223,146 198,143 435,883 389,319
Cost of Goods and Services Sold $ 101,621 $ 98,707 $ 198,042 $ 187,824
v3.23.2
Interim Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 83,574 $ 95,966
Trade accounts receivable, less allowances 648,002 709,321
Inventories 394,959 441,694
Other current assets and prepaid expenses 119,971 128,108
Total current assets 1,246,506 1,375,089
Property, plant and equipment, net 780,723 778,600
Goodwill 665,100 660,170
Other intangible assets, net 294,594 306,054
Deferred tax assets, net 27,836 27,080
Other non-current assets 355,636 345,402
Total assets 3,370,395 3,492,395
Current liabilities:    
Trade accounts payable 170,230 252,538
Accrued and other liabilities 177,590 205,253
Accrued compensation and related items 139,614 200,031
Deferred Revenue 204,549 192,759
Taxes payable 208,655 191,096
Short-term borrowings and current maturities of long-term debt 107,365 106,054
Total current liabilities 1,008,003 1,147,731
Long-term debt 2,045,462 1,908,480
Deferred tax liabilities, net 116,009 111,360
Other non-current liabilities 290,626 300,031
Total liabilities 3,460,100 3,467,602
Commitments and contingencies (Note 15)  
Shareholders' equity:    
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares 0 0
Common stock, $0.01 par value per share; authorized 125,000,000 shares; issued 44,786,011 and 44,786,011 shares; outstanding 23,794,563 and 24,125,317 shares at September 30, 2020 and December 31, 2019, respectively 448 448
Additional paid-in capital 861,404 850,368
Treasury stock at cost (20,991,448 shares at September 30, 2020 and 20,660,694 shares at December 31, 2019) (7,811,028) (7,325,656)
Retained earnings 7,126,687 6,726,866
Accumulated other comprehensive loss (267,216) (227,233)
Total shareholders' equity (89,705) 24,793
Total liabilities and shareholders' equity $ 3,370,395 $ 3,492,395
v3.23.2
Balance Sheet Parentheticals (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current $ 22,094 $ 22,176
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 125,000,000 125,000,000
Common Stock, Shares, Issued 44,786,011 44,786,011
Common Stock, Shares, Outstanding 21,864,818 22,843,103
Treasury Stock, Common, Shares 22,921,193 21,942,908
v3.23.2
Interim Consolidated Statements of Shareholders' Equity and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock, Common
Beginning balance at Dec. 31, 2021 $ 171,421 $ 448 $ 825,974 $ 5,859,272 $ (255,224) $ (6,259,049)
Beginning balance, shares at Dec. 31, 2021   22,843,103        
Stock Issued During Period, Value, Treasury Stock Reissued (5,289)   (1,020) (2,400)   (6,669)
Exercise of stock options and restricted stock units, shares   27,795        
Treasury Stock, Value, Acquired, Cost Method           (275,000)
Repurchases of common stock, shares   (190,593)        
Adjustment to Additional Paid in Capital, Share-Based Compensation     4,509      
Net earnings       174,001    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent         4,350  
Ending balance at Mar. 31, 2022 84,570 $ 448 831,503 6,030,873    
Ending balance, shares at Mar. 31, 2022   22,680,305        
Beginning balance at Dec. 31, 2021 $ 171,421 $ 448 825,974 5,859,272 (255,224) (6,259,049)
Beginning balance, shares at Dec. 31, 2021   22,843,103        
Exercise of stock options and restricted stock units, shares 72,408          
Treasury Stock, Value, Acquired, Cost Method $ (550,000)          
Repurchases of common stock, shares (408,901)          
Net earnings $ 386,071          
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (27,141)          
Ending balance at Jun. 30, 2022 7,262   837,690 6,242,943 (282,365) (6,791,454)
Ending balance, shares at Jun. 30, 2022   22,506,610        
Beginning balance at Mar. 31, 2022 84,570 $ 448 831,503 6,030,873    
Beginning balance, shares at Mar. 31, 2022   22,680,305        
Stock Issued During Period, Value, Treasury Stock Reissued (12,421)   (1,496) 0   (10,925)
Exercise of stock options and restricted stock units, shares   44,613        
Treasury Stock, Value, Acquired, Cost Method (274,999)         (274,999)
Repurchases of common stock, shares   (218,308)        
Adjustment to Additional Paid in Capital, Share-Based Compensation 4,691   4,691      
Net earnings 212,070     212,070    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (31,491)       (31,491)  
Ending balance at Jun. 30, 2022 7,262   837,690 6,242,943 (282,365) (6,791,454)
Ending balance, shares at Jun. 30, 2022   22,506,610        
Beginning balance at Dec. 31, 2022 $ 24,793 $ 448 850,368 6,726,866 (227,233) (7,325,656)
Beginning balance, shares at Dec. 31, 2022 22,843,103 22,139,009        
Stock Issued During Period, Value, Treasury Stock Reissued $ (11,473)   (1,278) (2,525)   (12,720)
Exercise of stock options and restricted stock units, shares   47,849        
Treasury Stock, Value, Acquired, Cost Method (249,999)         (249,999)
Repurchases of common stock, shares   (166,628)        
Excise tax on net repurchases of common stock           1,906
Adjustment to Additional Paid in Capital, Share-Based Compensation 4,027   4,027      
Net earnings 188,426     188,426    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (1,283)       (1,283)  
Ending balance at Mar. 31, 2023 (24,469) $ 448 855,673 6,912,767 (228,516) (7,564,841)
Ending balance, shares at Mar. 31, 2023   22,020,230        
Beginning balance at Dec. 31, 2022 $ 24,793 $ 448 850,368 6,726,866 (227,233) (7,325,656)
Beginning balance, shares at Dec. 31, 2022 22,843,103 22,139,009        
Exercise of stock options and restricted stock units, shares 70,191          
Treasury Stock, Value, Acquired, Cost Method $ (500,000)          
Repurchases of common stock, shares (344,382)          
Net earnings $ 402,353          
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (39,983)          
Ending balance at Jun. 30, 2023 $ (89,705) $ 448 861,404 7,126,687 (267,216) (7,811,028)
Ending balance, shares at Jun. 30, 2023 21,864,818 21,864,818        
Beginning balance at Mar. 31, 2023 $ (24,469) $ 448 855,673 6,912,767 (228,516) (7,564,841)
Beginning balance, shares at Mar. 31, 2023   22,020,230        
Stock Issued During Period, Value, Treasury Stock Reissued (7,614)   (1,536) (7)   (6,085)
Exercise of stock options and restricted stock units, shares   22,342        
Treasury Stock, Value, Acquired, Cost Method (250,000)         (250,000)
Repurchases of common stock, shares   (177,754)        
Excise tax on net repurchases of common stock           2,272
Adjustment to Additional Paid in Capital, Share-Based Compensation 4,195   4,195      
Net earnings 213,927     213,927    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (38,700)       (38,700)  
Ending balance at Jun. 30, 2023 $ (89,705) $ 448 $ 861,404 $ 7,126,687 $ (267,216) $ (7,811,028)
Ending balance, shares at Jun. 30, 2023 21,864,818 21,864,818        
v3.23.2
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net earnings $ 402,353,000 $ 386,071,000
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 24,217,000 23,327,000
Amortization 35,821,000 32,969,000
Deferred tax benefit (1,766,000) (3,237,000)
Share-based compensation 8,222,000 9,200,000
Increase (decrease) in cash resulting from changes in:    
Trade accounts receivable, net 60,460,000 (4,235,000)
Inventories 47,746,000 (70,353,000)
Other current assets 4,057,000 (15,629,000)
Trade accounts payable (76,707,000) 4,656,000
Taxes payable 13,249,000 31,390,000
Increase (Decrease) in Other Operating Assets and Liabilities, Net (97,579,000) (84,166,000)
Net cash provided by operating activities 420,073,000 309,993,000
Cash flows from investing activities:    
Proceeds from sale of property, plant and equipment 412,000 118,000
Purchase of property, plant and equipment (51,947,000) (62,391,000)
Proceeds from government funding 1,264,000 25,013,000
Acquisitions (613,000) (10,765,000)
Payments for (Proceeds from) Derivative Instrument, Investing Activities (14,414,000) 7,372,000
Net cash used in investing activities (65,298,000) (40,653,000)
Cash flows from financing activities:    
Proceeds from borrowings 1,080,921,000 1,239,813,000
Repayments of borrowings (958,731,000) (952,559,000)
Proceeds from stock option exercises 19,087,000 17,710,000
Repurchases of common stock (499,999,000) (549,999,000)
Payment for Contingent Consideration Liability, Financing Activities 5,626,000 7,912,000
Proceeds from (Payments for) Other Financing Activities (714,000) (382,000)
Net cash used in financing activities (365,062,000) (253,329,000)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations (2,105,000) (5,126,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (12,392,000) 10,885,000
Beginning of period 95,966,000 98,564,000
End of period 83,574,000 109,449,000
Cash and cash equivalents: $ (12,392,000) $ 10,885,000
v3.23.2
Basis of Presentation
6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Mettler-Toledo International Inc. (Mettler-Toledo or the Company) is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Switzerland, the United Kingdom and the United States. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland.
The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. These financial statements were prepared using information reasonably available as of June 30, 2023 and through the date of this report. Actual results may differ from those estimates due to uncertainty in the economic environment and our end markets, ongoing developments in Ukraine and inflation, as well as other factors.
All intercompany transactions and balances have been eliminated.
v3.23.2
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Trade Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for expected credit losses represents the Company’s best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.
Inventories consisted of the following:
June 30,
2023
December 31,
2022
Raw materials and parts$199,229 $222,170 
Work-in-progress74,800 77,848 
Finished goods120,930 141,676 
 $394,959 $441,694 
Goodwill and Other Intangible Assets
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.
Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".
Other intangible assets consisted of the following:
 June 30, 2023December 31, 2022
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$293,257 $(104,139)$189,118 $292,713 $(92,981)$199,732 
Proven technology and patents125,116 (69,299)$55,817 123,623 (64,089)59,534 
Tradenames (finite life)7,746 (4,048)$3,698 7,675 (3,543)4,132 
Tradenames (indefinite life)36,297 — $36,297 36,252 — 36,252 
Other13,275 (3,611)$9,664 13,271 (6,867)6,404 
 $475,691 $(181,097)$294,594 $473,534 $(167,480)$306,054 
The Company recognized amortization expense associated with the above intangible assets of $6.9 million and $6.6 million for the three months ended June 30, 2023 and 2022, respectively, and $13.8 million and $13.4 million for the six months ended June 30, 2023 and 2022, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $26.3 million for 2023, $25.8 million for 2024, $25.0 million for 2025, $21.1 million for 2026, $19.7 million for 2027, and $18.9 million for 2028. Purchased intangible amortization was $6.7 million, $5.2 million after tax, and $6.4 million, $4.9 million after tax, for the three months ended June 30, 2023 and 2022, respectively, and $13.3 million, $10.3 million after tax, and $13.0 million, $10.1 million after tax, for the six months ended June 30, 2023 and 2022, respectively.
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $11.1 million and $9.7 million for the three months ended June 30, 2023 and 2022, respectively, and $22.0 million and $19.4 million for the six months ended June 30, 2023 and 2022, respectively.
Revenue Recognition
Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.
Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.
Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.
Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period.
Share-Based Compensation
The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $4.2 million and $8.2 million of share-based compensation expense for the three and six months ended June 30, 2023, respectively, compared to $4.7 million and $9.2 million for the corresponding periods in 2022.
Research and Development
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

Business Combinations and Asset Acquisitions
The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the values of the acquired assets and assumed liabilities, including goodwill and intangible assets, require significant judgment. Acquisition transaction costs are expensed when incurred.

In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net.

Recent Accounting Pronouncements
In March 2020, January 2021 and December 2022, the FASB issued ASU 2020-04, ASU 2021-01 and ASU-2022-06: Reference Rate Reform which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2024. During the three months ended June 30, 2023, the Company amended its credit agreement and cross currency swap agreements to change the interest rate benchmark from LIBOR to SOFR and other non-U.S. dollar references, which did not change the amount or timing of cash flows. As a result, the discontinuation of LIBOR in June 2023 did not have a material impact on the Company’s financial statements.
v3.23.2
Revenue from Contracts with Customers (Notes)
6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUEThe Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. A summary of revenue by the Company’s reportable segments for the three and six months ended June 30, 2023 and 2022 follows:
For the three months ended June 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$265,881 $36,662 $130,404 $204,259 $121,765 $758,971 
Service Revenue:
Point in time72,250 7,246 40,831 13,020 32,142 165,489 
Over time20,984 2,895 20,840 4,390 8,548 57,657 
Total$359,115 $46,803 $192,075 $221,669 $162,455 $982,117 
For the three months ended June 30, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$279,438 $33,291 $136,962 $213,131 $117,422 $780,244 
Service Revenue:
Point in time
64,589 6,504 31,957 10,708 30,541 144,299 
Over time
17,118 2,267 21,345 5,970 7,144 53,844 
Total$361,145 $42,062 $190,264 $229,809 $155,107 $978,387 
For the six months ended June 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$512,410 $73,123 $271,111 $374,689 $243,639 $1,474,972 
Service Revenue:
Point in time142,875 14,707 81,996 24,368 62,187 326,133 
Over time41,231 5,342 38,392 8,380 16,405 109,750 
Total$696,516 $93,172 $391,499 $407,437 $322,231 $1,910,855 
For the six months ended June 30, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$528,245 $67,201 $274,971 $381,120 $235,322 $1,486,859 
Service Revenue:
Point in time
124,743 13,671 68,179 21,035 59,143 286,771 
Over time
33,978 4,459 39,999 10,360 13,752 102,548 
Total$686,966 $85,331 $383,149 $412,515 $308,217 $1,876,178 
A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:
Three Months EndedSix Months Ended
2023202220232022
Americas$396,897 $393,707 $768,970 $746,396 
Europe246,340 242,738 500,314 492,522 
Asia / Rest of World338,880 341,942 641,571 637,260 
Total$982,117 $978,387 $1,910,855 $1,876,178 
The Company's global revenue mix by product category is laboratory (55% of sales), industrial (39% of sales) and retail (6% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the three and six months ended June 30 is as follows:
Three Months EndedSix Months Ended
2023202220232022
Laboratory$526,699 $545,925 $1,046,730 $1,059,475 
Industrial399,001 384,173 754,181 727,911 
Retail56,417 48,289 109,944 88,792 
Total$982,117 $978,387 $1,910,855 $1,876,178 

The payment terms in the Company’s contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but not yet billed to the customer. Unbilled revenue as of June 30, 2023 and December 31, 2022 was $40.0 million and $29.2 million, respectively, and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation.
Changes in the components of deferred revenue and customer prepayments during the six month periods ending June 30, 2023 and 2022 are as follows:
20232022
Beginning balances as of January 1$192,759 $192,648 
Customer pre-payments/deferred revenue343,373 377,052 
Revenue recognized(332,005)(345,070)
Foreign currency translation422 (9,497)
Ending balance as of June 30$204,549 $215,133 
The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The value of unsatisfied performance obligations other than customer prepayments and deferred revenue associated with contracts greater than one year is immaterial.
v3.23.2
Fair Value Measurements
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
At June 30, 2023 and December 31, 2022, the Company had derivative assets totaling $5.9 million and $11.5 million respectively, and derivative liabilities totaling $9.3 million and $5.4 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not need to present all the required disclosures in tabular format. The fair values of the cross-currency swap agreements and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant at June 30, 2023 and December 31, 2022.
Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability.

A fair value hierarchy has been established that categorizes these inputs into three levels:
Level 1:    Quoted prices in active markets for identical assets and liabilities
Level 2:    Observable inputs other than quoted prices in active markets for identical assets and liabilities
Level 3:    Unobservable inputs
The following table presents the Company's assets and liabilities, which are all categorized as Level 2, that are measured at fair value on a recurring basis. The Company does not have any assets or liabilities which are categorized as Level 1:
 June 30, 2023December 31, 2022Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments$2,685 $3,958 Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement1,060609Other current assets and prepaid expenses
Cross currency swap agreement2,1176,890 Other non-current assets
Total derivative assets$5,862 $11,457 
Foreign currency forward contracts not designated as hedging instruments$6,844 $2,056 Accrued and other liabilities
Cash Flow Hedges:
Cross currency swap agreement1,468 3,366 Accrued and other liabilities
Cross currency swap agreement1,019 — Other non-current liabilities
Total derivative liabilities$9,331 $5,422 
The Company had $23.0 million and $25.3 million of cash equivalents at June 30, 2023 and December 31, 2022, respectively, the fair value of which is determined using Level 2 inputs, through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost.
The fair value of the Company's debt is less than the carrying value by approximately $248.0 million as of June 30, 2023. The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company.
v3.23.2
Income Taxes
6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXESThe Company's reported tax rate was 18.8% and 17.4% during the three months ended June 30, 2023 and 2022, respectively and 17.9% and 17.8% during the six months ended June 30, 2023 and 2022, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.0% before non-recurring discrete tax items during both 2023 and 2022. The difference between the Company's projected annual effective tax rate and the reported tax rate is primarily related to the timing of excess tax benefits associated with stock option exercises.
v3.23.2
Debt
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Debt consisted of the following at June 30, 2023:
U.S. DollarOther Principal Trading CurrenciesTotal
4.10% $50 million ten-year Senior Notes due September 19, 202350,000 — 50,000 
3.84% $125 million ten-year Senior Notes due September 19, 2024125,000 — 125,000 
4.24% $125 million ten-year Senior Notes due June 25, 2025125,000 — 125,000 
3.91% $75 million ten-year Senior Notes due June 25, 202975,000 — 75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000 — 150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000 — 50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000 — 150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030— 136,685 136,685 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034— 147,620 147,620 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036— 136,685 136,685 
Debt issuance costs, net(2,852)(1,422)(4,274)
Total Senior Notes997,148 419,568 1,416,716 
$1.25 billion Credit Agreement, interest at benchmark plus 87.5 basis points (a)
478,219 197,071 675,290 
Other local arrangements5,058 55,763 60,821 
Total debt1,480,425 672,402 2,152,827 
Less: current portion(51,812)(55,553)(107,365)
Total long-term debt$1,428,613 $616,849 $2,045,462 
(a) The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.
As of June 30, 2023, the Company had $569.3 million of additional borrowings available under its Credit Agreement, and the Company maintained $83.6 million of cash and cash equivalents.
In May 2023, the Company amended its Credit Agreement to replace all references of LIBOR to SOFR and other non-U.S. dollar references as the interest rate benchmark.
In December 2022, the Company entered into an agreement to issue and sell $150 million 10-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 5.45% (5.45% Senior Notes) in March 2023. The 5.45% Senior Notes are senior unsecured obligations of the Company. The 5.45% Senior Notes mature on March 1, 2033. The terms of the 5.45% Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report on Form 10-K. The Company used the proceeds from the sale of the 5.45% Senior Notes to refinance existing indebtedness and for other general corporate purposes.
In December 2021, the Company entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022 and $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022. The 2.81% and 2.91% Senior Notes are senior unsecured obligations of the Company. The 2.81% Senior Notes mature in March 2037, and the 2.91% Senior Notes mature in
September 2037. Interest on the 2.81% and 2.91% Senior Notes is payable semi-annually in March and September each year. Interest payments on the 2.81% Senior Notes began in September 2022 and interest on the 2.91% began in March 2023. The terms of the Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report on Form 10-K. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.
The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized loss of $3.6 million and an unrealized gain of $19.1 million for the three months ended June 30, 2023 and 2022, respectively, and an unrealized loss of $8.9 million and an unrealized gain of $30.4 million for the six month periods ended June 30, 2023 and 2022, respectively. The Company has a gain of $21.2 million recorded in accumulated other comprehensive income (loss) as of June 30, 2023.

Other Local Arrangements
In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2023.
v3.23.2
Share Repurchase Program and Treasury Stock
6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
SHARE REPURCHASE PROGRAM AND TREASURY STOCK SHARE REPURCHASE PROGRAM AND TREASURY STOCKThe Company has $3.0 billion of remaining availability for its share repurchase program as of June 30, 2023. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors. The Company has purchased 31.4 million shares since the inception of the program in 2004 through June 30, 2023. During the six months ended June 30, 2023 and 2022, the Company spent $500.0 million and $550.0 million on the repurchase of 344,382 shares and 408,901 shares at an average price per share of $1,464.00 and $1,345.05, respectively. The Company also reissued 70,191 shares and 72,408 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2023 and 2022, respectively.
v3.23.2
Accumulated Other Comprehensive Income
6 Months Ended
Jun. 30, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Comprehensive Income (Loss) Note [Text Block] ACCUMULATED OTHER COMPREHENSIVE INCOME
    Comprehensive income (loss), net of tax consisted of the following as of June 30:        
Three Months EndedSix Months Ended
2023202220232022
Net earnings$213,927 $212,070 $402,353 $386,071 
Other comprehensive income (loss), net of tax(38,700)(31,491)(39,983)(27,141)
Comprehensive income, net of tax$175,227 $180,579 $362,370 $358,930 

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2023 and 2022:
Currency Translation Adjustment, Net of TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 2022$(82,864)$4,256 $(148,625)$(227,233)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements— (2,121)— (2,121)
Foreign currency translation adjustment
(37,810)— (3,960)(41,770)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
— 725 3,183 3,908 
Net change in other comprehensive income (loss), net of tax
(37,810)(1,396)(777)(39,983)
Balance at June 30, 2023$(120,674)$2,860 $(149,402)$(267,216)
Currency Translation Adjustment, Net of TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 2021$(19,566)$$(235,660)$(255,224)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements— 11,343 — 11,343 
Foreign currency translation adjustment(46,982)— 10,003 (36,979)
Amounts recognized from accumulated other comprehensive income (loss), net of tax— (8,268)6,763 (1,505)
Net change in other comprehensive income (loss), net of tax(46,982)3,075 16,766 (27,141)
Balance at June 30, 2022$(66,548)$3,077 $(218,894)$(282,365)
    The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:
Three Months Ended
June 30,
20232022Location of Amounts Recognized in Earnings
Effective portion of losses on cash flow hedging arrangements:
Cross currency swap agreement
2,449 (5,735)(a)
Total before taxes2,449 (5,735)
Provision for taxes465 (1,090)Provision for taxes
Total, net of taxes$1,984 $(4,645)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$2,035 $4,222 (b)
Provision for taxes430 908 Provision for taxes
Total, net of taxes$1,605 $3,314 
(a) The cross currency swap reflects an unrealized loss of $5.3 million for the three months ended June 30, 2023 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $2.8 million recorded in interest expense for the three months ended June 30, 2023.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three months ended June 30, 2023 and 2022.
Six Months Ended
June 30,
20232022Location of Amounts Recognized in Earnings
Effective portion of losses on cash flow hedging arrangements:
Interest rate swap agreements
$— $352 Interest expense
Cross currency swap agreement
895 (10,531)(a)
Total before taxes895 (10,179)
Provision for taxes170 (1,911)Provision for taxes
Total, net of taxes$725 $(8,268)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$4,037 $8,615 (b)
Provision for taxes854 1,852 Provision for taxes
Total, net of taxes$3,183 $6,763 
(a) The cross currency swap reflects an unrealized loss of $6.4 million for the six months ended June 30, 2023 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $5.5 million recorded in interest expense for the six months ended June 30, 2023.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the six months ended June 30, 2023 and 2022.
v3.23.2
Earnings Per Common Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six months ended June 30, relating to outstanding stock options and restricted stock units:
20232022
Three months ended135,957 228,291 
Six months ended150,732 248,580 
Outstanding options and restricted stock units to purchase or receive 43,334 and 39,156 shares of common stock for the three month period ended June 30, 2023 and 2022, respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. Options and restricted stock units to purchase or receive 43,057 and 38,465 shares for the six month period ended June 30, 2023 and 2022, respectively, have been excluded from the calculation of diluted weighted average of common and common equivalent shares as such options and restricted stock units would be anti-dilutive.
v3.23.2
Net Periodic Benefit Cost
6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
NET PERIODIC BENEFIT COST NET PERIODIC PENSION COST
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20232022202320222023202220232022
Service cost, net$289 $416 $3,425 $4,775 $— $— $3,714 $5,191 
Interest cost on projected benefit obligations
1,256 674 4,916 1,492 6,180 2,169 
Expected return on plan assets(1,383)(1,547)(8,645)(9,023)— — (10,028)(10,570)
Recognition of prior service cost
— — (1,060)(1,045)(19)(19)(1,079)(1,064)
Recognition of actuarial losses/(gains)
548 585 2,561 4,709 (1)(8)3,108 5,286 
Net periodic pension cost/(credit)
$710 $128 $1,197 $908 $(12)$(24)$1,895 $1,012 

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20232022202320222023202220232022
Service cost, net$579 $832 $6,821 $9,765 $— $— $7,400 $10,597 
Interest cost on projected benefit obligations
2,511 1,348 9,792 3,051 15 12,318 4,405 
Expected return on plan assets(2,766)(3,094)(17,212)(18,447)— — (19,978)(21,541)
Recognition of prior service cost— — (2,110)(2,141)(38)(37)(2,148)(2,178)
Recognition of actuarial losses/(gains)1,096 1,169 5,098 9,639 (1)(15)6,193 10,793 
Net periodic pension cost/(credit)$1,420 $255 $2,389 $1,867 $(24)$(46)$3,785 $2,076 

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, the Company expects to make employer contributions of approximately $27.5 million
to its non-U.S. pension plans during the year ended December 31, 2023. This estimate may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.
v3.23.2
Other Charges (Income), Net
6 Months Ended
Jun. 30, 2023
Other Income and Expenses [Abstract]  
OTHER CHARGES (INCOME), NET OTHER CHARGES (INCOME), NETOther charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related hedging activities, interest income and other items. Non-service pension benefits for the three months ended June 30, 2023 and 2022 were $1.9 million and $4.2 million, respectively, and $3.7 million and $8.5 million for the six months ended June 30, 2023 and 2022, respectively.
v3.23.2
Segment Reporting
6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING
13.    SEGMENT REPORTING
As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2022, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other.
The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes).
The following tables show the operations of the Company’s operating segments:
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2023
June 30, 2023CustomersSegmentsSalesProfitGoodwill
U.S. Operations$359,115 $33,741 $392,856 $104,206 $524,459 
Swiss Operations46,803 181,073 227,876 66,914 25,865 
Western European Operations192,075 47,766 239,841 38,747 100,452 
Chinese Operations221,669 67,279 288,948 119,722 603 
Other (a)162,455 13,601 176,056 24,440 13,721 
Eliminations and Corporate (b)— (343,460)(343,460)(46,325)— 
Total$982,117 $— $982,117 $307,704 $665,100 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2023CustomersSegmentsSalesProfit
U.S. Operations$696,516 $66,989 $763,505 $186,000 
Swiss Operations93,172 383,207 476,379 143,336 
Western European Operations391,499 92,642 484,141 83,270 
Chinese Operations407,437 127,731 535,168 200,963 
Other (a)322,231 14,559 336,790 48,683 
Eliminations and Corporate (b)— (685,128)(685,128)(88,097)
Total$1,910,855 $— $1,910,855 $574,155 
(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2022
June 30, 2022CustomersSegmentsSalesProfitGoodwill
U.S. Operations$361,145 $40,314 $401,459 $92,796 $514,057 
Swiss Operations42,062 210,449 252,511 72,012 22,634 
Western European Operations190,264 47,474 237,738 35,233 92,215 
Chinese Operations229,809 75,123 304,932 105,456 665 
Other (a)155,107 709 155,816 22,243 13,878 
Eliminations and Corporate (b)— (374,069)(374,069)(42,308)— 
Total$978,387 $— $978,387 $285,432 $643,449 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2022CustomersSegmentsSalesProfit
U.S. Operations$686,966 $79,887 $766,854 $167,982 
Swiss Operations85,331 404,284 489,615 143,334 
Western European Operations383,149 97,601 480,751 74,013 
Chinese Operations412,515 155,562 568,077 190,424 
Other (a)308,217 1,673 309,888 42,695 
Eliminations and Corporate (b)— (739,007)(739,007)(91,771)
Total$1,876,178 $— $1,876,178 $526,677 

(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
    A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:
 Three Months EndedSix Months Ended
 2023202220232022
Earnings before taxes$263,403 $256,692 $490,013 $469,693 
Amortization18,042 16,365 35,821 32,969 
Interest expense19,249 12,765 37,433 24,103 
Restructuring charges8,021 1,770 12,295 5,781 
Other income, net(1,011)(2,160)(1,407)(5,869)
Segment profit$307,704 $285,432 $574,155 $526,677 
v3.23.2
Contingencies
6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIESThe Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.
v3.23.2
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Trade Accounts Receivable
Trade Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for expected credit losses represents the Company’s best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.
Inventories
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.
Inventories consisted of the following:
June 30,
2023
December 31,
2022
Raw materials and parts$199,229 $222,170 
Work-in-progress74,800 77,848 
Finished goods120,930 141,676 
 $394,959 $441,694 
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.
Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".
Other intangible assets consisted of the following:
 June 30, 2023December 31, 2022
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$293,257 $(104,139)$189,118 $292,713 $(92,981)$199,732 
Proven technology and patents125,116 (69,299)$55,817 123,623 (64,089)59,534 
Tradenames (finite life)7,746 (4,048)$3,698 7,675 (3,543)4,132 
Tradenames (indefinite life)36,297 — $36,297 36,252 — 36,252 
Other13,275 (3,611)$9,664 13,271 (6,867)6,404 
 $475,691 $(181,097)$294,594 $473,534 $(167,480)$306,054 
The Company recognized amortization expense associated with the above intangible assets of $6.9 million and $6.6 million for the three months ended June 30, 2023 and 2022, respectively, and $13.8 million and $13.4 million for the six months ended June 30, 2023 and 2022, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $26.3 million for 2023, $25.8 million for 2024, $25.0 million for 2025, $21.1 million for 2026, $19.7 million for 2027, and $18.9 million for 2028. Purchased intangible amortization was $6.7 million, $5.2 million after tax, and $6.4 million, $4.9 million after tax, for the three months ended June 30, 2023 and 2022, respectively, and $13.3 million, $10.3 million after tax, and $13.0 million, $10.1 million after tax, for the six months ended June 30, 2023 and 2022, respectively.
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $11.1 million and $9.7 million for the three months ended June 30, 2023 and 2022, respectively, and $22.0 million and $19.4 million for the six months ended June 30, 2023 and 2022, respectively.
Revenue Recognition
Revenue Recognition
Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.
Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.
Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.
Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period.
Share - Based Compensation
Share-Based Compensation
The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $4.2 million and $8.2 million of share-based compensation expense for the three and six months ended June 30, 2023, respectively, compared to $4.7 million and $9.2 million for the corresponding periods in 2022.
Research and Development
Research and Development
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.
Business Combinations Policy [Policy Text Block]
Business Combinations and Asset Acquisitions
The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the values of the acquired assets and assumed liabilities, including goodwill and intangible assets, require significant judgment. Acquisition transaction costs are expensed when incurred.

In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
In March 2020, January 2021 and December 2022, the FASB issued ASU 2020-04, ASU 2021-01 and ASU-2022-06: Reference Rate Reform which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2024. During the three months ended June 30, 2023, the Company amended its credit agreement and cross currency swap agreements to change the interest rate benchmark from LIBOR to SOFR and other non-U.S. dollar references, which did not change the amount or timing of cash flows. As a result, the discontinuation of LIBOR in June 2023 did not have a material impact on the Company’s financial statements.
v3.23.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Components of inventories Inventories consisted of the following:
June 30,
2023
December 31,
2022
Raw materials and parts$199,229 $222,170 
Work-in-progress74,800 77,848 
Finished goods120,930 141,676 
 $394,959 $441,694 
Components of other intangible assets
Other intangible assets consisted of the following:
 June 30, 2023December 31, 2022
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$293,257 $(104,139)$189,118 $292,713 $(92,981)$199,732 
Proven technology and patents125,116 (69,299)$55,817 123,623 (64,089)59,534 
Tradenames (finite life)7,746 (4,048)$3,698 7,675 (3,543)4,132 
Tradenames (indefinite life)36,297 — $36,297 36,252 — 36,252 
Other13,275 (3,611)$9,664 13,271 (6,867)6,404 
 $475,691 $(181,097)$294,594 $473,534 $(167,480)$306,054 
v3.23.2
Revenue from Contracts with Customers (Tables)
6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
For the three months ended June 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$265,881 $36,662 $130,404 $204,259 $121,765 $758,971 
Service Revenue:
Point in time72,250 7,246 40,831 13,020 32,142 165,489 
Over time20,984 2,895 20,840 4,390 8,548 57,657 
Total$359,115 $46,803 $192,075 $221,669 $162,455 $982,117 
For the three months ended June 30, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$279,438 $33,291 $136,962 $213,131 $117,422 $780,244 
Service Revenue:
Point in time
64,589 6,504 31,957 10,708 30,541 144,299 
Over time
17,118 2,267 21,345 5,970 7,144 53,844 
Total$361,145 $42,062 $190,264 $229,809 $155,107 $978,387 
For the six months ended June 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$512,410 $73,123 $271,111 $374,689 $243,639 $1,474,972 
Service Revenue:
Point in time142,875 14,707 81,996 24,368 62,187 326,133 
Over time41,231 5,342 38,392 8,380 16,405 109,750 
Total$696,516 $93,172 $391,499 $407,437 $322,231 $1,910,855 
For the six months ended June 30, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$528,245 $67,201 $274,971 $381,120 $235,322 $1,486,859 
Service Revenue:
Point in time
124,743 13,671 68,179 21,035 59,143 286,771 
Over time
33,978 4,459 39,999 10,360 13,752 102,548 
Total$686,966 $85,331 $383,149 $412,515 $308,217 $1,876,178 
A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:
Three Months EndedSix Months Ended
2023202220232022
Americas$396,897 $393,707 $768,970 $746,396 
Europe246,340 242,738 500,314 492,522 
Asia / Rest of World338,880 341,942 641,571 637,260 
Total$982,117 $978,387 $1,910,855 $1,876,178 
The Company's global revenue mix by product category is laboratory (55% of sales), industrial (39% of sales) and retail (6% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the three and six months ended June 30 is as follows:
Three Months EndedSix Months Ended
2023202220232022
Laboratory$526,699 $545,925 $1,046,730 $1,059,475 
Industrial399,001 384,173 754,181 727,911 
Retail56,417 48,289 109,944 88,792 
Total$982,117 $978,387 $1,910,855 $1,876,178 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
20232022
Beginning balances as of January 1$192,759 $192,648 
Customer pre-payments/deferred revenue343,373 377,052 
Revenue recognized(332,005)(345,070)
Foreign currency translation422 (9,497)
Ending balance as of June 30$204,549 $215,133 
v3.23.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value on a recurring basis
 June 30, 2023December 31, 2022Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments$2,685 $3,958 Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement1,060609Other current assets and prepaid expenses
Cross currency swap agreement2,1176,890 Other non-current assets
Total derivative assets$5,862 $11,457 
Foreign currency forward contracts not designated as hedging instruments$6,844 $2,056 Accrued and other liabilities
Cash Flow Hedges:
Cross currency swap agreement1,468 3,366 Accrued and other liabilities
Cross currency swap agreement1,019 — Other non-current liabilities
Total derivative liabilities$9,331 $5,422 
v3.23.2
Debt (Tables)
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt consisted of the following at June 30, 2023:
v3.23.2
Accumulated Other Comprehensive Income (Tables)
6 Months Ended
Jun. 30, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2023 and 2022:
Currency Translation Adjustment, Net of TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 2022$(82,864)$4,256 $(148,625)$(227,233)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements— (2,121)— (2,121)
Foreign currency translation adjustment
(37,810)— (3,960)(41,770)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
— 725 3,183 3,908 
Net change in other comprehensive income (loss), net of tax
(37,810)(1,396)(777)(39,983)
Balance at June 30, 2023$(120,674)$2,860 $(149,402)$(267,216)
Disclosure of Reclassification Amount [Text Block] The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:
Three Months Ended
June 30,
20232022Location of Amounts Recognized in Earnings
Effective portion of losses on cash flow hedging arrangements:
Cross currency swap agreement
2,449 (5,735)(a)
Total before taxes2,449 (5,735)
Provision for taxes465 (1,090)Provision for taxes
Total, net of taxes$1,984 $(4,645)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$2,035 $4,222 (b)
Provision for taxes430 908 Provision for taxes
Total, net of taxes$1,605 $3,314 
Schedule of Comprehensive Income (Loss) [Table Text Block] .
v3.23.2
Net Periodic Benefit Cost (Tables)
6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20232022202320222023202220232022
Service cost, net$289 $416 $3,425 $4,775 $— $— $3,714 $5,191 
Interest cost on projected benefit obligations
1,256 674 4,916 1,492 6,180 2,169 
Expected return on plan assets(1,383)(1,547)(8,645)(9,023)— — (10,028)(10,570)
Recognition of prior service cost
— — (1,060)(1,045)(19)(19)(1,079)(1,064)
Recognition of actuarial losses/(gains)
548 585 2,561 4,709 (1)(8)3,108 5,286 
Net periodic pension cost/(credit)
$710 $128 $1,197 $908 $(12)$(24)$1,895 $1,012 

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20232022202320222023202220232022
Service cost, net$579 $832 $6,821 $9,765 $— $— $7,400 $10,597 
Interest cost on projected benefit obligations
2,511 1,348 9,792 3,051 15 12,318 4,405 
Expected return on plan assets(2,766)(3,094)(17,212)(18,447)— — (19,978)(21,541)
Recognition of prior service cost— — (2,110)(2,141)(38)(37)(2,148)(2,178)
Recognition of actuarial losses/(gains)1,096 1,169 5,098 9,639 (1)(15)6,193 10,793 
Net periodic pension cost/(credit)$1,420 $255 $2,389 $1,867 $(24)$(46)$3,785 $2,076 
v3.23.2
Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2023
Operations of the Company's operating segments
The following tables show the operations of the Company’s operating segments:
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2023
June 30, 2023CustomersSegmentsSalesProfitGoodwill
U.S. Operations$359,115 $33,741 $392,856 $104,206 $524,459 
Swiss Operations46,803 181,073 227,876 66,914 25,865 
Western European Operations192,075 47,766 239,841 38,747 100,452 
Chinese Operations221,669 67,279 288,948 119,722 603 
Other (a)162,455 13,601 176,056 24,440 13,721 
Eliminations and Corporate (b)— (343,460)(343,460)(46,325)— 
Total$982,117 $— $982,117 $307,704 $665,100 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2023CustomersSegmentsSalesProfit
U.S. Operations$696,516 $66,989 $763,505 $186,000 
Swiss Operations93,172 383,207 476,379 143,336 
Western European Operations391,499 92,642 484,141 83,270 
Chinese Operations407,437 127,731 535,168 200,963 
Other (a)322,231 14,559 336,790 48,683 
Eliminations and Corporate (b)— (685,128)(685,128)(88,097)
Total$1,910,855 $— $1,910,855 $574,155 
(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2022
June 30, 2022CustomersSegmentsSalesProfitGoodwill
U.S. Operations$361,145 $40,314 $401,459 $92,796 $514,057 
Swiss Operations42,062 210,449 252,511 72,012 22,634 
Western European Operations190,264 47,474 237,738 35,233 92,215 
Chinese Operations229,809 75,123 304,932 105,456 665 
Other (a)155,107 709 155,816 22,243 13,878 
Eliminations and Corporate (b)— (374,069)(374,069)(42,308)— 
Total$978,387 $— $978,387 $285,432 $643,449 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2022CustomersSegmentsSalesProfit
U.S. Operations$686,966 $79,887 $766,854 $167,982 
Swiss Operations85,331 404,284 489,615 143,334 
Western European Operations383,149 97,601 480,751 74,013 
Chinese Operations412,515 155,562 568,077 190,424 
Other (a)308,217 1,673 309,888 42,695 
Eliminations and Corporate (b)— (739,007)(739,007)(91,771)
Total$1,876,178 $— $1,876,178 $526,677 

(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
Reconciliation of earnings before taxes to segment profit A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:
 Three Months EndedSix Months Ended
 2023202220232022
Earnings before taxes$263,403 $256,692 $490,013 $469,693 
Amortization18,042 16,365 35,821 32,969 
Interest expense19,249 12,765 37,433 24,103 
Restructuring charges8,021 1,770 12,295 5,781 
Other income, net(1,011)(2,160)(1,407)(5,869)
Segment profit$307,704 $285,432 $574,155 $526,677 
v3.23.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Components of inventory    
Raw materials and parts $ 199,229 $ 222,170
Work-in-progress 74,800 77,848
Finished goods 120,930 141,676
Total Inventory, Net $ 394,959 $ 441,694
v3.23.2
Summary of Significant Accounting Policies (Details 1) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Intangible Assets [Line Items]    
Intangible Assets, Gross (Excluding Goodwill) $ 475,691 $ 473,534
Accumulated Amortization (181,097) (167,480)
Intangible Assets, Net (Excluding Goodwill) 294,594 306,054
Tradename (indefinite life) [Member]    
Intangible Assets [Line Items]    
Gross amount, Tradename (indefinite life) 36,297 36,252
Intangible Assets, Net (Excluding Goodwill) 36,297 36,252
Customer Relationships [Member]    
Intangible Assets [Line Items]    
Gross amount 293,257 292,713
Accumulated Amortization (104,139) (92,981)
Intangible Assets, Net (Excluding Goodwill) 189,118 199,732
Proven technology and patents [Member]    
Intangible Assets [Line Items]    
Gross amount 125,116 123,623
Accumulated Amortization (69,299) (64,089)
Intangible Assets, Net (Excluding Goodwill) 55,817 59,534
Tradename (indefinite life) [Member]    
Intangible Assets [Line Items]    
Gross amount 7,746 7,675
Accumulated Amortization (4,048) (3,543)
Intangible Assets, Net (Excluding Goodwill) 3,698 4,132
Other Intangible Assets [Member]    
Intangible Assets [Line Items]    
Gross amount 13,275 13,271
Accumulated Amortization (3,611) (6,867)
Intangible Assets, Net (Excluding Goodwill) $ 9,664 $ 6,404
v3.23.2
Summary of Significant Accounting Policies (Details Textuals) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Summary of Significant Accounting Policies (Textuals) [Abstract]        
Amortization expense $ 6.9 $ 6.6 $ 13.8 $ 13.4
Future Amortization Expense Current Year     26.3  
Aggregate amortization expense for 2020 25.8   25.8  
Aggregate amortization expense for 2021 25.0   25.0  
Aggregate amortization expense for 2023 21.1   21.1  
Aggregate amortization expense for 2024 19.7   19.7  
Aggregate amortization expense for 2025 18.9   18.9  
Purchased Intangible Amortization, Gross 6.7 6.4 13.3 13.0
Purchased intangible amortization, net of tax 5.2 4.9 10.3 10.1
Amortization expense associated with capitalized software 11.1 9.7 22.0 19.4
Share - based compensation expense $ 4.2 $ 4.7 $ 8.2 $ 9.2
v3.23.2
Revenue from Contracts with Customers (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax $ 982,117 $ 978,387 $ 1,910,855 $ 1,876,178  
Contract with Customer, Asset, after Allowance for Credit Loss 40,000   40,000   $ 29,200
Americas [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 396,897 393,707 768,970 746,396  
Europe [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 246,340 242,738 500,314 492,522  
Asia [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 338,880 341,942 641,571 637,260  
Product [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 758,971 780,244 1,474,972 1,486,859  
Service [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 165,489 144,299 326,133 286,771  
Service [Member] | Transferred over Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax $ 57,657 53,844 $ 109,750 102,548  
Laboratory products and services [Member]          
Disaggregation of Revenue [Line Items]          
Percentage of Disaggregated Revenue in Relationship to Segments 55.00%   55.00%    
Revenue from Contract with Customer, Excluding Assessed Tax $ 526,699 545,925 $ 1,046,730 1,059,475  
Industrial products and services [Member]          
Disaggregation of Revenue [Line Items]          
Percentage of Disaggregated Revenue in Relationship to Segments 39.00%   39.00%    
Revenue from Contract with Customer, Excluding Assessed Tax $ 399,001 384,173 $ 754,181 727,911  
Retail products and services [Member]          
Disaggregation of Revenue [Line Items]          
Percentage of Disaggregated Revenue in Relationship to Segments 6.00%   6.00%    
Revenue from Contract with Customer, Excluding Assessed Tax $ 56,417 48,289 $ 109,944 88,792  
US Operations [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 359,115 361,145 696,516 686,966  
US Operations [Member] | Product [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 265,881 279,438 512,410 528,245  
US Operations [Member] | Service [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 72,250 64,589 142,875 124,743  
US Operations [Member] | Service [Member] | Transferred over Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 20,984 17,118 41,231 33,978  
Swiss Operations [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 46,803 42,062 93,172 85,331  
Swiss Operations [Member] | Product [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 36,662 33,291 73,123 67,201  
Swiss Operations [Member] | Service [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 7,246 6,504 14,707 13,671  
Swiss Operations [Member] | Service [Member] | Transferred over Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 2,895 2,267 5,342 4,459  
Western European Operations [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 192,075 190,264 391,499 383,149  
Western European Operations [Member] | Product [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 130,404 136,962 271,111 274,971  
Western European Operations [Member] | Service [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 40,831 31,957 81,996 68,179  
Western European Operations [Member] | Service [Member] | Transferred over Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 20,840 21,345 38,392 39,999  
Chinese Operations [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 221,669 229,809 407,437 412,515  
Chinese Operations [Member] | Product [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 204,259 213,131 374,689 381,120  
Chinese Operations [Member] | Service [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 13,020 10,708 24,368 21,035  
Chinese Operations [Member] | Service [Member] | Transferred over Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 4,390 5,970 8,380 10,360  
Other Operations [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 162,455 155,107 322,231 308,217  
Other Operations [Member] | Product [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 121,765 117,422 243,639 235,322  
Other Operations [Member] | Service [Member] | Transferred at Point in Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax 32,142 30,541 62,187 59,143  
Other Operations [Member] | Service [Member] | Transferred over Time [Member]          
Disaggregation of Revenue [Line Items]          
Revenue from Contract with Customer, Excluding Assessed Tax $ 8,548 $ 7,144 $ 16,405 $ 13,752  
v3.23.2
Revenue from Contracts with Customers 2 (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]          
Deferred Revenue $ 204,549   $ 192,759 $ 215,133 $ 192,648
Contract with Customer, Asset, after Allowance for Credit Loss 40,000   $ 29,200    
Customer prepayments and deferred revenue 343,373 $ 377,052      
Contract with Customer, Liability, Revenue Recognized (332,005) (345,070)      
Temporary Equity, Foreign Currency Translation Adjustments $ 422 $ (9,497)      
v3.23.2
Financial Instruments (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Derivative [Line Items]          
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months     $ 7,100,000    
Designated as Hedging Instrument [Member] | June 2019 4 YR Cross Currency Swap [Member]          
Derivative [Line Items]          
Derivative, Fixed Interest Rate 0.82%   0.82%    
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness $ 0   $ 0    
Designated as Hedging Instrument [Member] | June 2019 2 YR Cross Currency Swap [Member]          
Derivative [Line Items]          
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness 0   0    
Designated as Hedging Instrument [Member] | February 2019 Cross Currency Swap [Member]          
Derivative [Line Items]          
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness 0   0    
Designated as Hedging Instrument [Member] | 2017 Cross Currency Swap [Member]          
Derivative [Line Items]          
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness 0   0    
Designated as Hedging Instrument [Member] | 2.25% $100 Million Interest Rate Swap [Member]          
Derivative [Line Items]          
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness 0   0    
Designated as Hedging Instrument [Member] | 2.52% $50 Million Interest Rate Swap [Member]          
Derivative [Line Items]          
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness 0   0    
Designated as Hedging Instrument [Member] | June 2021 4 YR Cross Currency Swap          
Derivative [Line Items]          
Line Of Credit Facility Forecasted Borrowing Amount $ 50,000,000   $ 50,000,000    
Derivative, Fixed Interest Rate 0.59%   0.59%    
Designated as Hedging Instrument [Member] | June 2021 3 YR Cross Currency Swap          
Derivative [Line Items]          
Line Of Credit Facility Forecasted Borrowing Amount $ 50,000,000   $ 50,000,000    
Derivative, Fixed Interest Rate 0.73%   0.73%    
Designated as Hedging Instrument [Member] | June 2023 4 YR Cross Currency Swap          
Derivative [Line Items]          
Line Of Credit Facility Forecasted Borrowing Amount $ 50,000,000   $ 50,000,000    
Derivative, Fixed Interest Rate 1.55%   1.55%    
Not Designated as Hedging Instrument [Member]          
Derivative [Line Items]          
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ 19,000,000 $ 10,000,000 $ 15,500,000 $ 8,500,000  
Derivative, Notional Amount $ 725,000,000.0   $ 725,000,000.0   $ 930,300,000
v3.23.2
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash Equivalents, at Carrying Value $ 23,000 $ 25,300  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 5,862 11,457  
Derivative Liability 9,331 5,422  
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value 2,685 3,958  
foreign currency cash flow hedge current asset 1,060   $ 609
Foreign Currency Cash Flow Hedge Asset at Fair Value 2,117 6,890  
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value 6,844 2,056  
Interest Rate Swap Short Term 1,019 0  
Foreign Currency Cash Flow Hedge Liability at Fair Value 1,468 $ 3,366  
Change in Carrying Value Verse Fair Value of Long Term Debt $ 248,000    
v3.23.2
Income Taxes (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Rate
Jun. 30, 2022
Rate
Jun. 30, 2023
Rate
Jun. 30, 2022
Rate
Effective Income Tax Rate Reconciliation, Percent 18.80% 17.40% 17.90% 17.80%
Annual Effective Tax Rate before recurring discrete tax items     19.00%  
v3.23.2
Debt (Details)
€ in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Rate
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
Rate
Jun. 30, 2022
USD ($)
Jun. 30, 2023
EUR (€)
Rate
Dec. 31, 2022
USD ($)
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 1,416,716   $ 1,416,716      
Unamortized Debt Issuance Expense (4,274)   (4,274)      
Line of Credit Facility, Fair Value of Amount Outstanding 675,290   675,290      
Total debt 2,152,827   2,152,827      
Debt, Current (107,365)   (107,365)      
Long-term Debt 2,045,462   2,045,462      
Line of Credit Facility, Remaining Borrowing Capacity 569,300   569,300      
Cash and Cash Equivalents, at Carrying Value 83,574   83,574     $ 95,966
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax 3,600 $ 19,100 8,900 $ 30,400    
Cumulative (gain) loss in other other comprehensive income related to the change in a net investment hedge. 21,200   21,200      
Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 997,148   997,148      
Unamortized Debt Issuance Expense (2,852)   (2,852)      
Line of Credit Facility, Fair Value of Amount Outstanding 478,219   478,219      
Total debt 1,480,425   1,480,425      
Debt, Current (51,812)   (51,812)      
Long-term Debt 1,428,613   1,428,613      
Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 419,568   419,568      
Unamortized Debt Issuance Expense (1,422)   (1,422)      
Line of Credit Facility, Fair Value of Amount Outstanding 197,071   197,071      
Total debt 672,402   672,402      
Debt, Current (55,553)   (55,553)      
Long-term Debt $ 616,849   $ 616,849      
3.67% Senior Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 3.67%   3.67%   3.67%  
Debt Instrument, Maturity Date     Dec. 17, 2022      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 50,000   $ 50,000      
Debt Instrument, Term     10 years      
4.10% Senior Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 4.10%   4.10%   4.10%  
Debt Instrument, Maturity Date     Sep. 19, 2023      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 50,000   $ 50,000      
Debt Instrument, Term     10 years      
4.10% Senior Notes [Member] | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 50,000   $ 50,000      
4.10% Senior Notes [Member] | Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 0   $ 0      
3.84% Senior Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 3.84%   3.84%   3.84%  
Debt Instrument, Maturity Date     Sep. 19, 2024      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 125,000   $ 125,000      
Debt Instrument, Term     10 years      
3.84% Senior Notes [Member] | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 125,000   $ 125,000      
3.84% Senior Notes [Member] | Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 0   $ 0      
4.24% Senior Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 4.24%   4.24%   4.24%  
Debt Instrument, Maturity Date     Jun. 25, 2025      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 125,000   $ 125,000      
Debt Instrument, Term     10 years      
4.24% Senior Notes [Member] | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 125,000   $ 125,000      
4.24% Senior Notes [Member] | Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 0   $ 0      
3.91% Senior Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 3.91%   3.91%   3.91%  
Debt Instrument, Maturity Date     Jun. 25, 2029      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 75,000   $ 75,000      
Debt Instrument, Term     10 years      
3.91% Senior Notes [Member] | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 75,000   $ 75,000      
3.91% Senior Notes [Member] | Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 0   $ 0      
3.19% Senior Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 3.19%   3.19%   3.19%  
Debt Instrument, Maturity Date     Jan. 24, 2035      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 50,000   $ 50,000      
Debt Instrument, Term     15 years      
3.19% Senior Notes [Member] | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 50,000   $ 50,000      
3.19% Senior Notes [Member] | Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 0   $ 0      
1.47% EURO Senior Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 1.47%   1.47%   1.47%  
Euro Notes - USD Amount $ 136,685   $ 136,685      
Debt Instrument, Maturity Date     Jun. 17, 2030      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes | €         € 125,000  
Debt Instrument, Term     15 years      
1.47% EURO Senior Notes [Member] | Us Dollar Amounts Member            
Debt Instrument [Line Items]            
Euro Notes - USD Amount 0   $ 0      
1.47% EURO Senior Notes [Member] | Other Principal Trading Currencies [Member]            
Debt Instrument [Line Items]            
Euro Notes - USD Amount $ 136,685   $ 136,685      
1.30% Euro-Senior Notes [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 1.30%   1.30%   1.30%  
Euro Notes - USD Amount $ 147,620   $ 147,620      
Debt Instrument, Maturity Date     Nov. 06, 2034      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes | €         € 135  
Debt Instrument, Term     15 years      
1.30% Euro-Senior Notes [Member] | Us Dollar Amounts Member            
Debt Instrument [Line Items]            
Euro Notes - USD Amount 0   $ 0      
1.30% Euro-Senior Notes [Member] | Other Principal Trading Currencies [Member]            
Debt Instrument [Line Items]            
Euro Notes - USD Amount $ 147,620   $ 147,620      
Credit facility [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 0.975%   0.975%   0.975%  
Debt Instrument, Maturity Date     Jun. 15, 2023      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 1,250,000   $ 1,250,000      
Other local arrangements [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Other Borrowings 60,821   60,821      
Other local arrangements [Member] | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Other Borrowings 5,058   5,058      
Other local arrangements [Member] | Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Other Borrowings $ 55,763   $ 55,763      
Swiss Pension Loans [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 0.85%   0.85%   0.85%  
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Loan from Swiss Pension Plan USD Amount $ 39,600   $ 39,600      
Swiss Pension Loans (local currency) 38,000   38,000      
1.06% Euro-Senior Notes            
Debt Instrument [Line Items]            
Euro Notes - USD Amount 136,685   136,685      
1.06% Euro-Senior Notes | Us Dollar Amounts Member            
Debt Instrument [Line Items]            
Euro Notes - USD Amount 0   0      
1.06% Euro-Senior Notes | Other Principal Trading Currencies [Member]            
Debt Instrument [Line Items]            
Euro Notes - USD Amount $ 136,685   $ 136,685      
2.83% Senior Notes            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 2.83%   2.83%   2.83%  
Debt Instrument, Maturity Date     Jul. 22, 2033      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 125,000   $ 125,000      
Debt Instrument, Term     12 years      
2.83% Senior Notes | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 125,000   $ 125,000      
2.83% Senior Notes | Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 0   $ 0      
2.81% Senior Note            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 2.81%   2.81%   2.81%  
Debt Instrument, Maturity Date     Mar. 27, 2037      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 150,000   $ 150,000      
Debt Instrument, Term     15 years      
2.81% Senior Note | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 150,000   $ 150,000      
2.81% Senior Note | Other Principal Trading Currencies [Member]            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 0   $ 0      
2.91% Senior Note            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage | Rate 2.91%   2.91%   2.91%  
Debt Instrument, Maturity Date     Sep. 01, 2037      
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 150,000   $ 150,000      
Debt Instrument, Term     15 years      
2.91% Senior Note | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 150,000   $ 150,000      
5.45% Senior Note            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes 150,000   150,000      
5.45% Senior Note | Us Dollar Amounts Member            
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt            
Senior Notes $ 150,000   $ 150,000      
v3.23.2
Share Repurchase Program and Treasury Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2023
Jun. 30, 2022
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]            
Remaining Amount to Repurchase under the program $ 3,000,000       $ 3,000,000  
Shares Purchased Under Share Repurchase Program 31,400,000       31,400,000  
Treasury Stock, Value, Acquired, Cost Method $ 250,000 $ 249,999 $ 274,999 $ 275,000 $ 500,000 $ 550,000
Number of shares repurchased         (344,382) (408,901)
Average price of share repurchased, per share         $ 1,464 $ 1,345.05
Exercise of stock options and restricted stock units, shares reissued         70,191 72,408
v3.23.2
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Accumulated Translation Adjustment [Member]    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance $ (82,864) $ (19,566)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 0 0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (37,810) (46,982)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0 0
Other Comprehensive Income (Loss), Net of Tax (37,810) (46,982)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (120,674) (66,548)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance 4,256 2
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (2,121) 11,343
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax 0 0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 725 (8,268)
Other Comprehensive Income (Loss), Net of Tax (1,396) 3,075
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 2,860 3,077
Accumulated Defined Benefit Plans Adjustment [Member]    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance (148,625) (235,660)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 0 0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (3,960) 10,003
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 3,183 6,763
Other Comprehensive Income (Loss), Net of Tax (777) 16,766
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest (149,402) (218,894)
AOCI Attributable to Parent [Member]    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance (227,233) (255,224)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (2,121) 11,343
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (41,770) (36,979)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 3,908 (1,505)
Other Comprehensive Income (Loss), Net of Tax (39,983) (27,141)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ (267,216) $ (282,365)
v3.23.2
Accumulated Other Comprehensive Income (Details 2) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax $ (2,449) $ 5,735 $ (895) $ 10,179
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax 465 (1,090) 170 (1,911)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax (1,984) 4,645 (725) 8,268
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent 2,035 4,222 4,037 8,615
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent 430 908 854 1,852
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax 1,605 3,314 3,183 6,763
Interest Rate Swap [Member]        
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net     0 352
Cross Currency Swap [Member]        
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net 2,449 $ (5,735) 895 $ (10,531)
Foreign Currency Transaction Gain (Loss), Unrealized 5,300   6,400  
Interest Income, Other $ 2,800   $ 5,500  
v3.23.2
Accumulated Other Comprehensive Income (Details 3) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2023
Jun. 30, 2022
Net earnings $ 213,927 $ 188,426 $ 212,070 $ 174,001 $ 402,353 $ 386,071
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (38,700) $ (1,283) (31,491) $ 4,350 (39,983) (27,141)
Comprehensive Income, Net of Tax (Note 9) $ 175,227   $ 180,579   $ 362,370 $ 358,930
v3.23.2
Earnings Per Common Share (Details) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]        
Weighted Average Number of Shares Outstanding, Diluted, Total 135,957 228,291 150,732 248,580
Antidilutive Shares Outstanding        
Weighted Average Number of Shares Outstanding, Antidilutive, Total 43,334   43,057 38,465
v3.23.2
Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]        
Service cost, net $ 3,714 $ 5,191 $ 7,400 $ 10,597
Interest cost on projected benefit obligations 6,180 2,169 12,318 4,405
Expected return on plan assets (10,028) (10,570) (19,978) (21,541)
Recognition of prior service cost (1,079) (1,064) (2,148) (2,178)
Recognition of actuarial losses/(gains) 3,108 5,286 6,193 10,793
Net periodic pension cost/(credit) 1,895 1,012 3,785 2,076
Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost, net 289 416 579 832
Interest cost on projected benefit obligations 1,256 674 2,511 1,348
Expected return on plan assets (1,383) (1,547) (2,766) (3,094)
Recognition of prior service cost 0 0 0 0
Recognition of actuarial losses/(gains) 548 585 1,096 1,169
Net periodic pension cost/(credit) 710 128 1,420 255
Other Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost, net 3,425 4,775 6,821 9,765
Interest cost on projected benefit obligations 4,916 1,492 9,792 3,051
Expected return on plan assets (8,645) (9,023) (17,212) (18,447)
Recognition of prior service cost (1,060) (1,045) (2,110) (2,141)
Recognition of actuarial losses/(gains) 2,561 4,709 5,098 9,639
Net periodic pension cost/(credit) 1,197 908 2,389 1,867
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year, Description 27,500   27,500  
Other Postretirement Benefits Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost, net 0 0 0 0
Interest cost on projected benefit obligations 8 3 15 6
Expected return on plan assets 0 0 0 0
Recognition of prior service cost (19) (19) (38) (37)
Recognition of actuarial losses/(gains) (1) (8) (1) (15)
Net periodic pension cost/(credit) $ (12) $ (24) $ (24) $ (46)
v3.23.2
Other Charges , Net Other Charges, Net (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Other Income and Expenses [Abstract]        
Non-service pension costs (benefits) $ 1.9 $ 4.2 $ 3.7 $ 8.5
v3.23.2
Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Sep. 30, 2021
Operations of the Company's operating segments            
Net Sales to External Customers $ 982,117 $ 978,387 $ 1,910,855 $ 1,876,178    
Revenue Transactions With Other Operating Segments 0 0 0 0    
Net Sales 982,117 978,387 1,910,855 1,876,178    
Segment Profit 307,704 285,432 574,155 526,677    
Goodwill 665,100   665,100   $ 660,170 $ 643,449
Swiss Operations [Member]            
Operations of the Company's operating segments            
Net Sales to External Customers 46,803 42,062 93,172 85,331    
Revenue Transactions With Other Operating Segments 181,073 210,449 383,207 404,284    
Net Sales 227,876 252,511 476,379 489,615    
Segment profit 66,914 72,012 143,336 143,334    
Goodwill 25,865   25,865     22,634
Western European Operations [Member]            
Operations of the Company's operating segments            
Net Sales to External Customers 192,075 190,264 391,499 383,149    
Revenue Transactions With Other Operating Segments 47,766 47,474 92,642 97,601    
Net Sales 239,841 237,738 484,141 480,751    
Segment profit 38,747 35,233 83,270 74,013    
Goodwill 100,452   100,452     92,215
Chinese Operations [Member]            
Operations of the Company's operating segments            
Net Sales to External Customers 221,669 229,809 407,437 412,515    
Revenue Transactions With Other Operating Segments 67,279 75,123 127,731 155,562    
Net Sales 288,948 304,932 535,168 568,077    
Segment profit 119,722 105,456 200,963 190,424    
Goodwill 603   603     665
Other Operations [Member]            
Operations of the Company's operating segments            
Net Sales to External Customers 162,455 155,107 322,231 308,217    
Revenue Transactions With Other Operating Segments 13,601 709 14,559 1,673    
Net Sales 176,056 155,816 336,790 309,888    
Segment profit 24,440 22,243 48,683 42,695    
Goodwill 13,721   13,721     13,878
Intersegment Elimination [Member]            
Operations of the Company's operating segments            
Net Sales to External Customers 0 0 0 0    
Revenue Transactions With Other Operating Segments (343,460) (374,069) (685,128) (739,007)    
Net Sales (343,460) (374,069) (685,128) (739,007)    
Segment profit (46,325) (42,308) (88,097) (91,771)    
Goodwill 0   0     0
US Operations [Member]            
Operations of the Company's operating segments            
Net Sales to External Customers 359,115 361,145 696,516 686,966    
Revenue Transactions With Other Operating Segments 33,741 40,314 66,989 79,887    
Net Sales 392,856 401,459 763,505 766,854    
Segment profit 104,206 $ 92,796 186,000 $ 167,982    
Goodwill $ 524,459   $ 524,459     $ 514,057
v3.23.2
Segment Reporting (Details 1) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Reconciliation of earnings before taxes to segment profit        
Amortization $ 18,042 $ 16,365 $ 35,821 $ 32,969
Interest expense 19,249 12,765 37,433 24,103
Restructuring Charges 8,021 1,770 12,295 5,781
Other charges (income), net (1,011) (2,160) (1,407) (5,869)
Segment Profit Information 307,704 285,432 574,155 526,677
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total $ 263,403 $ 256,692 $ 490,013 $ 469,693
v3.23.2
Segment Reporting (Details Textuals) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting (Textuals) [Abstract]        
Restructuring Charges $ 8,021 $ 1,770 $ 12,295 $ 5,781
v3.23.2
Label Element Value
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $ 4,509,000
AOCI Attributable to Parent [Member]  
Equity, Attributable to Parent us-gaap_StockholdersEquity (250,874,000)
Treasury Stock, Common [Member]  
Equity, Attributable to Parent us-gaap_StockholdersEquity $ (6,527,380,000)

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