Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

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, 2024, 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)


Delaware						13-3668641
(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 class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	MTD	New 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 21,219,218 shares of Common Stock outstanding at June 30, 2024.

METTLER-TOLEDO INTERNATIONAL INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q


		PAGE
	PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Unaudited Interim Consolidated Financial Statements:

	Interim Consolidated Statements of Operations and Comprehensive Income for the three months ended June 30, 2024 and 2023	3

	Interim Consolidated Statements of Operations and Comprehensive Income for the six months ended June 30, 2024 and 2023	4

	Interim Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	5

	Interim Consolidated Statements of Shareholders’ Equity for the six months ended June 30, 2024 and 2023	6

	Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	7

	Notes to the Interim Consolidated Financial Statements at June 30, 2024	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32

Item 4.	Controls and Procedures	33

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	34

Item 1A.	Risk Factors	34

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

Item 3.	Defaults upon Senior Securities	34

Item 5.	Other Information	34

Item 6.	Exhibits	34

SIGNATURE		36

Table of Contents

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, 2024 and 2023

(In thousands, except share data)

(unaudited)


	June 30, 2024		June 30, 2023
Net sales
Products	$	712,260	$	758,971
Service	234,490		223,146
Total net sales	946,750		982,117
Cost of sales
Products	270,571		296,953
Service	110,511		101,621
Gross profit	565,668		583,543
Research and development	45,771		47,245
Selling, general and administrative	235,796		228,594
Amortization	18,178		18,042
Interest expense	18,950		19,249
Restructuring charges	5,329		8,021
Other charges (income), net	(1,533)		(1,011)
Earnings before taxes	243,177		263,403
Provision for taxes	21,363		49,476
Net earnings	$	221,814	$	213,927

Basic earnings per common share:
Net earnings	$	10.42	$	9.75
Weighted average number of common shares	21,279,006		21,944,645

Diluted earnings per common share:
Net earnings	$	10.37	$	9.69
Weighted average number of common and common equivalent shares	21,392,550		22,080,602

Comprehensive income, net of tax (Note 9)	$	209,521	$	175,227

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

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Six months ended June 30, 2024 and 2023

(In thousands, except share data)

(unaudited)


	June 30, 2024		June 30, 2023
Net sales
Products	$	1,413,228	$	1,474,972
Service	459,471		435,883
Total net sales	1,872,699		1,910,855
Cost of sales
Products	542,498		582,704
Service	216,400		198,042
Gross profit	1,113,801		1,130,109
Research and development	92,186		92,722
Selling, general and administrative	470,186		463,232
Amortization	36,406		35,821
Interest expense	38,182		37,433
Restructuring charges	14,993		12,295
Other charges (income), net	(1,876)		(1,407)
Earnings before taxes	463,724		490,013
Provision for taxes	64,401		87,660
Net earnings	$	399,323	$	402,353

Basic earnings per common share:
Net earnings	$	18.70	$	18.28
Weighted average number of common shares	21,358,339		22,013,662

Diluted earnings per common share:
Net earnings	$	18.60	$	18.15
Weighted average number of common and common equivalent shares	21,468,995		22,164,394

Comprehensive income, net of tax (Note 9)	$	408,771	$	362,370

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

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED BALANCE SHEETS

As of June 30, 2024 and December 31, 2023

(In thousands, except share data)

(unaudited)


	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	70,810	$	69,807
Trade accounts receivable, less allowances of $18,928 at June 30, 2024
and $20,103 at December 31, 2023	634,710		663,893
Inventories	366,395		385,865
Other current assets and prepaid expenses	106,392		110,638
Total current assets	1,178,307		1,230,203
Property, plant and equipment, net	768,664		803,374
Goodwill	665,359		670,108
Other intangible assets, net	268,154		285,429
Deferred tax assets, net	30,554		31,199
Other non-current assets	338,126		335,242
Total assets	$	3,249,164	$	3,355,555
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	199,462	$	210,411
Accrued and other liabilities	180,881		196,138
Accrued compensation and related items	157,416		160,308
Deferred revenue and customer prepayments	214,205		202,022
Taxes payable	217,972		219,984
Short-term borrowings and current maturities of long-term debt	311,246		192,219
Total current liabilities	1,281,182		1,181,082
Long-term debt	1,746,638		1,888,620
Deferred tax liabilities, net	101,741		108,679
Other non-current liabilities	272,365		327,112
Total liabilities	3,401,926		3,505,493
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 21,219,218 shares and
21,526,172 shares at June 30, 2024 and December 31, 2023, respectively	448		448
Additional paid-in capital	881,814		871,110
Treasury stock at cost (23,566,793 shares at June 30, 2024 and 23,259,839 shares at December 31, 2023)	(8,634,576)		(8,212,437)
Retained earnings	7,909,919		7,510,756
Accumulated other comprehensive loss	(310,367)		(319,815)
Total shareholders' equity	(152,762)		(149,938)
Total liabilities and shareholders’ equity	$	3,249,164	$	3,355,555

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

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Six months ended June 30, 2024 and 2023

(In thousands, except share data)

(unaudited)


				Additional Paid-in Capital						Accumulated Other Comprehensive Income (Loss)
	Common Stock					Treasury Stock		Retained Earnings
	Shares	Amount										Total
Balance at December 31, 2022	22,139,009	$	448	$	850,368	$	(7,325,656)	$	6,726,866	$	(227,233)	$	24,793
Exercise of stock options and restricted stock units	47,849	—		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, 2023	22,020,230	$	448	$	855,673	$	(7,564,841)	$	6,912,767	$	(228,516)	$	(24,469)
Exercise of stock options and restricted stock units	22,342	—		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, 2023	21,864,818	$	448	$	861,404	$	(7,811,028)	$	7,126,687	$	(267,216)	$	(89,705)

Balance at December 31, 2023	21,526,172	$	448	$	871,110	$	(8,212,437)	$	7,510,756	$	(319,815)	$	(149,938)
Exercise of stock options and restricted stock units	4,898	—		585		1,406		(160)		—		1,831
Repurchases of common stock	(173,700)	—		—		(212,499)		—		—		(212,499)
Excise tax on net repurchases of common stock	—	—		—		(2,083)		—		—		(2,083)
Share-based compensation	—	—		4,722		—		—		—		4,722
Net earnings	—	—		—		—		177,509		—		177,509
Other comprehensive income (loss), net of tax	—	—		—		—		—		21,741		21,741
Balance at March 31, 2024	21,357,370	$	448	$	876,417	$	(8,425,613)	$	7,688,105	$	(298,074)	$	(158,717)
Exercise of stock options and restricted stock units	18,640	—		856		5,449		—		—		6,305
Repurchases of common stock	(156,792)	—		—		(212,499)		—		—		(212,499)
Excise tax on net repurchases of common stock	—	—		—		(1,913)		—		—		(1,913)
Share-based compensation	—	—		4,541		—		—		—		4,541
Net earnings	—	—		—		—		221,814		—		221,814
Other comprehensive income (loss), net of tax	—	—		—		—		—		(12,293)		(12,293)
Balance at June 30, 2024	21,219,218	$	448	$	881,814	$	(8,634,576)	$	7,909,919	$	(310,367)	$	(152,762)

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

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended June 30, 2024 and 2023

(In thousands)

(unaudited)


	June 30, 2024		June 30, 2023
Cash flows from operating activities:
Net earnings	$	399,323	$	402,353
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	24,873		24,217
Amortization	36,406		35,821
Deferred tax benefit	(3,837)		(1,766)
Share-based compensation	9,263		8,222
Non-cash discrete tax benefit	(22,982)		—
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	7,404		60,460
Inventories	3,083		47,746
Other current assets	(6,190)		4,057
Trade accounts payable	(4,862)		(76,707)
Taxes payable	10,055		13,249
Accruals and other	(5,043)		(97,579)
Net cash provided by operating activities	447,493		420,073
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	668		412
Purchase of property, plant and equipment	(41,201)		(51,947)
Proceeds from government funding	—		1,264
Acquisitions	(2,473)		(613)
Other investing activities	12,239		(14,414)
Net cash used in investing activities	(30,767)		(65,298)
Cash flows from financing activities:
Proceeds from borrowings	1,022,578		1,080,921
Repayments of borrowings	(1,017,192)		(958,731)
Proceeds from stock option exercises	8,136		19,087
Repurchases of common stock	(424,998)		(499,999)
Acquisition contingent consideration payment	—		(5,626)
Other financing activities	(1,910)		(714)
Net cash used in financing activities	(413,386)		(365,062)
Effect of exchange rate changes on cash and cash equivalents	(2,337)		(2,105)
Net increase (decrease) in cash and cash equivalents	1,003		(12,392)
Cash and cash equivalents:
Beginning of period	69,807		95,966
End of period	$	70,810	$	83,574

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

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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, the United States and Mexico. 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, 2023.

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, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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, 2024 and through the date of this report. Actual results may differ from those estimates due to uncertainty around ongoing developments in Ukraine, the Israel-Hamas war, 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.

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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, 2024		December 31, 2023
Raw materials and parts	$	171,135	$	180,352
Work-in-progress	72,982		81,181
Finished goods	122,278		124,332
	$	366,395	$	385,865

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 assets are 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, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	286,191	$	(109,880)	$	176,311	$	294,180	$	(107,665)	$	186,515
Proven technology and patents	126,154		(76,770)		49,384		129,227		(75,014)		54,213
Tradenames (finite life)	7,762		(4,869)		2,893		7,908		(4,535)		3,373
Tradenames (indefinite life)	35,104		—		35,104		36,320		—		36,320
Other	12,411		(7,949)		4,462		13,236		(8,228)		5,008
	$	467,622	$	(199,468)	$	268,154	$	480,871	$	(195,442)	$	285,429

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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 $6.7 million and $6.9 million for the three months ended June 30, 2024 and 2023, respectively, and $13.6 million and $13.8 million for the six months ended June 30, 2024 and 2023, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $27.2 million for 2024, $26.2 million for 2025, $22.2 million for 2026, $20.7 million for 2027, $19.4 million for 2028, and $17.7 million for 2029. Purchased intangible amortization was $6.5 million, $5.0 million after tax, and $6.7 million, $5.2 million after tax, for the three months ended June 30, 2024 and 2023, respectively, and $13.1 million, $10.1 million after tax, and $13.3 million, $10.3 million after tax, for the six months ended June 30, 2024 and 2023, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $11.4 million and $11.1 million for the three months ended June 30, 2024 and 2023, respectively, and $22.7 million and $22.0 million for the six months ended June 30, 2024 and 2023, 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.

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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 $4.5 million and $9.3 million of share-based compensation expense for the three and six months ended June 30, 2024, respectively, compared to $4.2 million and $8.2 million for the corresponding periods in 2023.

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. The Company amended its credit agreement and cross currency swap agreements in June 2023 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 did not have a material impact on the Company's financial statements.

In November 2023, the FASB issued ASU 2023-07: Improvements to Reportable Segment Disclosures which requires incremental disclosures about a public entity's reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The Company will adopt the annual disclosure requirements in 2024 and is currently evaluating the impact of these requirements on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09: Improvements to Income Tax Disclosures, which enhances income tax disclosures, especially related to the rate reconciliation and income taxes paid information. The Company will adopt the annual disclosure requirements in 2025 and is currently evaluating the impact of these requirements on the consolidated financial statements.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share data, unless otherwise stated)

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, 2024 and 2023 follows:


For the three months ended June 30, 2024	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	264,345	$	39,418	$	137,113	$	148,436	$	122,948	$	712,260
Service Revenue:
Point in time	73,839		7,615		43,218		11,753		34,614		171,039
Over time	24,031		3,152		21,982		4,195		10,091		63,451
Total	$	362,215	$	50,185	$	202,313	$	164,384	$	167,653	$	946,750


For the three months ended June 30, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	265,881	$	36,662	$	130,404	$	204,259	$	121,765	$	758,971
Service Revenue:
Point in time	72,250		7,246		40,831		13,020		32,142		165,489
Over time	20,984		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 six months ended June 30, 2024	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	515,081	$	83,039	$	288,648	$	277,447	$	249,013	$	1,413,228
Service Revenue:
Point in time	146,973		15,379		86,039		21,654		65,824		335,869
Over time	46,284		6,017		42,391		8,481		20,429		123,602
Total	$	708,338	$	104,435	$	417,078	$	307,582	$	335,266	$	1,872,699


For the six months ended June 30, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	512,410	$	73,123	$	271,111	$	374,689	$	243,639	$	1,474,972
Service Revenue:
Point in time	142,875		14,707		81,996		24,368		62,187		326,133
Over time	41,231		5,342		38,392		8,380		16,405		109,750
Total	$	696,516	$	93,172	$	391,499	$	407,437	$	322,231	$	1,910,855

A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:


	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Americas	$	404,030	$	396,897	$	788,373	$	768,970
Europe	258,836		246,340		532,697		500,314
Asia / Rest of World	283,884		338,880		551,629		641,571
Total	$	946,750	$	982,117	$	1,872,699	$	1,910,855

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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 (56% of sales), industrial (39% of sales) and retail (5% 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 Ended				Six Months Ended
	2024		2023		2024		2023
Laboratory	$	523,233	$	526,699	$	1,048,288	$	1,046,730
Industrial	374,257		399,001		726,102		754,181
Retail	49,260		56,417		98,309		109,944
Total	$	946,750	$	982,117	$	1,872,699	$	1,910,855

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, 2024 and December 31, 2023 was $39.4 million and $35.7 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, 2024 and 2023 are as follows:


	2024		2023
Beginning balances as of January 1	$	202,022	$	192,759
Customer pre-payments/deferred revenue	338,581		343,373
Revenue recognized	(320,727)		(332,005)
Foreign currency translation	(5,671)		422
Ending balance as of June 30	$	214,205	$	204,549

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.

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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

The Company has entered into a number of cross currency swaps designated as cash flow hedges. The agreements convert 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 or expense as follows:

Agreement Date

Amount
Converted

Effective Swiss Franc
Interest Rate

Maturity Date

June 2019

$50 million

(0.82)%

June 2023

November 2021

$50 million

(0.67)%

November 2023

June 2021

$50 million

(0.73)%

June 2024

June 2021

$50 million

(0.59)%

June 2025

December 2023

$50 million

1.04%

November 2026

November 2023

$50 million

1.16%

November 2026

June 2023

$50 million

1.55%

June 2027

June 2024

$50 million

1.15%

June 2027

In June 2024, the Company entered into a cross currency arrangement, as summarized above, to replace the cross currency swap that matured in June 2024. The new swap was designated as an effective cash flow hedge.

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 Prior Credit Facility Agreement, as discussed in Note 10 to the consolidated financial statements for the year ended December 31, 2023. As part of these amendments, the corresponding fixed Swiss franc interest rates were amended as well to reflect the change in the benchmark.

The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2024 and December 31, 2023, respectively. A derivative gain of $8.1 million based upon interest rates at June 30, 2024, 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, 2024.

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.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share data, unless otherwise stated)

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, 2024 and December 31, 2023, as disclosed in Note 5. The Company recognized in other charges (income) a net loss of $4.2 million and net loss of $19.0 million during the three months ended June 30, 2024 and 2023, respectively, and a net gain of $4.6 million and a net loss of $15.5 million during the six months ended June 30, 2024 and 2023, respectively, which offset the related transaction gains (losses) associated with these contracts. At June 30, 2024 and December 31, 2023, these contracts had a notional value of $781.2 million and $793.9 million, respectively.

5. FAIR VALUE MEASUREMENTS

At June 30, 2024 and December 31, 2023, the Company had derivative assets totaling $3.4 million and $8.3 million respectively, and derivative liabilities totaling $5.7 million and $25.2 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not 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, 2024 and December 31, 2023.

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

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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, 2024		December 31, 2023		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	1,961	$	8,330	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	864		—		Other current assets and prepaid expenses
Cross currency swap agreement	544		—		Other non-current assets
Total derivative assets	$	3,369	$	8,330

Foreign currency forward contracts not designated as hedging instruments	$	1,897	$	8,245	Accrued and other liabilities
Cash Flow Hedges:
Cross currency swap agreement	—		2,678		Accrued and other liabilities
Cross currency swap agreement	3,829		14,270		Other non-current liabilities
Total derivative liabilities	$	5,726	$	25,193

The Company had $6.7 million and $4.0 million of cash equivalents at June 30, 2024 and December 31, 2023, 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 $209.2 million as of June 30, 2024. 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 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. The Company no longer has a contingent consideration obligation relating to the PendoTECH acquisition as of June 30, 2024.

6. INCOME TAXES

The Company's reported tax rate was 8.8% and 18.8% during the three months ended June 30, 2024 and 2023, respectively and 13.9% and 17.9% during the six months ended June 30, 2024 and 2023, 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 2024 and 2023. 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. The reported tax rate for the three and six month periods ended June 30, 2024 also includes a non-cash discrete tax benefit of $23.0 million resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit.

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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, 2024:


	U.S. Dollar		Other Principal Trading Currencies		Total
3.84% $125 million ten-year Senior Notes due September 19, 2024	$	125,000	$	—	$	125,000
4.24% $125 million ten-year Senior Notes due June 25, 2025	125,000		—		125,000
3.91% $75 million ten-year Senior Notes due June 25, 2029	75,000		—		75,000
5.45% $150 million ten-year Senior Notes due March 1, 2033	150,000		—		150,000
2.83% $125 million twelve-year Senior Notes due July 22, 2033	125,000		—		125,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
2.81% $150 million fifteen-year Senior Note due March 17, 2037	150,000		—		150,000
2.91% $150 million fifteen-year Senior Note due September 1, 2037	150,000		—		150,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		133,642		133,642
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		144,333		144,333
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		133,642		133,642
Debt issuance costs, net	(2,490)		(1,291)		(3,781)
Total Senior Notes	947,510		410,326		1,357,836
$1.35 billion Credit Agreement, interest at benchmark plus 97.5 basis points (a)	382,306		251,198		633,504
Other local arrangements	8,869		57,675		66,544
Total debt	1,338,685		719,199		2,057,884
Less: current portion	(253,831)		(57,415)		(311,246)
Total long-term debt	$	1,084,854	$	661,784	$	1,746,638

(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.

On May 30, 2024, the Company entered into a $1.35 billion Credit Agreement (the Credit Agreement), which amended its $1.25 billion Amended and Restated Credit Agreement (the Prior Credit Agreement). As of June 30, 2024, the Company had $712.0 million of additional borrowings available under its Credit Agreement, and the Company maintained $70.8 million of cash and cash equivalents.

The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of 2029. It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured.

Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company’s consolidated leverage ratio. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are similar to those contained in the prior Credit Agreement, with which the Company was in compliance as of June 30, 2024.

The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less, except in certain circumstances and (ii) an interest coverage ratio of 3.0 to 1.0 or greater. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default,

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share data, unless otherwise stated)

with customary grace periods applicable. The Company incurred approximately $0.2 million of debt extinguishment costs during 2024 related to the Prior Credit Agreement. The Company capitalized $2.0 million in financing fees during 2024 associated with the Credit Agreement which will be amortized to interest expense through 2029.

In May 2023, the Company amended its Prior 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 in March 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.

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 gain of $5.1 million and unrealized loss of $3.6 million for the three months ended June 30, 2024 and 2023, respectively, and an unrealized gain of $13.3 million and unrealized loss of $8.9 million for the six month periods ended June 30, 2024 and 2023, respectively. The Company has an unrealized gain of $30.6 million recorded in accumulated other comprehensive income (loss) as of June 30, 2024.

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 2024.

8. SHARE REPURCHASE PROGRAM AND TREASURY STOCK

The Company has $2.1 billion of remaining availability for its share repurchase program as of June 30, 2024. 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 32.0 million shares at an average price per share of $292.31 since the inception of the program in 2004 through June 30, 2024. During the six months ended June 30, 2024 and 2023, the Company spent $425.0 million and $500.0 million on the repurchase of 330,492 shares and 344,382 shares at an average price per share of $1,285.94 and $1,464.00, respectively. The Company also reissued 23,538 shares and 70,191 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2024 and 2023, respectively. In addition, the Company incurred $1.9 million and $2.3 million of excise tax during the three months ended June 30, 2024 and 2023, respectively, and $4.0 million and $4.2 million of excise tax during the six months ended June 30, 2024 and 2023, respectively related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in the Company's consolidated financial statements.

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Table of Contents

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 Ended				Six Months Ended
	2024		2023		2024		2023
Net earnings	$	221,814	$	213,927	$	399,323	$	402,353
Other comprehensive income (loss), net of tax	(12,293)		(38,700)		9,448		(39,983)
Comprehensive income, net of tax	$	209,521	$	175,227	$	408,771	$	362,370

The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2024 and 2023:


	Currency Translation Adjustment, Net of Tax		Net 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, 2023	$	(117,230)	$	120	$	(202,705)	$	(319,815)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements	—		16,195		—		16,195
Foreign currency translation adjustment	(4,469)		—		10,570		6,101
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(17,711)		4,863		(12,848)
Net change in other comprehensive income (loss), net of tax	(4,469)		(1,516)		15,433		9,448
Balance at June 30, 2024	$	(121,699)	$	(1,396)	$	(187,272)	$	(310,367)


	Currency Translation Adjustment, Net of Tax		Net 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)

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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,
	2024		2023		Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement	(670)		2,449		(a)
Provision for taxes	(127)		465		Provision for taxes
Total, net of taxes	$	(543)	$	1,984

Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	2,998	$	2,035	(b)
Provision for taxes	611		430		Provision for taxes
Total, net of taxes	$	2,387	$	1,605

(a) The cross currency swap reflects an unrealized loss of $2.4 million for the three months ended June 30, 2024 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 $3.1 million recorded in interest expense for the three months ended June 30, 2024.

(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, 2024 and 2023.


	Six Months Ended
	June 30,
	2024		2023		Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement	(21,866)		895		(a)
Provision for taxes	(4,155)		170		Provision for taxes
Total, net of taxes	$	(17,711)	$	725

Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	6,106	$	4,037	(b)
Provision for taxes	1,243		854		Provision for taxes
Total, net of taxes	$	4,863	$	3,183

(a) The cross currency swap reflects an unrealized gain of $15.8 million for the six months ended June 30, 2024 recorded in other charges (income) that was offset by the underlying unrealized loss on the hedged debt. The cross currency swap also reflects a realized gain of $6.1 million recorded in interest expense for the six months ended June 30, 2024.

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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:


	2024	2023
Three months ended	113,544	135,957
Six months ended	110,656	150,732

Outstanding options and restricted stock units to purchase or receive 60,855 and 44,334 shares of common stock for the three month period ended June 30, 2024 and 2023, 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 61,532 and 43,057 shares for the six month period ended June 30, 2024 and 2023, 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 Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost, net	$	397	$	289	$	3,892	$	3,425	$	—	$	—	$	4,289	$	3,714
Interest cost on projected benefit obligations	1,191		1,256		4,370		4,916		6		8		5,567		6,180
Expected return on plan assets	(1,368)		(1,383)		(9,050)		(8,645)		—		—		(10,418)		(10,028)
Recognition of prior service cost	—		—		(1,120)		(1,060)		(19)		(19)		(1,139)		(1,079)
Recognition of actuarial losses/(gains)	520		548		3,638		2,561		8		(1)		4,166		3,108
Net periodic pension cost/(credit)	$	740	$	710	$	1,730	$	1,197	$	(5)	$	(12)	$	2,465	$	1,895

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 Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost, net	$	794	$	579	$	7,912	$	6,821	$	—	$	—	$	8,706	$	7,400
Interest cost on projected benefit obligations	2,383		2,511		8,849		9,792		13		15		11,245		12,318
Expected return on plan assets	(2,736)		(2,766)		(18,395)		(17,212)		—		—		(21,131)		(19,978)
Recognition of prior service cost	—		—		(2,281)		(2,110)		(38)		(38)		(2,319)		(2,148)
Recognition of actuarial losses/(gains)	1,041		1,096		7,399		5,098		16		(1)		8,456		6,193
Net periodic pension cost/(credit)	$	1,482	$	1,420	$	3,484	$	2,389	$	(9)	$	(24)	$	4,957	$	3,785

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company expects to make employer contributions of approximately $27.3 million

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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, 2024. 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 were $1.9 million for both the three month periods ended June 30, 2024 and 2023, and $3.8 million and $3.7 million for the six months ended June 30, 2024 and 2023, respectively.

13. SEGMENT REPORTING

As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2023, 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 to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2024
June 30, 2024	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	362,215	$	36,017	$	398,232	$	100,247	$	526,385
Swiss Operations	50,185		169,194		219,379		55,804		25,841
Western European Operations	202,313		42,171		244,484		45,124		99,401
Chinese Operations	164,384		81,894		246,278		99,496		601
Other (a)	167,653		7,604		175,257		24,628		13,131
Eliminations and Corporate (b)	—		(336,880)		(336,880)		(41,198)		—
Total	$	946,750	$	—	$	946,750	$	284,101	$	665,359


	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2024	Customers		Segments		Sales		Profit
U.S. Operations	$	708,338	$	73,435	$	781,773	$	193,883
Swiss Operations	104,435		392,565		497,000		114,890
Western European Operations	417,078		89,909		506,987		95,435
Chinese Operations	307,582		162,536		470,118		175,319
Other (a)	335,266		10,936		346,202		49,810
Eliminations and Corporate (b)	—		(729,381)		(729,381)		(77,908)
Total	$	1,872,699	$	—	$	1,872,699	$	551,429

(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.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share data, unless otherwise stated)


	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2023
June 30, 2023	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	359,115	$	33,741	$	392,856	$	104,206	$	524,459
Swiss Operations	46,803		181,073		227,876		66,914		25,865
Western European Operations	192,075		47,766		239,841		38,747		100,452
Chinese Operations	221,669		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 to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2023	Customers		Segments		Sales		Profit
U.S. Operations	$	696,516	$	66,989	$	763,505	$	186,000
Swiss Operations	93,172		383,207		476,379		143,336
Western European Operations	391,499		92,642		484,141		83,270
Chinese Operations	407,437		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.

A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:


	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Earnings before taxes	$	243,177	$	263,403	$	463,724	$	490,013
Amortization	18,178		18,042		36,406		35,821
Interest expense	18,950		19,249		38,182		37,433
Restructuring charges	5,329		8,021		14,993		12,295
Other income, net	(1,533)		(1,011)		(1,876)		(1,407)
Segment profit	$	284,101	$	307,704	$	551,429	$	574,155

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.

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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, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

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, 2024 and 2023 (amounts in thousands).


	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
	(unaudited)		%	(unaudited)		%	(unaudited)		%	(unaudited)		%
Net sales	$	946,750	100.0	$	982,117	100.0	$	1,872,699	100.0	$	1,910,855	100.0
Cost of sales	381,082		40.3	398,574		40.6	758,898		40.5	780,746		40.9
Gross profit	565,668		59.7	583,543		59.4	1,113,801		59.5	1,130,109		59.1
Research and development	45,771		4.8	47,245		4.8	92,186		4.9	92,722		4.9
Selling, general and administrative	235,796		24.9	228,594		23.3	470,186		25.1	463,232		24.2
Amortization	18,178		1.9	18,042		1.8	36,406		1.9	35,821		1.9
Interest expense	18,950		2.0	19,249		2.0	38,182		2.0	37,433		2.0
Restructuring charges	5,329		0.6	8,021		0.8	14,993		0.8	12,295		0.6
Other charges (income), net	(1,533)		(0.2)	(1,011)		(0.1)	(1,876)		—	(1,407)		(0.1)
Earnings before taxes	243,177		25.7	263,403		26.8	463,724		24.8	490,013		25.6
Provision for taxes	21,363		2.3	49,476		5.0	64,401		3.5	87,660		4.5
Net earnings	$	221,814	23.4	$	213,927	21.8	$	399,323	21.3	$	402,353	21.1

Net sales

Net sales were $946.8 million and $982.1 million for the three months ended June 30, 2024, and 2023, respectively, and $1.9 billion for both six month periods ended June 30, 2024 and 2023. Sales in U.S. dollars decreased 4% for the three month period and decreased 2% for the six month period ended June 30, 2024. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales decreased 2% for the three month period and decreased 1% for the six month period ended June 30, 2024. We estimate that net sales for the six month period ended June 30,

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2024 benefited by approximately 3% from the recovery of our previously disclosed shipping delays in 2023 related to a new external European logistics service provider.

During the three and six month periods ended June 30, 2024, we continued to experience reduced market demand, particularly in China. We also continue to benefit from the execution of our global sales and marketing programs and our innovative product portfolio. However, there is uncertainty in the economic environment and our end markets, including the risk of recession in many countries, and market conditions may change quickly. The ongoing developments related to Ukraine, the Israel-Hamas war, 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, 2023. 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, 2024 in U.S. dollars increased 5% in Europe, 2% in the Americas, and decreased 16% in Asia/Rest of World. In local currencies, our net sales by geographic destination increased 6% in Europe, 2% in the Americas, and decreased 13% in Asia/Rest of World. Our net sales by geographic destination for the six months ended June 30, 2024 in U.S. dollars increased 6% in Europe, 3% in the Americas, and decreased 14% in Asia/Rest of World. Net sales by geographic destination for the six months ended June 30, 2024 in local currencies increased 6% in Europe, 2% in the Americas, and decreased 11% in Asia/Rest of World. Net sales in Asia/Rest of World in local currency includes a decrease of 23% and 21% in China during the three and six months ended June 30, 2024, respectively. Excluding the benefit of delayed fourth quarter 2023 shipments, local currency sales were flat in Europe and the Americas, and decreased 12% in Asia/Rest of World, with a 22% decline in China, during the six months ended June 30, 2024. 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, 2023, 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 6% in U.S. dollars and 5% in local currencies for the three months ended June 30, 2024 and decreased 4% in U.S. dollars and 3% in local currencies for the six months ended June 30, 2024, compared to the corresponding periods in 2023. Service revenue (including spare parts) increased 5% in U.S. dollars and 6% in local currencies for the three and six months ended June 30, 2024, compared to the corresponding periods in 2023.

Net sales of our laboratory products and services, which represented approximately 56% of our total net sales, decreased 1% in U.S. dollars and increased 1% in local currencies for the three months ended June 30, 2024, and were flat in U.S. dollars and increased 1% in local currencies for the six months ended June 30, 2024. Laboratory net sales benefited approximately 4% from the previously disclosed shipping delays during the six month period ended June 30, 2024. The increase in local currency net sales for the three month period ended June 30, 2024 reflects modest growth in most product categories. Laboratory results for the three and six month periods ended June 30, 2024 were negatively impacted by a significant decline in China.

Net sales of our industrial products and services, which represented approximately 39% of our total net sales, decreased 6% in U.S. dollars and 5% in local currencies for the three months ended June 30, 2024, and decreased 4% in U.S. dollars and 3% in local currencies for the six months ended June 30, 2024. Industrial net sales benefited approximately 1% from the previously disclosed shipping delays during the six months ended June 30, 2024. The local currency decrease in net sales of our industrial-related products for the three and six month periods ended June 30, 2024 includes a decline in core-industrial products, particularly in China, which was partially offset by growth in product inspection.

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Net sales in our food retailing products and services, which represented approximately 5% of our total net sales, decreased 13% in U.S. dollars and 12% local currencies for the three months ended June 30, 2024, and decreased 11% in U.S. dollars and 10% in local currencies for the six months ended June 30, 2024. Retail net sales benefited approximately 3% from the previously disclosed shipping delays during the six months ended June 30, 2024. The local currency net sales decrease in food retailing products primarily reflects the timing of project activity related to especially strong growth in the prior year.

Gross profit

Gross profit as a percentage of net sales was 59.7% and 59.4% for the three months ended June 30, 2024 and 2023, respectively, and 59.5% and 59.1% for the six months ended June 30, 2024 and 2023, respectively.

Gross profit as a percentage of net sales for products was 62.0% and 60.9% for the three months ended June 30, 2024 and 2023, respectively, and 61.6% and 60.5% for the six months ended June 30, 2024 and 2023, respectively.

Gross profit as a percentage of net sales for services (including spare parts) was 52.9% and 54.5% for the three months ended June 30, 2024 and 2023, respectively, and 52.9% and 54.6% for the six months ended June 30, 2024 and 2023, respectively.

The increase in gross profit as a percentage of net sales for the three and six months ended June 30, 2024 primarily reflects favorable price realization and business mix, partially offset by reduced sales volume and unfavorable foreign currency.

Research and development and selling, general and administrative expenses

Research and development expenses as a percentage of net sales was 4.8% for the three months ended June 30, 2024 and 2023, and was 4.9% for the six months ended June 30, 2024 and 2023. Research and development expenses decreased 3% in U.S. dollars and 2% in local currencies for the three months ended June 30, 2024, and decreased 1% in U.S. dollars and in local currencies for the six months ended June 30, 2024, respectively, compared to the corresponding periods in 2023.

Selling, general and administrative expenses as a percentage of net sales were 24.9% and 23.3% for the three months ended June 30, 2024 and 2023, respectively, and were 25.1% and 24.2% for the six months ended June 30, 2024 and 2023, respectively. Selling, general and administrative expenses increased 3% in U.S. dollars and 4% in local currencies for the three months ended June 30, 2024, and increased 2% in U.S. dollars and local currencies for the six months ended June 30, 2024. The local currency increase includes higher variable compensation costs, offset in part by savings from our cost savings initiatives.

Amortization, interest expense, restructuring charges, other charges (income), net and taxes

Amortization expense was $18.2 million and $18.0 million for the three months ended June 30, 2024 and 2023, respectively, and $36.4 million and $35.8 million for the six months ended June 30, 2024 and 2023, respectively.

Interest expense was $19.0 million and $19.2 million for the three months ended June 30, 2024 and 2023, respectively, and $38.2 million and $37.4 million for the six months ended June 30, 2024 and 2023, respectively.

Restructuring charges were $5.3 million and $8.0 million for the three months ended June 30, 2024 and 2023, respectively, and $15.0 million and $12.3 million for the six months ended June 30, 2024 and 2023, respectively. Restructuring expenses are primarily comprised of employee-related costs.

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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 for the three months ended June 30, 2024 and 2023, and $3.8 million and $3.7 million and for the six months ended June 30, 2024 and 2023, respectively.

Our reported tax rate was 8.8% and 18.8% during the three months ended June 30, 2024 and 2023, respectively, and 13.9% and 17.9% during the six months ended June 30, 2024 and 2023, respectively. The reported tax rate for the three and six month periods ended June 30, 2024 includes a non-cash discrete tax benefit of $23.0 million resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit. 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, 2024 and 2023. The difference between our projected annual effective tax rate and the reported tax rate is related to the non-recurring discrete tax item and 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, 2023.

U.S. Operations (amounts in thousands)


	Three months ended June 30,					Six months ended June 30,
	2024		2023		%	2024		2023		%
Total net sales	$	398,232	$	392,856	1%	$	781,773	$	763,505	2%
Net sales to external customers	$	362,215	$	359,115	1%	$	708,338	$	696,516	2%
Segment profit	$	100,247	$	104,206	(4)%	$	193,883	$	186,000	4%

Total net sales and net sales to external customers increased 1% and 2% for the three and six months ended June 30, 2024, respectively, compared with the corresponding periods in 2023. Net sales to external customers benefited by approximately 2% from the previously disclosed shipping delays during the six months ended June 30, 2024. Net sales to external customers for the three months ended June 30, 2024 reflect an increase in laboratory-related products offset in part by a significant decline in food retailing related to strong project activity in prior year.

Segment profit decreased $4.0 million for the three month period and increased $7.9 million for the six month period ended June 30, 2024, compared to the corresponding periods in 2023. Segment profit during the three months ended June 30, 2024 was impacted by increased inter-segment expenses and increased variable compensation costs.

Swiss Operations (amounts in thousands)


	Three months ended June 30,					Six months ended June 30,
	2024		2023		%1)	2024		2023		%1)
Total net sales	$	219,379	$	227,876	(4)%	$	497,000	$	476,379	4%
Net sales to external customers	$	50,185	$	46,803	7%	$	104,435	$	93,172	12%
Segment profit	$	55,804	$	66,914	(17)%	$	114,890	$	143,336	(20)%

1)Represents U.S. dollar growth (decline) for net sales and segment profit.

Total net sales decreased 4% in U.S. dollars and 3% in local currency for the three months ended June 30, 2024, and increased 4% in U.S. dollars and 1% in local currency for the six months ended June 30, 2024, respectively, compared to the corresponding periods in 2023. Net sales to

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external customers increased 7% in U.S. dollars and 8% in local currency for the three months ended June 30, 2024 and increased 12% in U.S. dollars and 10% in local currency for the six months ended June 30, 2024, compared to the corresponding periods in 2023. Net sales to external customers benefited by approximately 7% from our previously disclosed shipping delays during the six months ended June 30, 2024. Net sales to external customers for the three months ended June 30, 2024 reflect strong growth in most product categories, especially laboratory-related products, offset in part by a significant decline in food retailing related to strong project activity in the prior year.

Segment profit decreased $11.1 million and $28.4 million for the three and six months ended June 30, 2024, respectively, compared to the corresponding periods in 2023. Segment profit during the three and six months ended June 30, 2024 includes lower net sales volume to intercompany segments, unfavorable inter-segment pricing, increased costs, unfavorable foreign currency translation and unfavorable mix.

Western European Operations (amounts in thousands)


	Three months ended June 30,					Six months ended June 30,
	2024		2023		%1)	2024		2023		%1)
Total net sales	$	244,484	$	239,841	2%	$	506,987	$	484,141	5%
Net sales to external customers	$	202,313	$	192,075	5%	$	417,078	$	391,499	7%
Segment profit	$	45,124	$	38,747	16%	$	95,435	$	83,270	15%

1)Represents U.S. dollar growth (decline) for net sales and segment profit.

Total net sales increased 2% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2024 and increased 5% in U.S. dollars and 4% in local currencies for the six months ended June 30, 2024, compared to the corresponding periods in 2023. Net sales to external customers increased 5% in U.S. dollars and 6% in local currencies for the three months ended June 30, 2024, and increased 7% in U.S. dollars and 6% in local currencies for the six months ended June 30, 2024, compared to the corresponding periods in 2023. Net sales benefited by approximately 5% from our previously disclosed shipping delays during the six months ended June 30, 2024. Net sales to external customers for the three months ended June 30, 2024 includes particularly strong growth in laboratory products.

Segment profit increased $6.4 million and $12.2 million for the three and six month periods ended June 30, 2024, respectively, compared to the corresponding periods in 2023. Segment profit increased during the three and six months ended June 30, 2024 primarily due to increased sales volume, and benefits from our margin expansion and cost savings initiatives.

Chinese Operations (amounts in thousands)


	Three months ended June 30,					Six months ended June 30,
	2024		2023		%1)	2024		2023		%1)
Total net sales	$	246,278	$	288,948	(15)%	$	470,118	$	535,168	(12)%
Net sales to external customers	$	164,384	$	221,669	(26)%	$	307,582	$	407,437	(25)%
Segment profit	$	99,496	$	119,722	(17)%	$	175,319	$	200,963	(13)%

1)Represents U.S. dollar growth (decline) for net sales and segment profit.

Total net sales decreased 15% in U.S. dollars and 12% in local currency for the three months ended June 30, 2024 and decreased 12% in U.S. dollars and 9% in local currency for the six months ended June 30, 2024, compared to the corresponding periods in 2023. Net sales to external customers decreased 26% in U.S. dollars and 23% in local currency by origin for the three months ended June 30, 2024 and decreased 25% in U.S. dollars and 22% in local currency during the six months ended June 30, 2024, compared to the corresponding periods in 2023. Net sales benefited

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by approximately 1% from our previously disclosed shipping delays during the six months ended June 30, 2024. Net sales to external customers for the three and six months ended June 30, 2024 reflect a significant decline in market demand in most product categories. Uncertainties continue to exist and market conditions may change quickly.

Segment profit decreased $20.2 million and $25.6 million for the three and six month periods ended June 30, 2024, respectively, compared to the corresponding periods in 2023. The decrease in segment profit for the three and six months ended June 30, 2024 primarily reflects lower sales volume and unfavorable currency translation, offset in part by benefits from our margin expansion and cost savings initiatives.

Other (amounts in thousands)


	Three months ended June 30,					Six months ended June 30,
	2024		2023		%1)	2024		2023		%1)
Total net sales	$	175,257	$	176,056	0%	$	346,202	$	336,790	3%
Net sales to external customers	$	167,653	$	162,455	3%	$	335,266	$	322,231	4%
Segment profit	$	24,628	$	24,440	1%	$	49,810	$	48,683	2%

1)Represents U.S. dollar growth (decline) for net sales and segment profit.

Total net sales were flat in U.S. dollars and increased 3% in local currency for the three months ended June 30, 2024 and increased 3% in U.S. dollars and 6% in local currency for the six months ended June 30, 2024, compared to the corresponding periods in 2023. Net sales to external customers increased 3% in U.S. dollars and 6% in local currencies for the three months ended June 30, 2024 and increased 4% in U.S. dollars and 7% in local currencies for the six months ended June 30, 2024, compared to the corresponding periods in 2023. Net sales benefited by approximately 4% from our previously disclosed shipping delays during the six months ended June 30, 2024. Net sales to external customers for the three months ended June 30, 2024 reflects good growth in most product categories.

Segment profit increased $0.2 million and $1.1 million for the three and six months ended June 30, 2024, respectively, compared to the corresponding periods in 2023. The increase in segment profit for the three and six months ended June 30, 2024 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 $447.5 million during the six months ended June 30, 2024, compared to $420.1 million in the corresponding period in 2023. The increase for the six months ended June 30, 2024 is primarily related to working capital, including lower cash incentive payments of approximately $35 million.

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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 $41.2 million for the six months ended June 30, 2024 compared to $51.9 million in the corresponding period in 2023.

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. We have received the maximum allowable funding of $35.8 million related to the agreement during prior years, which offset associated capital expenditures.

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 $425.0 million and $500.0 million on the repurchase of 330,492 shares and 344,382 shares, during the six months ended June 30, 2024 and 2023, 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. The financial impact of the IRA was immaterial to our financial statements.

Senior Notes and Credit Facility Agreement

Our debt consisted of the following at June 30, 2024:


	U.S. Dollar		Other Principal Trading Currencies		Total
3.84% $125 million ten-year Senior Notes due September 19, 2024	$	125,000	$	—	$	125,000
4.24% $125 million ten-year Senior Notes due June 25, 2025	125,000		—		125,000
3.91% $75 million ten-year Senior Notes due June 25, 2029	75,000		—		75,000
5.45% $150 million ten-year Senior Notes due March 1, 2033	150,000		—		150,000
2.83% $125 million twelve-year Senior Notes due July 22, 2033	125,000		—		125,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
2.81% $150 million fifteen-year Senior Note due March 17, 2037	150,000		—		150,000
2.91% $150 million fifteen-year Senior Note due September 1, 2037	150,000		—		150,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		133,642		133,642
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		144,333		144,333
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		133,642		133,642
Debt issuance costs, net	(2,490)		(1,291)		(3,781)
Total Senior Notes	947,510		410,326		1,357,836
$1.35 billion Credit Agreement, interest at benchmark plus 97.5 basis points (a)	382,306		251,198		633,504
Other local arrangements	8,869		57,675		66,544
Total debt	1,338,685		719,199		2,057,884
Less: current portion	(253,831)		(57,415)		(311,246)
Total long-term debt	$	1,084,854	$	661,784	$	1,746,638

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On May 30, 2024, we entered into a $1.35 billion Credit Agreement (the Credit Agreement), which amended our $1.25 billion Amended and Restated Credit Agreement (the Prior Credit Agreement), that is further described in Note 7 of our consolidated financial statements.

As of June 30, 2024, we had $712.0 million of additional borrowings available under our Credit Agreement, and we maintained $70.8 million of cash and cash equivalents.

In May 2023 we amended our Prior 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, 2024.

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 in March 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.

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 2024.

Share Repurchase Program

We have $2.1 billion of remaining availability for our share repurchase program as of June 30, 2024. 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 32.0 million shares at an average price per share of $292.31 since the inception of the program in 2004 through June 30, 2024. During the six months ended June 30, 2024 and 2023, we spent $425.0 million and $500.0 million on the repurchase of 330,492 and 344,382 shares at an average price per share of $1,285.94 and $1,464.00, respectively. We also reissued 23,538 shares and 70,191 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2024 and 2023, 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

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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 $2.1 million to $2.4 million annually.

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 $2.9 million to $3.2 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, 2024, 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 $37.9 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, ongoing developments related to Ukraine and the Israel-Hamas conflict. 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, ongoing developments related to Ukraine and the Israel-Hamas conflict 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, the ongoing developments related to Ukraine, and the Israel-Hamas conflict. 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, 2023 and other reports filed with the SEC from time to time.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

As of June 30, 2024, 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, 2023.

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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, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Table of Contents

PART II. OTHER INFORMATION

Item 1.Legal Proceedings. None

Item 1A.Risk Factors.

For the three and six months ended June 30, 2024 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, 2023.

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, 2024	56,851	$	1,266.54	56,851	$	2,273,927
May 1 to May 31, 2024	59,884	$	1,382.96	59,884	$	2,191,108
June 1 to June 30, 2024	40,057	$	1,439.80	40,057	$	2,133,433
Total	156,792	$	1,355.27	156,792	$	2,133,433

The Company has $2.1 billion of remaining availability as of June 30, 2024. We have purchased 32.0 million shares at an average price per share of $292.31 since the inception of the program through June 30, 2024.

During the six months ended June 30, 2024 and 2023, we spent $425.0 million and $500.0 million on the repurchase of 330,492 and 344,382 shares at an average price per share of $1,285.94 and $1,464.00, respectively. We also reissued 23,538 shares and 70,191 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2024 and 2023, respectively. In addition, we incurred $1.9 million and $2.3 million of excise tax during the three months ended June 30, 2024 and 2023, respectively, and $4.0 million and $4.2 million of excise tax during the six months ended June 30, 2024 and 2023, respectively 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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Table of Contents

EXHIBIT INDEX


Exhibit No.		Description

	31.1*	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002

	31.2*	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002

	32*	Certification Pursuant to Section 906 of the Sarbanes — Oxley Act of 2002

	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:

August 2, 2024

By:

/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 officer 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: August 2, 2024

/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.;

(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:

(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):

(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: August 2, 2024

/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, 2024 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: August 2, 2024

/s/ Patrick Kaltenbach

Patrick Kaltenbach

Chief Executive Officer

/s/ Shawn P. Vadala

Shawn P. Vadala

Chief Financial Officer

Document and Entity Information Document	6 Months Ended
Document and Entity Information Document	Jun. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 946,750	$ 982,117	$ 1,872,699	$ 1,910,855
Gross profit	565,668	583,543	1,113,801	1,130,109
Research and development	45,771	47,245	92,186	92,722
Selling, general and administrative	235,796	228,594	470,186	463,232
Amortization	18,178	18,042	36,406	35,821
Interest expense	18,950	19,249	38,182	37,433
Restructuring Charges	5,329	8,021	14,993	12,295
Other charges (income), net	(1,533)	(1,011)	(1,876)	(1,407)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	243,177	263,403	463,724	490,013
Provision for taxes	21,363	49,476	64,401	87,660
Net earnings	$ 221,814	$ 213,927	$ 399,323	$ 402,353
Basic earnings per common share:
Net earnings	$ 10.42	$ 9.75	$ 18.70	$ 18.28
Weighted average number of common shares	21,279,006	21,944,645	21,358,339	22,013,662
Diluted earnings per common share:
Net earnings	$ 10.37	$ 9.69	$ 18.60	$ 18.15
Weighted average number of common and common equivalent shares	21,392,550	22,080,602	21,468,995	22,164,394
Comprehensive Income, Net of Tax (Note 9)	$ 209,521	$ 175,227	$ 408,771	$ 362,370
Product [Member]
Revenues	712,260	758,971	1,413,228	1,474,972
Cost of Goods and Services Sold	270,571	296,953	542,498	582,704
Service [Member]
Revenues	234,490	223,146	459,471	435,883
Cost of Goods and Services Sold	$ 110,511	$ 101,621	$ 216,400	$ 198,042

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 70,810	$ 69,807
Trade accounts receivable, less allowances	634,710	663,893
Inventories	366,395	385,865
Other current assets and prepaid expenses	106,392	110,638
Total current assets	1,178,307	1,230,203
Property, plant and equipment, net	768,664	803,374
Goodwill	665,359	670,108
Other intangible assets, net	268,154	285,429
Deferred tax assets, net	30,554	31,199
Other non-current assets	338,126	335,242
Total assets	3,249,164	3,355,555
Current liabilities:
Trade accounts payable	199,462	210,411
Accrued and other liabilities	180,881	196,138
Accrued compensation and related items	157,416	160,308
Deferred Revenue	214,205	202,022
Taxes payable	217,972	219,984
Short-term borrowings and current maturities of long-term debt	311,246	192,219
Total current liabilities	1,281,182	1,181,082
Long-term debt	1,746,638	1,888,620
Deferred tax liabilities, net	101,741	108,679
Other non-current liabilities	272,365	327,112
Total liabilities	3,401,926	3,505,493
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	881,814	871,110
Treasury stock at cost (20,991,448 shares at September 30, 2020 and 20,660,694 shares at December 31, 2019)	(8,634,576)	(8,212,437)
Retained earnings	7,909,919	7,510,756
Accumulated other comprehensive loss	(310,367)	(319,815)
Total shareholders' equity	(152,762)	(149,938)
Total liabilities and shareholders' equity	$ 3,249,164	$ 3,355,555

Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 19,411	$ 22,427
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	21,683,802	22,139,009
Treasury Stock, Common, Shares	23,102,209	22,647,002

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, 2022	$ 24,793	$ 448	$ 850,368	$ 6,726,866	$ (227,233)	$ (7,325,656)
Beginning balance, shares at Dec. 31, 2022		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)
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
Net earnings	213,927			188,426
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent					(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		22,139,009
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
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
Beginning balance at Dec. 31, 2023	$ (149,938)	$ 448	871,110	7,510,756	(319,815)	(8,212,437)
Beginning balance, shares at Dec. 31, 2023	22,139,009	21,526,172
Stock Issued During Period, Value, Treasury Stock Reissued	$ (1,831)		(585)	(160)		(1,406)
Exercise of stock options and restricted stock units, shares		4,898
Treasury Stock, Value, Acquired, Cost Method	(212,499)					(212,499)
Repurchases of common stock, shares		(173,700)
Excise tax on net repurchases of common stock						2,083
Adjustment to Additional Paid in Capital, Share-Based Compensation	4,722		4,722
Net earnings	177,509			177,509
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	21,741				21,741
Ending balance at Mar. 31, 2024	(158,717)	$ 448	876,417	7,688,105	(298,074)	(8,425,613)
Ending balance, shares at Mar. 31, 2024		21,357,370
Beginning balance at Dec. 31, 2023	$ (149,938)	$ 448	871,110	7,510,756	(319,815)	(8,212,437)
Beginning balance, shares at Dec. 31, 2023	22,139,009	21,526,172
Exercise of stock options and restricted stock units, shares	23,538
Treasury Stock, Value, Acquired, Cost Method	$ (425,000)
Repurchases of common stock, shares	(330,492)
Net earnings	$ 399,323
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	9,448
Ending balance at Jun. 30, 2024	$ (152,762)	$ 448	881,814	7,909,919	(310,367)	(8,634,576)
Ending balance, shares at Jun. 30, 2024	21,683,802	21,219,218
Beginning balance at Mar. 31, 2024	$ (158,717)	$ 448	876,417	7,688,105	(298,074)	(8,425,613)
Beginning balance, shares at Mar. 31, 2024		21,357,370
Stock Issued During Period, Value, Treasury Stock Reissued	(6,305)		(856)	0		(5,449)
Exercise of stock options and restricted stock units, shares		18,640
Treasury Stock, Value, Acquired, Cost Method	(212,499)					(212,499)
Repurchases of common stock, shares		(156,792)
Excise tax on net repurchases of common stock						1,913
Adjustment to Additional Paid in Capital, Share-Based Compensation	4,541		4,541
Net earnings	221,814			221,814
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(12,293)				(12,293)
Ending balance at Jun. 30, 2024	$ (152,762)	$ 448	$ 881,814	$ 7,909,919	$ (310,367)	$ (8,634,576)
Ending balance, shares at Jun. 30, 2024	21,683,802	21,219,218

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings	$ 399,323,000	$ 402,353,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	24,873,000	24,217,000
Amortization	36,406,000	35,821,000
Deferred tax benefit	(3,837,000)	(1,766,000)
Share-based compensation	9,263,000	8,222,000
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	7,404,000	60,460,000
Inventories	3,083,000	47,746,000
Other current assets	(6,190,000)	4,057,000
Trade accounts payable	(4,862,000)	(76,707,000)
Taxes payable	10,055,000	13,249,000
Increase (Decrease) in Other Operating Assets and Liabilities, Net	(5,043,000)	(97,579,000)
Net cash provided by operating activities	447,493,000	420,073,000
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	668,000	412,000
Purchase of property, plant and equipment	(41,201,000)	(51,947,000)
Proceeds from government funding	0	1,264,000
Acquisitions	(2,473,000)	(613,000)
Net cash used in investing activities	(30,767,000)	(65,298,000)
Cash flows from financing activities:
Proceeds from borrowings	1,022,578,000	1,080,921,000
Repayments of borrowings	(1,017,192,000)	(958,731,000)
Proceeds from stock option exercises	8,136,000	19,087,000
Repurchases of common stock	(424,998,000)	(499,999,000)
Payment for Contingent Consideration Liability, Financing Activities	0	5,626,000
Proceeds from (Payments for) Other Financing Activities	(1,910,000)	(714,000)
Net cash used in financing activities	(413,386,000)	(365,062,000)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	(2,337,000)	(2,105,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	1,003,000	(12,392,000)
Beginning of period	69,807,000	95,966,000
End of period	70,810,000	83,574,000
Cash and cash equivalents:	$ 1,003,000	$ (12,392,000)

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
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, the United States and Mexico. 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, 2023. 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, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. 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, 2024 and through the date of this report. Actual results may differ from those estimates due to uncertainty around ongoing developments in Ukraine, the Israel-Hamas war, as well as other factors. All intercompany transactions and balances have been eliminated.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Trade Accounts Receivable

Inventories

Inventories consisted of the following:


	June 30, 2024		December 31, 2023
Raw materials and parts	$	171,135	$	180,352
Work-in-progress	72,982		81,181
Finished goods	122,278		124,332
	$	366,395	$	385,865

Goodwill and Other Intangible Assets

Other intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	286,191	$	(109,880)	$	176,311	$	294,180	$	(107,665)	$	186,515
Proven technology and patents	126,154		(76,770)		49,384		129,227		(75,014)		54,213
Tradenames (finite life)	7,762		(4,869)		2,893		7,908		(4,535)		3,373
Tradenames (indefinite life)	35,104		—		35,104		36,320		—		36,320
Other	12,411		(7,949)		4,462		13,236		(8,228)		5,008
	$	467,622	$	(199,468)	$	268,154	$	480,871	$	(195,442)	$	285,429

Revenue Recognition

Share-Based Compensation

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

Recent Accounting Pronouncements

Revenue from Contracts with Customers (Notes)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE


For the three months ended June 30, 2024	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	264,345	$	39,418	$	137,113	$	148,436	$	122,948	$	712,260
Service Revenue:
Point in time	73,839		7,615		43,218		11,753		34,614		171,039
Over time	24,031		3,152		21,982		4,195		10,091		63,451
Total	$	362,215	$	50,185	$	202,313	$	164,384	$	167,653	$	946,750


For the three months ended June 30, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	265,881	$	36,662	$	130,404	$	204,259	$	121,765	$	758,971
Service Revenue:
Point in time	72,250		7,246		40,831		13,020		32,142		165,489
Over time	20,984		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 six months ended June 30, 2024	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	515,081	$	83,039	$	288,648	$	277,447	$	249,013	$	1,413,228
Service Revenue:
Point in time	146,973		15,379		86,039		21,654		65,824		335,869
Over time	46,284		6,017		42,391		8,481		20,429		123,602
Total	$	708,338	$	104,435	$	417,078	$	307,582	$	335,266	$	1,872,699


For the six months ended June 30, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	512,410	$	73,123	$	271,111	$	374,689	$	243,639	$	1,474,972
Service Revenue:
Point in time	142,875		14,707		81,996		24,368		62,187		326,133
Over time	41,231		5,342		38,392		8,380		16,405		109,750
Total	$	696,516	$	93,172	$	391,499	$	407,437	$	322,231	$	1,910,855

A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:


	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Americas	$	404,030	$	396,897	$	788,373	$	768,970
Europe	258,836		246,340		532,697		500,314
Asia / Rest of World	283,884		338,880		551,629		641,571
Total	$	946,750	$	982,117	$	1,872,699	$	1,910,855


	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Laboratory	$	523,233	$	526,699	$	1,048,288	$	1,046,730
Industrial	374,257		399,001		726,102		754,181
Retail	49,260		56,417		98,309		109,944
Total	$	946,750	$	982,117	$	1,872,699	$	1,910,855

Changes in the components of deferred revenue and customer prepayments during the six month periods ending June 30, 2024 and 2023 are as follows:


	2024		2023
Beginning balances as of January 1	$	202,022	$	192,759
Customer pre-payments/deferred revenue	338,581		343,373
Revenue recognized	(320,727)		(332,005)
Foreign currency translation	(5,671)		422
Ending balance as of June 30	$	214,205	$	204,549

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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


	June 30, 2024		December 31, 2023		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	1,961	$	8,330	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	864		—		Other current assets and prepaid expenses
Cross currency swap agreement	544		—		Other non-current assets
Total derivative assets	$	3,369	$	8,330

Foreign currency forward contracts not designated as hedging instruments	$	1,897	$	8,245	Accrued and other liabilities
Cash Flow Hedges:
Cross currency swap agreement	—		2,678		Accrued and other liabilities
Cross currency swap agreement	3,829		14,270		Other non-current liabilities
Total derivative liabilities	$	5,726	$	25,193

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company's reported tax rate was 8.8% and 18.8% during the three months ended June 30, 2024 and 2023, respectively and 13.9% and 17.9% during the six months ended June 30, 2024 and 2023, 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 2024 and 2023. 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. The reported tax rate for the three and six month periods ended June 30, 2024 also includes a non-cash discrete tax benefit of $23.0 million resulting from the reduction of uncertain tax position liabilities related to the settlement of a tax audit

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following at June 30, 2024:


	U.S. Dollar		Other Principal Trading Currencies		Total
3.84% $125 million ten-year Senior Notes due September 19, 2024	$	125,000	$	—	$	125,000
4.24% $125 million ten-year Senior Notes due June 25, 2025	125,000		—		125,000
3.91% $75 million ten-year Senior Notes due June 25, 2029	75,000		—		75,000
5.45% $150 million ten-year Senior Notes due March 1, 2033	150,000		—		150,000
2.83% $125 million twelve-year Senior Notes due July 22, 2033	125,000		—		125,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
2.81% $150 million fifteen-year Senior Note due March 17, 2037	150,000		—		150,000
2.91% $150 million fifteen-year Senior Note due September 1, 2037	150,000		—		150,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		133,642		133,642
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		144,333		144,333
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		133,642		133,642
Debt issuance costs, net	(2,490)		(1,291)		(3,781)
Total Senior Notes	947,510		410,326		1,357,836
$1.35 billion Credit Agreement, interest at benchmark plus 97.5 basis points (a)	382,306		251,198		633,504
Other local arrangements	8,869		57,675		66,544
Total debt	1,338,685		719,199		2,057,884
Less: current portion	(253,831)		(57,415)		(311,246)
Total long-term debt	$	1,084,854	$	661,784	$	1,746,638

In May 2023, the Company amended its Prior Credit Agreement to replace all references of LIBOR to SOFR and other non-U.S. dollar references as the interest rate benchmark.

Other Local Arrangements

Share Repurchase Program and Treasury Stock	6 Months Ended
Share Repurchase Program and Treasury Stock	Jun. 30, 2024
Equity [Abstract]
SHARE REPURCHASE PROGRAM AND TREASURY STOCK	SHARE REPURCHASE PROGRAM AND TREASURY STOCK The Company has $2.1 billion of remaining availability for its share repurchase program as of June 30, 2024. 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 32.0 million shares at an average price per share of $292.31 since the inception of the program in 2004 through June 30, 2024. During the six months ended June 30, 2024 and 2023, the Company spent $425.0 million and $500.0 million on the repurchase of 330,492 shares and 344,382 shares at an average price per share of $1,285.94 and $1,464.00, respectively. The Company also reissued 23,538 shares and 70,191 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2024 and 2023, respectively.

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2024

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 Ended				Six Months Ended
	2024		2023		2024		2023
Net earnings	$	221,814	$	213,927	$	399,323	$	402,353
Other comprehensive income (loss), net of tax	(12,293)		(38,700)		9,448		(39,983)
Comprehensive income, net of tax	$	209,521	$	175,227	$	408,771	$	362,370

The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2024 and 2023:


	Currency Translation Adjustment, Net of Tax		Net 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, 2023	$	(117,230)	$	120	$	(202,705)	$	(319,815)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements	—		16,195		—		16,195
Foreign currency translation adjustment	(4,469)		—		10,570		6,101
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(17,711)		4,863		(12,848)
Net change in other comprehensive income (loss), net of tax	(4,469)		(1,516)		15,433		9,448
Balance at June 30, 2024	$	(121,699)	$	(1,396)	$	(187,272)	$	(310,367)


	Currency Translation Adjustment, Net of Tax		Net 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)

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,
	2024		2023		Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement	(670)		2,449		(a)
Provision for taxes	(127)		465		Provision for taxes
Total, net of taxes	$	(543)	$	1,984

Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	2,998	$	2,035	(b)
Provision for taxes	611		430		Provision for taxes
Total, net of taxes	$	2,387	$	1,605


	Six Months Ended
	June 30,
	2024		2023		Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement	(21,866)		895		(a)
Provision for taxes	(4,155)		170		Provision for taxes
Total, net of taxes	$	(17,711)	$	725

Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	6,106	$	4,037	(b)
Provision for taxes	1,243		854		Provision for taxes
Total, net of taxes	$	4,863	$	3,183

Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE


	2024	2023
Three months ended	113,544	135,957
Six months ended	110,656	150,732

Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2024

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 Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost, net	$	397	$	289	$	3,892	$	3,425	$	—	$	—	$	4,289	$	3,714
Interest cost on projected benefit obligations	1,191		1,256		4,370		4,916		6		8		5,567		6,180
Expected return on plan assets	(1,368)		(1,383)		(9,050)		(8,645)		—		—		(10,418)		(10,028)
Recognition of prior service cost	—		—		(1,120)		(1,060)		(19)		(19)		(1,139)		(1,079)
Recognition of actuarial losses/(gains)	520		548		3,638		2,561		8		(1)		4,166		3,108
Net periodic pension cost/(credit)	$	740	$	710	$	1,730	$	1,197	$	(5)	$	(12)	$	2,465	$	1,895

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 Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost, net	$	794	$	579	$	7,912	$	6,821	$	—	$	—	$	8,706	$	7,400
Interest cost on projected benefit obligations	2,383		2,511		8,849		9,792		13		15		11,245		12,318
Expected return on plan assets	(2,736)		(2,766)		(18,395)		(17,212)		—		—		(21,131)		(19,978)
Recognition of prior service cost	—		—		(2,281)		(2,110)		(38)		(38)		(2,319)		(2,148)
Recognition of actuarial losses/(gains)	1,041		1,096		7,399		5,098		16		(1)		8,456		6,193
Net periodic pension cost/(credit)	$	1,482	$	1,420	$	3,484	$	2,389	$	(9)	$	(24)	$	4,957	$	3,785

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company expects to make employer contributions of approximately $27.3 million

Other Charges (Income), Net	6 Months Ended
Other Charges (Income), Net	Jun. 30, 2024
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 were $1.9 million for both the three month periods ended June 30, 2024 and 2023, and $3.8 million and $3.7 million for the six months ended June 30, 2024 and 2023, respectively.

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

13. SEGMENT REPORTING

The following tables show the operations of the Company’s operating segments:


	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2024
June 30, 2024	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	362,215	$	36,017	$	398,232	$	100,247	$	526,385
Swiss Operations	50,185		169,194		219,379		55,804		25,841
Western European Operations	202,313		42,171		244,484		45,124		99,401
Chinese Operations	164,384		81,894		246,278		99,496		601
Other (a)	167,653		7,604		175,257		24,628		13,131
Eliminations and Corporate (b)	—		(336,880)		(336,880)		(41,198)		—
Total	$	946,750	$	—	$	946,750	$	284,101	$	665,359


	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2024	Customers		Segments		Sales		Profit
U.S. Operations	$	708,338	$	73,435	$	781,773	$	193,883
Swiss Operations	104,435		392,565		497,000		114,890
Western European Operations	417,078		89,909		506,987		95,435
Chinese Operations	307,582		162,536		470,118		175,319
Other (a)	335,266		10,936		346,202		49,810
Eliminations and Corporate (b)	—		(729,381)		(729,381)		(77,908)
Total	$	1,872,699	$	—	$	1,872,699	$	551,429

(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.


	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2023
June 30, 2023	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	359,115	$	33,741	$	392,856	$	104,206	$	524,459
Swiss Operations	46,803		181,073		227,876		66,914		25,865
Western European Operations	192,075		47,766		239,841		38,747		100,452
Chinese Operations	221,669		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 to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2023	Customers		Segments		Sales		Profit
U.S. Operations	$	696,516	$	66,989	$	763,505	$	186,000
Swiss Operations	93,172		383,207		476,379		143,336
Western European Operations	391,499		92,642		484,141		83,270
Chinese Operations	407,437		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.

A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:


	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Earnings before taxes	$	243,177	$	263,403	$	463,724	$	490,013
Amortization	18,178		18,042		36,406		35,821
Interest expense	18,950		19,249		38,182		37,433
Restructuring charges	5,329		8,021		14,993		12,295
Other income, net	(1,533)		(1,011)		(1,876)		(1,407)
Segment profit	$	284,101	$	307,704	$	551,429	$	574,155

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	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.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Trade Accounts Receivable

Inventories

Inventories consisted of the following:


	June 30, 2024		December 31, 2023
Raw materials and parts	$	171,135	$	180,352
Work-in-progress	72,982		81,181
Finished goods	122,278		124,332
	$	366,395	$	385,865

Goodwill and Other Intangible Assets

Other intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	286,191	$	(109,880)	$	176,311	$	294,180	$	(107,665)	$	186,515
Proven technology and patents	126,154		(76,770)		49,384		129,227		(75,014)		54,213
Tradenames (finite life)	7,762		(4,869)		2,893		7,908		(4,535)		3,373
Tradenames (indefinite life)	35,104		—		35,104		36,320		—		36,320
Other	12,411		(7,949)		4,462		13,236		(8,228)		5,008
	$	467,622	$	(199,468)	$	268,154	$	480,871	$	(195,442)	$	285,429

Revenue Recognition

Share - Based Compensation

Share-Based Compensation

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

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:


	June 30, 2024		December 31, 2023
Raw materials and parts	$	171,135	$	180,352
Work-in-progress	72,982		81,181
Finished goods	122,278		124,332
	$	366,395	$	385,865

Components of other intangible assets

Other intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	286,191	$	(109,880)	$	176,311	$	294,180	$	(107,665)	$	186,515
Proven technology and patents	126,154		(76,770)		49,384		129,227		(75,014)		54,213
Tradenames (finite life)	7,762		(4,869)		2,893		7,908		(4,535)		3,373
Tradenames (indefinite life)	35,104		—		35,104		36,320		—		36,320
Other	12,411		(7,949)		4,462		13,236		(8,228)		5,008
	$	467,622	$	(199,468)	$	268,154	$	480,871	$	(195,442)	$	285,429

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]


For the three months ended June 30, 2024	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	264,345	$	39,418	$	137,113	$	148,436	$	122,948	$	712,260
Service Revenue:
Point in time	73,839		7,615		43,218		11,753		34,614		171,039
Over time	24,031		3,152		21,982		4,195		10,091		63,451
Total	$	362,215	$	50,185	$	202,313	$	164,384	$	167,653	$	946,750


For the three months ended June 30, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	265,881	$	36,662	$	130,404	$	204,259	$	121,765	$	758,971
Service Revenue:
Point in time	72,250		7,246		40,831		13,020		32,142		165,489
Over time	20,984		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 six months ended June 30, 2024	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	515,081	$	83,039	$	288,648	$	277,447	$	249,013	$	1,413,228
Service Revenue:
Point in time	146,973		15,379		86,039		21,654		65,824		335,869
Over time	46,284		6,017		42,391		8,481		20,429		123,602
Total	$	708,338	$	104,435	$	417,078	$	307,582	$	335,266	$	1,872,699


For the six months ended June 30, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	512,410	$	73,123	$	271,111	$	374,689	$	243,639	$	1,474,972
Service Revenue:
Point in time	142,875		14,707		81,996		24,368		62,187		326,133
Over time	41,231		5,342		38,392		8,380		16,405		109,750
Total	$	696,516	$	93,172	$	391,499	$	407,437	$	322,231	$	1,910,855

A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:


	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Americas	$	404,030	$	396,897	$	788,373	$	768,970
Europe	258,836		246,340		532,697		500,314
Asia / Rest of World	283,884		338,880		551,629		641,571
Total	$	946,750	$	982,117	$	1,872,699	$	1,910,855


	Three Months Ended				Six Months Ended
	2024		2023		2024		2023
Laboratory	$	523,233	$	526,699	$	1,048,288	$	1,046,730
Industrial	374,257		399,001		726,102		754,181
Retail	49,260		56,417		98,309		109,944
Total	$	946,750	$	982,117	$	1,872,699	$	1,910,855

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]


	2024		2023
Beginning balances as of January 1	$	202,022	$	192,759
Customer pre-payments/deferred revenue	338,581		343,373
Revenue recognized	(320,727)		(332,005)
Foreign currency translation	(5,671)		422
Ending balance as of June 30	$	214,205	$	204,549

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis


	June 30, 2024		December 31, 2023		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	1,961	$	8,330	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	864		—		Other current assets and prepaid expenses
Cross currency swap agreement	544		—		Other non-current assets
Total derivative assets	$	3,369	$	8,330

Foreign currency forward contracts not designated as hedging instruments	$	1,897	$	8,245	Accrued and other liabilities
Cash Flow Hedges:
Cross currency swap agreement	—		2,678		Accrued and other liabilities
Cross currency swap agreement	3,829		14,270		Other non-current liabilities
Total derivative liabilities	$	5,726	$	25,193

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt consisted of the following at June 30, 2024:

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023:


	Currency Translation Adjustment, Net of Tax		Net 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, 2023	$	(117,230)	$	120	$	(202,705)	$	(319,815)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements	—		16,195		—		16,195
Foreign currency translation adjustment	(4,469)		—		10,570		6,101
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(17,711)		4,863		(12,848)
Net change in other comprehensive income (loss), net of tax	(4,469)		(1,516)		15,433		9,448
Balance at June 30, 2024	$	(121,699)	$	(1,396)	$	(187,272)	$	(310,367)

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,
	2024		2023		Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement	(670)		2,449		(a)
Provision for taxes	(127)		465		Provision for taxes
Total, net of taxes	$	(543)	$	1,984

Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	2,998	$	2,035	(b)
Provision for taxes	611		430		Provision for taxes
Total, net of taxes	$	2,387	$	1,605

Schedule of Comprehensive Income (Loss) [Table Text Block]

Net Periodic Benefit Cost (Tables)

6 Months Ended

Jun. 30, 2024

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 Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost, net	$	397	$	289	$	3,892	$	3,425	$	—	$	—	$	4,289	$	3,714
Interest cost on projected benefit obligations	1,191		1,256		4,370		4,916		6		8		5,567		6,180
Expected return on plan assets	(1,368)		(1,383)		(9,050)		(8,645)		—		—		(10,418)		(10,028)
Recognition of prior service cost	—		—		(1,120)		(1,060)		(19)		(19)		(1,139)		(1,079)
Recognition of actuarial losses/(gains)	520		548		3,638		2,561		8		(1)		4,166		3,108
Net periodic pension cost/(credit)	$	740	$	710	$	1,730	$	1,197	$	(5)	$	(12)	$	2,465	$	1,895

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 Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2024		2023		2024		2023		2024		2023		2024		2023
Service cost, net	$	794	$	579	$	7,912	$	6,821	$	—	$	—	$	8,706	$	7,400
Interest cost on projected benefit obligations	2,383		2,511		8,849		9,792		13		15		11,245		12,318
Expected return on plan assets	(2,736)		(2,766)		(18,395)		(17,212)		—		—		(21,131)		(19,978)
Recognition of prior service cost	—		—		(2,281)		(2,110)		(38)		(38)		(2,319)		(2,148)
Recognition of actuarial losses/(gains)	1,041		1,096		7,399		5,098		16		(1)		8,456		6,193
Net periodic pension cost/(credit)	$	1,482	$	1,420	$	3,484	$	2,389	$	(9)	$	(24)	$	4,957	$	3,785

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Operations of the Company's operating segments

The following tables show the operations of the Company’s operating segments:


	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2024
June 30, 2024	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	362,215	$	36,017	$	398,232	$	100,247	$	526,385
Swiss Operations	50,185		169,194		219,379		55,804		25,841
Western European Operations	202,313		42,171		244,484		45,124		99,401
Chinese Operations	164,384		81,894		246,278		99,496		601
Other (a)	167,653		7,604		175,257		24,628		13,131
Eliminations and Corporate (b)	—		(336,880)		(336,880)		(41,198)		—
Total	$	946,750	$	—	$	946,750	$	284,101	$	665,359


	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2024	Customers		Segments		Sales		Profit
U.S. Operations	$	708,338	$	73,435	$	781,773	$	193,883
Swiss Operations	104,435		392,565		497,000		114,890
Western European Operations	417,078		89,909		506,987		95,435
Chinese Operations	307,582		162,536		470,118		175,319
Other (a)	335,266		10,936		346,202		49,810
Eliminations and Corporate (b)	—		(729,381)		(729,381)		(77,908)
Total	$	1,872,699	$	—	$	1,872,699	$	551,429

(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.


	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2023
June 30, 2023	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	359,115	$	33,741	$	392,856	$	104,206	$	524,459
Swiss Operations	46,803		181,073		227,876		66,914		25,865
Western European Operations	192,075		47,766		239,841		38,747		100,452
Chinese Operations	221,669		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 to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2023	Customers		Segments		Sales		Profit
U.S. Operations	$	696,516	$	66,989	$	763,505	$	186,000
Swiss Operations	93,172		383,207		476,379		143,336
Western European Operations	391,499		92,642		484,141		83,270
Chinese Operations	407,437		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.

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 Ended				Six Months Ended
	2024		2023		2024		2023
Earnings before taxes	$	243,177	$	263,403	$	463,724	$	490,013
Amortization	18,178		18,042		36,406		35,821
Interest expense	18,950		19,249		38,182		37,433
Restructuring charges	5,329		8,021		14,993		12,295
Other income, net	(1,533)		(1,011)		(1,876)		(1,407)
Segment profit	$	284,101	$	307,704	$	551,429	$	574,155

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Components of inventory
Raw materials and parts	$ 171,135	$ 180,352
Work-in-progress	72,982	81,181
Finished goods	122,278	124,332
Total Inventory, Net	$ 366,395	$ 385,865

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 467,622	$ 480,871
Accumulated Amortization	(199,468)	(195,442)
Intangible Assets, Net (Excluding Goodwill)	268,154	285,429
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount, Tradename (indefinite life)	35,104	36,320
Intangible Assets, Net (Excluding Goodwill)	35,104	36,320
Customer Relationships [Member]
Intangible Assets [Line Items]
Gross amount	286,191	294,180
Accumulated Amortization	(109,880)	(107,665)
Intangible Assets, Net (Excluding Goodwill)	176,311	186,515
Proven technology and patents [Member]
Intangible Assets [Line Items]
Gross amount	126,154	129,227
Accumulated Amortization	(76,770)	(75,014)
Intangible Assets, Net (Excluding Goodwill)	49,384	54,213
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount	7,762	7,908
Accumulated Amortization	(4,869)	(4,535)
Intangible Assets, Net (Excluding Goodwill)	2,893	3,373
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Gross amount	12,411	13,236
Accumulated Amortization	(7,949)	(8,228)
Intangible Assets, Net (Excluding Goodwill)	$ 4,462	$ 5,008

Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Summary of Significant Accounting Policies (Textuals) [Abstract]
Amortization expense	$ 6.7	$ 6.9	$ 13.6	$ 13.8
Future Amortization Expense Current Year			27.2
Aggregate amortization expense for 2020	26.2		26.2
Aggregate amortization expense for 2021	22.2		22.2
Aggregate amortization expense for 2023	20.7		20.7
Aggregate amortization expense for 2024	19.4		19.4
Aggregate amortization expense for 2025	17.7		17.7
Purchased Intangible Amortization, Gross	6.5	6.7	13.1	13.3
Purchased intangible amortization, net of tax	5.0	5.2	10.1	10.3
Amortization expense associated with capitalized software	11.4	11.1	22.7	22.0
Share - based compensation expense	$ 4.5	$ 4.2	$ 9.3	$ 8.2

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 946,750	$ 982,117	$ 1,872,699	$ 1,910,855
Contract with Customer, Asset, after Allowance for Credit Loss	39,400		39,400		$ 35,700
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	404,030	396,897	788,373	768,970
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	258,836	246,340	532,697	500,314
Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	283,884	338,880	551,629	641,571
Product [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	712,260	758,971	1,413,228	1,474,972
Service [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	171,039	165,489	335,869	326,133
Service [Member] \| Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 63,451	57,657	$ 123,602	109,750
Laboratory products and services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	56.00%		56.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 523,233	526,699	$ 1,048,288	1,046,730
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	$ 374,257	399,001	$ 726,102	754,181
Retail products and services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	5.00%		5.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 49,260	56,417	$ 98,309	109,944
US Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	362,215	359,115	708,338	696,516
US Operations [Member] \| Product [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	264,345	265,881	515,081	512,410
US Operations [Member] \| Service [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	73,839	72,250	146,973	142,875
US Operations [Member] \| Service [Member] \| Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	24,031	20,984	46,284	41,231
Swiss Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	50,185	46,803	104,435	93,172
Swiss Operations [Member] \| Product [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	39,418	36,662	83,039	73,123
Swiss Operations [Member] \| Service [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,615	7,246	15,379	14,707
Swiss Operations [Member] \| Service [Member] \| Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	3,152	2,895	6,017	5,342
Western European Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	202,313	192,075	417,078	391,499
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	137,113	130,404	288,648	271,111
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	43,218	40,831	86,039	81,996
Western European Operations [Member] \| Service [Member] \| Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,982	20,840	42,391	38,392
Chinese Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	164,384	221,669	307,582	407,437
Chinese Operations [Member] \| Product [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	148,436	204,259	277,447	374,689
Chinese Operations [Member] \| Service [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	11,753	13,020	21,654	24,368
Chinese Operations [Member] \| Service [Member] \| Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,195	4,390	8,481	8,380
Other Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167,653	162,455	335,266	322,231
Other Operations [Member] \| Product [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	122,948	121,765	249,013	243,639
Other Operations [Member] \| Service [Member] \| Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	34,614	32,142	65,824	62,187
Other Operations [Member] \| Service [Member] \| Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 10,091	$ 8,548	$ 20,429	$ 16,405

Revenue from Contracts with Customers 2 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 214,205		$ 202,022	$ 204,549	$ 192,759
Contract with Customer, Asset, after Allowance for Credit Loss	39,400		$ 35,700
Customer prepayments and deferred revenue	338,581	$ 343,373
Contract with Customer, Liability, Revenue Recognized	(320,727)	(332,005)
Temporary Equity, Foreign Currency Translation Adjustments	$ (5,671)	$ 422

Financial Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
Financial Instruments (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ 8,100,000
Designated as Hedging Instrument [Member] \| June 2019 4 YR Cross Currency Swap [Member]
Derivative [Line Items]
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
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	(4,200,000)	$ (19,000,000.0)	4,600,000	$ (15,500,000)
Derivative, Notional Amount	$ 781,200,000		$ 781,200,000		$ 793,900,000

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	$ 6,700	$ 4,000
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	3,369	8,330
Derivative Liability	5,726	25,193
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	1,961	8,330
foreign currency cash flow hedge current asset	864		$ 0
Foreign Currency Cash Flow Hedge Asset at Fair Value	544	0
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	1,897	8,245
Interest Rate Swap Short Term	3,829	14,270
Foreign Currency Cash Flow Hedge Liability at Fair Value	0	$ 2,678
Change in Carrying Value Verse Fair Value of Long Term Debt	$ 209,200

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2024 Rate	Jun. 30, 2023 Rate	Jun. 30, 2024 Rate	Jun. 30, 2023 Rate
Effective Income Tax Rate Reconciliation, Percent	8.80%	18.80%	13.90%	17.90%
Annual Effective Tax Rate before recurring discrete tax items			19.00%

Debt (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
Debt (Details) € in Thousands, $ in Thousands	Jun. 30, 2024 USD ($) Rate	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Rate	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€) Rate	Dec. 31, 2023 USD ($)
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 1,357,836		$ 1,357,836
Unamortized Debt Issuance Expense	(3,781)		(3,781)
Line of Credit Facility, Fair Value of Amount Outstanding	633,504		633,504
Total debt	2,057,884		2,057,884
Debt, Current	(311,246)		(311,246)
Long-term Debt	1,746,638		1,746,638
Line of Credit Facility, Remaining Borrowing Capacity	712,000		712,000
Cash and Cash Equivalents, at Carrying Value	70,810		70,810			$ 69,807
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	5,100	$ 3,600	13,300	$ 8,900
Cumulative (gain) loss in other other comprehensive income related to the change in a net investment hedge.	30,600		30,600
Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	947,510		947,510
Unamortized Debt Issuance Expense	(2,490)		(2,490)
Line of Credit Facility, Fair Value of Amount Outstanding	382,306		382,306
Total debt	1,338,685		1,338,685
Debt, Current	(253,831)		(253,831)
Long-term Debt	1,084,854		1,084,854
Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	410,326		410,326
Unamortized Debt Issuance Expense	(1,291)		(1,291)
Line of Credit Facility, Fair Value of Amount Outstanding	251,198		251,198
Total debt	719,199		719,199
Debt, Current	(57,415)		(57,415)
Long-term Debt	$ 661,784		$ 661,784
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
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	$ 133,642		$ 133,642
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	$ 133,642		$ 133,642
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	$ 144,333		$ 144,333
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	$ 144,333		$ 144,333
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	66,544		66,544
Other local arrangements [Member] \| Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	8,869		8,869
Other local arrangements [Member] \| Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	$ 57,675		$ 57,675
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	133,642		133,642
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	$ 133,642		$ 133,642
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

Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]
Remaining Amount to Repurchase under the program	$ 2,100,000				$ 2,100,000
Shares Purchased Under Share Repurchase Program	32,000,000.0				32,000,000.0
Treasury Stock, Value, Acquired, Cost Method	$ 212,499	$ 212,499	$ 250,000	$ 249,999	$ 425,000	$ 500,000
Number of shares repurchased					(330,492)	(344,382)
Average price of share repurchased, per share					$ 1,285.94	$ 1,464
Exercise of stock options and restricted stock units, shares reissued					23,538	70,191

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
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	$ (117,230)	$ (82,864)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(4,469)	(37,810)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Other Comprehensive Income (Loss), Net of Tax	(4,469)	(37,810)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(121,699)	(120,674)
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	120	4,256
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	16,195	(2,121)
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	(17,711)	725
Other Comprehensive Income (Loss), Net of Tax	(1,516)	(1,396)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(1,396)	2,860
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	(202,705)	(148,625)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	10,570	(3,960)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	4,863	3,183
Other Comprehensive Income (Loss), Net of Tax	15,433	(777)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(187,272)	(149,402)
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	(319,815)	(227,233)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	16,195	(2,121)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	6,101	(41,770)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(12,848)	3,908
Other Comprehensive Income (Loss), Net of Tax	9,448	(39,983)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ (310,367)	$ (267,216)

Accumulated Other Comprehensive Income (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	$ (127)	$ 465	$ (4,155)	$ 170
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	543	(1,984)	17,711	(725)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent	2,998	2,035	6,106	4,037
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent	611	430	1,243	854
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	2,387	1,605	4,863	3,183
Cross Currency Swap [Member]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	(670)	$ 2,449	(21,866)	$ 895
Foreign Currency Transaction Gain (Loss), Unrealized	2,400		15,800
Interest Income, Other	$ 3,100		$ 6,100

Accumulated Other Comprehensive Income (Details 3) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Net earnings	$ 221,814	$ 177,509	$ 213,927	$ 213,927	$ 188,426	$ 399,323	$ 402,353
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(12,293)	$ 21,741	(38,700)		$ (1,283)	9,448	(39,983)
Comprehensive Income, Net of Tax (Note 9)	$ 209,521		$ 175,227			$ 408,771	$ 362,370

Earnings Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Common Share (Details) - shares	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Weighted Average Number of Shares Outstanding, Diluted, Total	113,544	135,957	110,656	150,732
Antidilutive Shares Outstanding
Weighted Average Number of Shares Outstanding, Antidilutive, Total	60,855		61,532	43,057

Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	$ 4,289	$ 3,714	$ 8,706	$ 7,400
Interest cost on projected benefit obligations	5,567	6,180	11,245	12,318
Expected return on plan assets	(10,418)	(10,028)	(21,131)	(19,978)
Recognition of prior service cost	(1,139)	(1,079)	(2,319)	(2,148)
Recognition of actuarial losses/(gains)	4,166	3,108	8,456	6,193
Net periodic pension cost/(credit)	2,465	1,895	4,957	3,785
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	397	289	794	579
Interest cost on projected benefit obligations	1,191	1,256	2,383	2,511
Expected return on plan assets	(1,368)	(1,383)	(2,736)	(2,766)
Recognition of prior service cost	0	0	0	0
Recognition of actuarial losses/(gains)	520	548	1,041	1,096
Net periodic pension cost/(credit)	740	710	1,482	1,420
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	3,892	3,425	7,912	6,821
Interest cost on projected benefit obligations	4,370	4,916	8,849	9,792
Expected return on plan assets	(9,050)	(8,645)	(18,395)	(17,212)
Recognition of prior service cost	(1,120)	(1,060)	(2,281)	(2,110)
Recognition of actuarial losses/(gains)	3,638	2,561	7,399	5,098
Net periodic pension cost/(credit)	1,730	1,197	3,484	2,389
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year, Description	27,300		27,300
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	0	0	0	0
Interest cost on projected benefit obligations	6	8	13	15
Expected return on plan assets	0	0	0	0
Recognition of prior service cost	(19)	(19)	(38)	(38)
Recognition of actuarial losses/(gains)	8	(1)	16	(1)
Net periodic pension cost/(credit)	$ (5)	$ (12)	$ (9)	$ (24)

Other Charges , Net Other Charges, Net (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Non-service pension costs (benefits)	$ 1.9	$ 3.8	$ 3.7

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Sep. 30, 2022
Operations of the Company's operating segments
Net Sales to External Customers	$ 946,750	$ 982,117	$ 1,872,699	$ 1,910,855
Revenue Transactions With Other Operating Segments	0	0	0	0
Net Sales	946,750	982,117	1,872,699	1,910,855
Segment Profit	284,101	307,704	551,429	574,155
Goodwill	665,359		665,359		$ 670,108	$ 665,100
Swiss Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	50,185	46,803	104,435	93,172
Revenue Transactions With Other Operating Segments	169,194	181,073	392,565	383,207
Net Sales	219,379	227,876	497,000	476,379
Segment profit	55,804	66,914	114,890	143,336
Goodwill	25,841		25,841			25,865
Western European Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	202,313	192,075	417,078	391,499
Revenue Transactions With Other Operating Segments	42,171	47,766	89,909	92,642
Net Sales	244,484	239,841	506,987	484,141
Segment profit	45,124	38,747	95,435	83,270
Goodwill	99,401		99,401			100,452
Chinese Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	164,384	221,669	307,582	407,437
Revenue Transactions With Other Operating Segments	81,894	67,279	162,536	127,731
Net Sales	246,278	288,948	470,118	535,168
Segment profit	99,496	119,722	175,319	200,963
Goodwill	601		601			603
Other Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	167,653	162,455	335,266	322,231
Revenue Transactions With Other Operating Segments	7,604	13,601	10,936	14,559
Net Sales	175,257	176,056	346,202	336,790
Segment profit	24,628	24,440	49,810	48,683
Goodwill	13,131		13,131			13,721
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	(336,880)	(343,460)	(729,381)	(685,128)
Net Sales	(336,880)	(343,460)	(729,381)	(685,128)
Segment profit	(41,198)	(46,325)	(77,908)	(88,097)
Goodwill	0		0			0
US Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	362,215	359,115	708,338	696,516
Revenue Transactions With Other Operating Segments	36,017	33,741	73,435	66,989
Net Sales	398,232	392,856	781,773	763,505
Segment profit	100,247	$ 104,206	193,883	$ 186,000
Goodwill	$ 526,385		$ 526,385			$ 524,459

Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of earnings before taxes to segment profit
Amortization	$ 18,178	$ 18,042	$ 36,406	$ 35,821
Interest expense	18,950	19,249	38,182	37,433
Restructuring Charges	5,329	8,021	14,993	12,295
Other charges (income), net	(1,533)	(1,011)	(1,876)	(1,407)
Segment Profit Information	284,101	307,704	551,429	574,155
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	$ 243,177	$ 263,403	$ 463,724	$ 490,013

Segment Reporting (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 5,329	$ 8,021	$ 14,993	$ 12,295

Label	Element	Value
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	$ 4,027,000