000103764612/312024Q2FALSE19,41122,4270.010.0110,000,00010,000,0000.010.01125,000,000125,000,00044,786,01144,786,01121,683,80222,139,00923,102,20922,647,0024.24June 25, 2025125,00010.03.67December 17, 202250,00010.04.10September 19, 202350,00010.03.84September 19, 2024125,00010.03.91June 25, 202975,00010.03.19January 24, 203550,00015.01.47June 17, 2030125,00015.01.3November 6, 2034135,00015.02.83July 22, 2033125,00012.00.975June 15, 20231,250,0002.81March 27, 2037150,00015.02.91September 1, 2037150,00015.00.85iso4217:USDiso4217:USDxbrli:sharesxbrli:sharesutr:Ratexbrli:pureiso4217:EUR00010376462024-01-012024-06-300001037646us-gaap:ProductMember2024-04-012024-06-300001037646us-gaap:ProductMember2023-04-012023-06-300001037646us-gaap:ServiceMember2024-04-012024-06-300001037646us-gaap:ServiceMember2023-04-012023-06-3000010376462024-04-012024-06-3000010376462023-04-012023-06-300001037646us-gaap:ProductMember2024-01-012024-06-300001037646us-gaap:ProductMember2023-01-012023-06-300001037646us-gaap:ServiceMember2024-01-012024-06-300001037646us-gaap:ServiceMember2023-01-012023-06-3000010376462023-01-012023-06-3000010376462024-06-3000010376462023-12-310001037646us-gaap:CommonStockMember2022-12-310001037646us-gaap:AdditionalPaidInCapitalMember2022-12-310001037646us-gaap:TreasuryStockCommonMember2022-12-310001037646us-gaap:RetainedEarningsMember2022-12-310001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100010376462022-12-310001037646us-gaap:CommonStockMember2023-01-012023-03-310001037646us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001037646us-gaap:TreasuryStockCommonMember2023-01-012023-03-310001037646us-gaap:RetainedEarningsMember2023-01-012023-03-3100010376462023-01-012023-03-3100010376462022-10-012022-12-310001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001037646us-gaap:CommonStockMember2023-03-310001037646us-gaap:AdditionalPaidInCapitalMember2023-03-310001037646us-gaap:TreasuryStockCommonMember2023-03-310001037646us-gaap:RetainedEarningsMember2023-03-310001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100010376462023-03-310001037646us-gaap:CommonStockMember2023-04-012023-06-300001037646us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001037646us-gaap:TreasuryStockCommonMember2023-04-012023-06-300001037646us-gaap:RetainedEarningsMember2023-04-012023-06-300001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001037646us-gaap:CommonStockMember2023-06-300001037646us-gaap:AdditionalPaidInCapitalMember2023-06-300001037646us-gaap:TreasuryStockCommonMember2023-06-300001037646us-gaap:RetainedEarningsMember2023-06-300001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-3000010376462023-06-300001037646us-gaap:CommonStockMember2023-12-310001037646us-gaap:AdditionalPaidInCapitalMember2023-12-310001037646us-gaap:TreasuryStockCommonMember2023-12-310001037646us-gaap:RetainedEarningsMember2023-12-310001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001037646us-gaap:CommonStockMember2024-01-012024-03-310001037646us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001037646us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001037646us-gaap:RetainedEarningsMember2024-01-012024-03-3100010376462024-01-012024-03-310001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001037646us-gaap:CommonStockMember2024-03-310001037646us-gaap:AdditionalPaidInCapitalMember2024-03-310001037646us-gaap:TreasuryStockCommonMember2024-03-310001037646us-gaap:RetainedEarningsMember2024-03-310001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-3100010376462024-03-310001037646us-gaap:CommonStockMember2024-04-012024-06-300001037646us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001037646us-gaap:TreasuryStockCommonMember2024-04-012024-06-300001037646us-gaap:RetainedEarningsMember2024-04-012024-06-300001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001037646us-gaap:CommonStockMember2024-06-300001037646us-gaap:AdditionalPaidInCapitalMember2024-06-300001037646us-gaap:TreasuryStockCommonMember2024-06-300001037646us-gaap:RetainedEarningsMember2024-06-300001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001037646us-gaap:CustomerRelationshipsMember2024-06-300001037646us-gaap:CustomerRelationshipsMember2023-12-310001037646mtd:ProvenTechnologyAndPatentsMember2024-06-300001037646mtd:ProvenTechnologyAndPatentsMember2023-12-310001037646us-gaap:TradeNamesMember2024-06-300001037646us-gaap:TradeNamesMember2023-12-310001037646us-gaap:TradeNamesMember2024-06-300001037646us-gaap:TradeNamesMember2023-12-310001037646us-gaap:OtherIntangibleAssetsMember2024-06-300001037646us-gaap:OtherIntangibleAssetsMember2023-12-310001037646mtd:USOperationsMemberus-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ProductMembermtd:SwissOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ProductMembermtd:WesternEuropeanOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ProductMembermtd:ChineseOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646mtd:OtherOperationsMemberus-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646mtd:USOperationsMemberus-gaap:ServiceMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ServiceMembermtd:SwissOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ServiceMembermtd:WesternEuropeanOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ServiceMembermtd:ChineseOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ServiceMembermtd:OtherOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:ServiceMemberus-gaap:TransferredAtPointInTimeMember2024-04-012024-06-300001037646us-gaap:TransferredOverTimeMembermtd:USOperationsMemberus-gaap:ServiceMember2024-04-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:SwissOperationsMember2024-04-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:WesternEuropeanOperationsMember2024-04-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:ChineseOperationsMember2024-04-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:OtherOperationsMember2024-04-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMember2024-04-012024-06-300001037646mtd:USOperationsMember2024-04-012024-06-300001037646mtd:SwissOperationsMember2024-04-012024-06-300001037646mtd:WesternEuropeanOperationsMember2024-04-012024-06-300001037646mtd:ChineseOperationsMember2024-04-012024-06-300001037646mtd:OtherOperationsMember2024-04-012024-06-300001037646mtd:USOperationsMemberus-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ProductMembermtd:SwissOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ProductMembermtd:WesternEuropeanOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ProductMembermtd:ChineseOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646mtd:OtherOperationsMemberus-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646mtd:USOperationsMemberus-gaap:ServiceMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ServiceMembermtd:SwissOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ServiceMembermtd:WesternEuropeanOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ServiceMembermtd:ChineseOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ServiceMembermtd:OtherOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:ServiceMemberus-gaap:TransferredAtPointInTimeMember2023-04-012023-06-300001037646us-gaap:TransferredOverTimeMembermtd:USOperationsMemberus-gaap:ServiceMember2023-04-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:SwissOperationsMember2023-04-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:WesternEuropeanOperationsMember2023-04-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:ChineseOperationsMember2023-04-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:OtherOperationsMember2023-04-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMember2023-04-012023-06-300001037646mtd:USOperationsMember2023-04-012023-06-300001037646mtd:SwissOperationsMember2023-04-012023-06-300001037646mtd:WesternEuropeanOperationsMember2023-04-012023-06-300001037646mtd:ChineseOperationsMember2023-04-012023-06-300001037646mtd:OtherOperationsMember2023-04-012023-06-300001037646mtd:USOperationsMemberus-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ProductMembermtd:SwissOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ProductMembermtd:WesternEuropeanOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ProductMembermtd:ChineseOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646mtd:OtherOperationsMemberus-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646mtd:USOperationsMemberus-gaap:ServiceMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ServiceMembermtd:SwissOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ServiceMembermtd:WesternEuropeanOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ServiceMembermtd:ChineseOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ServiceMembermtd:OtherOperationsMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:ServiceMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-06-300001037646us-gaap:TransferredOverTimeMembermtd:USOperationsMemberus-gaap:ServiceMember2024-01-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:SwissOperationsMember2024-01-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:WesternEuropeanOperationsMember2024-01-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:ChineseOperationsMember2024-01-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:OtherOperationsMember2024-01-012024-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMember2024-01-012024-06-300001037646mtd:USOperationsMember2024-01-012024-06-300001037646mtd:SwissOperationsMember2024-01-012024-06-300001037646mtd:WesternEuropeanOperationsMember2024-01-012024-06-300001037646mtd:ChineseOperationsMember2024-01-012024-06-300001037646mtd:OtherOperationsMember2024-01-012024-06-300001037646mtd:USOperationsMemberus-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ProductMembermtd:SwissOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ProductMembermtd:WesternEuropeanOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ProductMembermtd:ChineseOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646mtd:OtherOperationsMemberus-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ProductMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646mtd:USOperationsMemberus-gaap:ServiceMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ServiceMembermtd:SwissOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ServiceMembermtd:WesternEuropeanOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ServiceMembermtd:ChineseOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ServiceMembermtd:OtherOperationsMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:ServiceMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-06-300001037646us-gaap:TransferredOverTimeMembermtd:USOperationsMemberus-gaap:ServiceMember2023-01-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:SwissOperationsMember2023-01-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:WesternEuropeanOperationsMember2023-01-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:ChineseOperationsMember2023-01-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMembermtd:OtherOperationsMember2023-01-012023-06-300001037646us-gaap:TransferredOverTimeMemberus-gaap:ServiceMember2023-01-012023-06-300001037646mtd:USOperationsMember2023-01-012023-06-300001037646mtd:SwissOperationsMember2023-01-012023-06-300001037646mtd:WesternEuropeanOperationsMember2023-01-012023-06-300001037646mtd:ChineseOperationsMember2023-01-012023-06-300001037646mtd:OtherOperationsMember2023-01-012023-06-300001037646srt:AmericasMember2024-04-012024-06-300001037646srt:AmericasMember2023-04-012023-06-300001037646srt:AmericasMember2024-01-012024-06-300001037646srt:AmericasMember2023-01-012023-06-300001037646srt:EuropeMember2024-04-012024-06-300001037646srt:EuropeMember2023-04-012023-06-300001037646srt:EuropeMember2024-01-012024-06-300001037646srt:EuropeMember2023-01-012023-06-300001037646srt:AsiaMember2024-04-012024-06-300001037646srt:AsiaMember2023-04-012023-06-300001037646srt:AsiaMember2024-01-012024-06-300001037646srt:AsiaMember2023-01-012023-06-300001037646mtd:LaboratoryproductsandservicesMember2024-06-300001037646mtd:IndustrialproductsandservicesMember2024-06-300001037646mtd:RetailproductsandservicesMember2024-06-300001037646mtd:LaboratoryproductsandservicesMember2024-04-012024-06-300001037646mtd:LaboratoryproductsandservicesMember2023-04-012023-06-300001037646mtd:LaboratoryproductsandservicesMember2024-01-012024-06-300001037646mtd:LaboratoryproductsandservicesMember2023-01-012023-06-300001037646mtd:IndustrialproductsandservicesMember2024-04-012024-06-300001037646mtd:IndustrialproductsandservicesMember2023-04-012023-06-300001037646mtd:IndustrialproductsandservicesMember2024-01-012024-06-300001037646mtd:IndustrialproductsandservicesMember2023-01-012023-06-300001037646mtd:RetailproductsandservicesMember2024-04-012024-06-300001037646mtd:RetailproductsandservicesMember2023-04-012023-06-300001037646mtd:RetailproductsandservicesMember2024-01-012024-06-300001037646mtd:RetailproductsandservicesMember2023-01-012023-06-300001037646us-gaap:NondesignatedMember2024-04-012024-06-300001037646us-gaap:NondesignatedMember2023-04-012023-06-300001037646us-gaap:NondesignatedMember2024-01-012024-06-300001037646us-gaap:NondesignatedMember2023-01-012023-06-300001037646us-gaap:NondesignatedMember2024-06-300001037646us-gaap:NondesignatedMember2023-12-310001037646mtd:A2.5250MillionInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300001037646mtd:A2.5250MillionInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300001037646mtd:A2.25100MillionInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300001037646mtd:A2.25100MillionInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300001037646mtd:A2017CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300001037646mtd:A2017CrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300001037646us-gaap:DesignatedAsHedgingInstrumentMembermtd:February2019CrossCurrencySwapMember2024-04-012024-06-300001037646us-gaap:DesignatedAsHedgingInstrumentMembermtd:February2019CrossCurrencySwapMember2024-01-012024-06-300001037646mtd:June20194YRCrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300001037646mtd:June20194YRCrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300001037646mtd:June20192YRCrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-04-012024-06-300001037646mtd:June20192YRCrossCurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-06-300001037646us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-06-300001037646us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001037646us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300001037646mtd:A3.84SeniorNotesMembermtd:UsDollarAmountsMember2024-06-300001037646mtd:A3.84SeniorNotesMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:A3.84SeniorNotesMember2024-06-300001037646mtd:A4.24SeniorNotesMembermtd:UsDollarAmountsMember2024-06-300001037646mtd:A4.24SeniorNotesMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:A4.24SeniorNotesMember2024-06-300001037646mtd:A3.91SeniorNotesMembermtd:UsDollarAmountsMember2024-06-300001037646mtd:A3.91SeniorNotesMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:A3.91SeniorNotesMember2024-06-300001037646mtd:UsDollarAmountsMembermtd:A545SeniorNoteMember2024-06-300001037646mtd:A283SeniorNotesMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:A545SeniorNoteMember2024-06-300001037646mtd:A283SeniorNotesMembermtd:UsDollarAmountsMember2024-06-300001037646mtd:A283SeniorNotesMember2024-06-300001037646mtd:UsDollarAmountsMembermtd:A3.19SeniorNotesMember2024-06-300001037646mtd:A3.19SeniorNotesMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:A3.19SeniorNotesMember2024-06-300001037646mtd:A281SeniorNoteMembermtd:UsDollarAmountsMember2024-06-300001037646mtd:A281SeniorNoteMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:UsDollarAmountsMembermtd:A291SeniorNoteMember2024-06-300001037646mtd:UsDollarAmountsMembermtd:A1.47EUROSeniorNotesMember2024-06-300001037646mtd:A1.47EUROSeniorNotesMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:A1.47EUROSeniorNotesMember2024-06-300001037646mtd:A1.30EuroSeniorNotesMembermtd:UsDollarAmountsMember2024-06-300001037646mtd:A1.30EuroSeniorNotesMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:A1.30EuroSeniorNotesMember2024-06-300001037646mtd:A106EuroSeniorNotesMembermtd:UsDollarAmountsMember2024-06-300001037646mtd:A106EuroSeniorNotesMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:A106EuroSeniorNotesMember2024-06-300001037646mtd:UsDollarAmountsMember2024-06-300001037646mtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:OtherLocalArrangementsMembermtd:UsDollarAmountsMember2024-06-300001037646mtd:OtherLocalArrangementsMembermtd:OtherPrincipalTradingCurrenciesMember2024-06-300001037646mtd:OtherLocalArrangementsMember2024-06-300001037646mtd:SwissPensionLoansMember2024-06-300001037646mtd:A4.24SeniorNotesMember2024-01-012024-06-300001037646mtd:A367SeniorNotesMember2024-06-300001037646mtd:A367SeniorNotesMember2024-01-012024-06-300001037646mtd:A4.10SeniorNotesMember2024-06-300001037646mtd:A4.10SeniorNotesMember2024-01-012024-06-300001037646mtd:A3.84SeniorNotesMember2024-01-012024-06-300001037646mtd:A3.91SeniorNotesMember2024-01-012024-06-300001037646mtd:A3.19SeniorNotesMember2024-01-012024-06-300001037646mtd:A1.47EUROSeniorNotesMember2024-01-012024-06-300001037646mtd:A1.30EuroSeniorNotesMember2024-01-012024-06-300001037646mtd:A283SeniorNotesMember2024-01-012024-06-300001037646us-gaap:LineOfCreditMember2024-06-300001037646us-gaap:LineOfCreditMember2024-01-012024-06-300001037646mtd:A281SeniorNoteMember2024-06-300001037646mtd:A281SeniorNoteMember2024-01-012024-06-300001037646mtd:A291SeniorNoteMember2024-06-300001037646mtd:A291SeniorNoteMember2024-01-012024-06-300001037646us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001037646us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001037646us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310001037646us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-06-300001037646us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300001037646us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-06-300001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001037646us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300001037646us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300001037646us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-300001037646us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001037646us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001037646us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310001037646us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-06-300001037646us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300001037646us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-06-300001037646us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300001037646us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300001037646us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001037646us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-06-300001037646mtd:CrossCurrencySwapMember2024-04-012024-06-300001037646mtd:CrossCurrencySwapMember2023-04-012023-06-300001037646mtd:CrossCurrencySwapMember2024-01-012024-06-300001037646mtd:CrossCurrencySwapMember2023-01-012023-06-300001037646us-gaap:PensionPlansDefinedBenefitMember2024-04-012024-06-300001037646us-gaap:PensionPlansDefinedBenefitMember2023-04-012023-06-300001037646us-gaap:OtherPensionPlansDefinedBenefitMember2024-04-012024-06-300001037646us-gaap:OtherPensionPlansDefinedBenefitMember2023-04-012023-06-300001037646us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-04-012024-06-300001037646us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-04-012023-06-300001037646us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-06-300001037646us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-06-300001037646us-gaap:OtherPensionPlansDefinedBenefitMember2024-01-012024-06-300001037646us-gaap:OtherPensionPlansDefinedBenefitMember2023-01-012023-06-300001037646us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-06-300001037646us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-06-300001037646us-gaap:OtherPensionPlansDefinedBenefitMember2024-06-300001037646mtd:USOperationsMember2024-04-012024-06-300001037646mtd:USOperationsMember2024-06-300001037646mtd:SwissOperationsMember2024-04-012024-06-300001037646mtd:SwissOperationsMember2024-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupThreeMember2024-04-012024-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupThreeMember2024-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupFourMember2024-04-012024-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupFourMember2024-06-300001037646mtd:OtherOperationsMember2024-04-012024-06-300001037646mtd:OtherOperationsMember2024-06-300001037646us-gaap:IntersegmentEliminationMember2024-04-012024-06-300001037646us-gaap:IntersegmentEliminationMember2024-06-300001037646mtd:USOperationsMember2024-01-012024-06-300001037646mtd:SwissOperationsMember2024-01-012024-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupThreeMember2024-01-012024-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupFourMember2024-01-012024-06-300001037646mtd:OtherOperationsMember2024-01-012024-06-300001037646us-gaap:IntersegmentEliminationMember2024-01-012024-06-300001037646mtd:USOperationsMember2023-04-012023-06-300001037646mtd:USOperationsMember2022-09-300001037646mtd:SwissOperationsMember2023-04-012023-06-300001037646mtd:SwissOperationsMember2022-09-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupThreeMember2023-04-012023-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupThreeMember2022-09-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupFourMember2023-04-012023-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupFourMember2022-09-300001037646mtd:OtherOperationsMember2023-04-012023-06-300001037646mtd:OtherOperationsMember2022-09-300001037646us-gaap:IntersegmentEliminationMember2023-04-012023-06-300001037646us-gaap:IntersegmentEliminationMember2022-09-3000010376462022-09-300001037646mtd:USOperationsMember2023-01-012023-06-300001037646mtd:SwissOperationsMember2023-01-012023-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupThreeMember2023-01-012023-06-300001037646mtd:SegmentGeographicalGroupsOfCountriesGroupFourMember2023-01-012023-06-300001037646mtd:OtherOperationsMember2023-01-012023-06-300001037646us-gaap:IntersegmentEliminationMember2023-01-012023-06-30

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)
Delaware13-3668641
(State or other jurisdiction of(I.R.S Employer Identification No.)
incorporation or organization)
1900 Polaris Parkway
Columbus, OH 43240
and
Im Langacher, P.O. Box MT-100
CH 8606 Greifensee, Switzerland
1-614-438-4511 and +41-44-944-22-11
________________________________________________________________________________
(Registrant's telephone number, including area code)

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

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

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

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

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

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

The Registrant had 21,219,218 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

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 
Service234,490 223,146 
Total net sales946,750 982,117 
Cost of sales
Products270,571 296,953 
Service110,511 101,621 
Gross profit565,668 583,543 
Research and development45,771 47,245 
Selling, general and administrative235,796 228,594 
Amortization18,178 18,042 
Interest expense18,950 19,249 
Restructuring charges5,329 8,021 
Other charges (income), net(1,533)(1,011)
Earnings before taxes243,177 263,403 
Provision for taxes21,363 49,476 
Net earnings$221,814 $213,927 
Basic earnings per common share:
Net earnings$10.42 $9.75 
Weighted average number of common shares21,279,006 21,944,645 
Diluted earnings per common share:
Net earnings$10.37 $9.69 
Weighted average number of common and common equivalent shares21,392,550 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.
- 3 -

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 
Service459,471 435,883 
Total net sales1,872,699 1,910,855 
Cost of sales
Products542,498 582,704 
Service216,400 198,042 
Gross profit1,113,801 1,130,109 
Research and development92,186 92,722 
Selling, general and administrative470,186 463,232 
Amortization36,406 35,821 
Interest expense38,182 37,433 
Restructuring charges14,993 12,295 
Other charges (income), net(1,876)(1,407)
Earnings before taxes463,724 490,013 
Provision for taxes64,401 87,660 
Net earnings$399,323 $402,353 
Basic earnings per common share:
Net earnings$18.70 $18.28 
Weighted average number of common shares21,358,339 22,013,662 
Diluted earnings per common share:
Net earnings$18.60 $18.15 
Weighted average number of common and common equivalent shares21,468,995 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.
- 4 -

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, 2023634,710 663,893 
Inventories366,395 385,865 
Other current assets and prepaid expenses106,392 110,638 
Total current assets1,178,307 1,230,203 
Property, plant and equipment, net768,664 803,374 
Goodwill665,359 670,108 
Other intangible assets, net268,154 285,429 
Deferred tax assets, net30,554 31,199 
Other non-current assets338,126 335,242 
Total assets$3,249,164 $3,355,555 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:  
Trade accounts payable$199,462 $210,411 
Accrued and other liabilities180,881 196,138 
Accrued compensation and related items157,416 160,308 
Deferred revenue and customer prepayments214,205 202,022 
Taxes payable217,972 219,984 
Short-term borrowings and current maturities of long-term debt311,246 192,219 
Total current liabilities1,281,182 1,181,082 
Long-term debt1,746,638 1,888,620 
Deferred tax liabilities, net101,741 108,679 
Other non-current liabilities272,365 327,112 
Total liabilities3,401,926 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, respectively448 448 
Additional paid-in capital881,814 871,110 
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 earnings7,909,919 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.
- 5 -

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 StockTreasury StockRetained Earnings 
 SharesAmountTotal
Balance at December 31, 202222,139,009 $448 $850,368 $(7,325,656)$6,726,866 $(227,233)$24,793 
Exercise of stock options and restricted stock units47,849 — 1,278 12,720 (2,525)— 11,473 
Repurchases of common stock(166,628)— — (249,999)— — (249,999)
Excise tax on net repurchases of common stock(1,906)(1,906)
Share-based compensation— — 4,027 — — — 4,027 
Net earnings— — — — 188,426 — 188,426 
Other comprehensive income (loss), net of tax— — — — — (1,283)(1,283)
Balance at March 31, 202322,020,230 $448 $855,673 $(7,564,841)$6,912,767 $(228,516)$(24,469)
Exercise of stock options and restricted stock units22,342 — 1,536 6,085 (7)— 7,614 
Repurchases of common stock(177,754)— — (250,000)— — (250,000)
Excise tax on net repurchases of common stock(2,272)(2,272)
Share-based compensation— — 4,195 — — — 4,195 
Net earnings— — — — 213,927 — 213,927 
Other comprehensive income (loss), net of tax— — — — — (38,700)(38,700)
Balance at June 30, 202321,864,818 $448 $861,404 $(7,811,028)$7,126,687 $(267,216)$(89,705)
Balance at December 31, 202321,526,172 $448 $871,110 $(8,212,437)$7,510,756 $(319,815)$(149,938)
Exercise of stock options and restricted stock units4,898 — 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, 202421,357,370 $448 $876,417 $(8,425,613)$7,688,105 $(298,074)$(158,717)
Exercise of stock options and restricted stock units18,640 — 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, 202421,219,218 $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.
- 6 -

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: 
Depreciation24,873 24,217 
Amortization36,406 35,821 
Deferred tax benefit(3,837)(1,766)
Share-based compensation9,263 8,222 
Non-cash discrete tax benefit(22,982)— 
Increase (decrease) in cash resulting from changes in: 
Trade accounts receivable, net7,404 60,460 
Inventories3,083 47,746 
Other current assets(6,190)4,057 
Trade accounts payable(4,862)(76,707)
Taxes payable10,055 13,249 
Accruals and other(5,043)(97,579)
Net cash provided by operating activities447,493 420,073 
Cash flows from investing activities:  
Proceeds from sale of property, plant and equipment668 412 
Purchase of property, plant and equipment(41,201)(51,947)
Proceeds from government funding 1,264 
Acquisitions(2,473)(613)
Other investing activities12,239 (14,414)
Net cash used in investing activities(30,767)(65,298)
Cash flows from financing activities:  
Proceeds from borrowings1,022,578 1,080,921 
Repayments of borrowings(1,017,192)(958,731)
Proceeds from stock option exercises8,136 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 equivalents1,003 (12,392)
Cash and cash equivalents: 
Beginning of period69,807 95,966 
End of period$70,810 $83,574 


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

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

1.BASIS OF PRESENTATION
Mettler-Toledo International Inc. (Mettler-Toledo or the Company) is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Switzerland, the United Kingdom, 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.
- 8 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.
Inventories consisted of the following:
June 30,
2024
December 31,
2023
Raw materials and parts$171,135 $180,352 
Work-in-progress72,982 81,181 
Finished goods122,278 124,332 
 $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, 2024December 31, 2023
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$286,191 $(109,880)$176,311 $294,180 $(107,665)$186,515 
Proven technology and patents126,154 (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 
Other12,411 (7,949)4,462 13,236 (8,228)5,008 
 $467,622 $(199,468)$268,154 $480,871 $(195,442)$285,429 
- 9 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The Company recognized amortization expense associated with the above intangible assets of $6.7 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.

- 10 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Share-Based Compensation
The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $4.5 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.

- 11 -

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, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$264,345 $39,418 $137,113 $148,436 $122,948 $712,260 
Service Revenue:
Point in time73,839 7,615 43,218 11,753 34,614 171,039 
Over time24,031 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, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$265,881 $36,662 $130,404 $204,259 $121,765 $758,971 
Service Revenue:
Point in 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, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$515,081 $83,039 $288,648 $277,447 $249,013 $1,413,228 
Service Revenue:
Point in time146,973 15,379 86,039 21,654 65,824 335,869 
Over time46,284 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, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$512,410 $73,123 $271,111 $374,689 $243,639 $1,474,972 
Service Revenue:
Point in 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 EndedSix Months Ended
2024202320242023
Americas$404,030 $396,897 $788,373 $768,970 
Europe258,836 246,340 532,697 500,314 
Asia / Rest of World283,884 338,880 551,629 641,571 
Total$946,750 $982,117 $1,872,699 $1,910,855 
- 12 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The Company's global revenue mix by product category is laboratory (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 EndedSix Months Ended
2024202320242023
Laboratory$523,233 $526,699 $1,048,288 $1,046,730 
Industrial374,257 399,001 726,102 754,181 
Retail49,260 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:
20242023
Beginning balances as of January 1$202,022 $192,759 
Customer pre-payments/deferred revenue338,581 343,373 
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.
- 13 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
4.     FINANCIAL INSTRUMENTS
The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate and cross currency swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate and cross currency swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portion of the cash flow hedges, also see Note 5 and Note 9 to the interim consolidated financial statements. As also described in Note 7, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries.
Cash Flow Hedges
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 DateAmount
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 million1.04%November 2026
November 2023$50 million1.16%November 2026
June 2023$50 million1.55%June 2027
June 2024$50 million1.15%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.
- 14 -

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
- 15 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The following table presents the Company's assets and liabilities, which are all categorized as Level 2, that are measured at fair value on a recurring basis. The Company does not have any assets or liabilities which are categorized as Level 1:
 June 30, 2024December 31, 2023Balance 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 agreement864 Other current assets and prepaid expenses
Cross currency swap agreement544 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 agreement3,829 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.
- 16 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
7.    DEBT
Debt consisted of the following at June 30, 2024:
U.S. DollarOther Principal Trading CurrenciesTotal
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, 2025125,000  125,000 
3.91% $75 million ten-year Senior Notes due June 25, 202975,000  75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000  150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000  50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000  150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030 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 Notes947,510 410,326 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 arrangements8,869 57,675 66,544 
Total debt1,338,685 719,199 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,
- 17 -

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.
- 18 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
9.    ACCUMULATED OTHER COMPREHENSIVE INCOME
    Comprehensive income (loss), net of tax consisted of the following as of June 30:        
Three Months EndedSix Months Ended
2024202320242023
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 TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 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 TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 2022$(82,864)$4,256 $(148,625)$(227,233)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements (2,121) (2,121)
Foreign currency translation adjustment(37,810) (3,960)(41,770)
Amounts recognized from accumulated other comprehensive income (loss), net of tax 725 3,183 3,908 
Net change in other comprehensive income (loss), net of tax(37,810)(1,396)(777)(39,983)
Balance at June 30, 2023$(120,674)$2,860 $(149,402)$(267,216)

- 19 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
    The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:
Three Months Ended
June 30,
20242023Location 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 taxes611 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 $3.1 million recorded in interest expense for the three months ended June 30, 2024.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three months ended June 30, 2024 and 2023.
Six Months Ended
June 30,
20242023Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement
(21,866)895 (a)
Provision for taxes(4,155)170 Provision for taxes
Total, net of taxes$(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 taxes1,243 854 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.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the six months ended June 30, 2024 and 2023.

- 20 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
10.    EARNINGS PER COMMON SHARE
In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six months ended June 30, relating to outstanding stock options and restricted stock units:
20242023
Three months ended113,544 135,957 
Six months ended110,656 150,732 
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 BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20242023202420232024202320242023
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 BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20242023202420232024202320242023
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
- 21 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
to its non-U.S. pension plans during the year ended December 31, 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 toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2024
June 30, 2024CustomersSegmentsSalesProfitGoodwill
U.S. Operations$362,215 $36,017 $398,232 $100,247 $526,385 
Swiss Operations50,185 169,194 219,379 55,804 25,841 
Western European Operations202,313 42,171 244,484 45,124 99,401 
Chinese Operations164,384 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 toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2024CustomersSegmentsSalesProfit
U.S. Operations$708,338 $73,435 $781,773 $193,883 
Swiss Operations104,435 392,565 497,000 114,890 
Western European Operations417,078 89,909 506,987 95,435 
Chinese Operations307,582 162,536 470,118 175,319 
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.
- 22 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2023
June 30, 2023CustomersSegmentsSalesProfitGoodwill
U.S. Operations$359,115 $33,741 $392,856 $104,206 $524,459 
Swiss Operations46,803 181,073 227,876 66,914 25,865 
Western European Operations192,075 47,766 239,841 38,747 100,452 
Chinese Operations221,669 67,279 288,948 119,722 603 
Other (a)162,455 13,601 176,056 24,440 13,721 
Eliminations and Corporate (b) (343,460)(343,460)(46,325) 
Total$982,117 $ $982,117 $307,704 $665,100 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2023CustomersSegmentsSalesProfit
U.S. Operations$696,516 $66,989 $763,505 $186,000 
Swiss Operations93,172 383,207 476,379 143,336 
Western European Operations391,499 92,642 484,141 83,270 
Chinese Operations407,437 127,731 535,168 200,963 
Other (a)322,231 14,559 336,790 48,683 
Eliminations and Corporate (b) (685,128)(685,128)(88,097)
Total$1,910,855 $ $1,910,855 $574,155 

(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
    A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:
 Three Months EndedSix Months Ended
 2024202320242023
Earnings before taxes$243,177 $263,403 $463,724 $490,013 
Amortization18,178 18,042 36,406 35,821 
Interest expense18,950 19,249 38,182 37,433 
Restructuring charges5,329 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.
- 23 -

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Unaudited Interim Consolidated Financial Statements included herein.
General
Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and six months ended June 30, 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,
 2024202320242023
 (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 sales381,082 40.3 398,574 40.6 758,898 40.5 780,746 40.9 
Gross profit565,668 59.7 583,543 59.4 1,113,801 59.5 1,130,109 59.1 
Research and development45,771 4.8 47,245 4.8 92,186 4.9 92,722 4.9 
Selling, general and administrative235,796 24.9 228,594 23.3 470,186 25.1 463,232 24.2 
Amortization18,178 1.9 18,042 1.8 36,406 1.9 35,821 1.9 
Interest expense18,950 2.0 19,249 2.0 38,182 2.0 37,433 2.0 
Restructuring charges5,329 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 taxes243,177 25.7 263,403 26.8 463,724 24.8 490,013 25.6 
Provision for taxes21,363 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,
- 24 -

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.

- 25 -

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.
- 26 -

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,
 20242023%20242023%
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,
 20242023
%1)
20242023
%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
- 27 -

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,
 20242023
%1)
20242023
%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,
 20242023
%1)
20242023
%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
- 28 -

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,
 20242023
%1)
20242023
%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.
- 29 -

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. DollarOther Principal Trading CurrenciesTotal
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, 2025125,000 — 125,000 
3.91% $75 million ten-year Senior Notes due June 25, 202975,000 — 75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000 — 150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000 — 50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000 — 150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030— 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 Notes947,510 410,326 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 arrangements8,869 57,675 66,544 
Total debt1,338,685 719,199 2,057,884 
Less: current portion(253,831)(57,415)(311,246)
Total long-term debt$1,084,854 $661,784 $1,746,638 
- 30 -

(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, 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
- 31 -


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.
- 32 -


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.
- 33 -

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, 202456,851 $1,266.54 56,851 $2,273,927 
May 1 to May 31, 202459,884 $1,382.96 59,884 $2,191,108 
June 1 to June 30, 202440,057 $1,439.80 40,057 $2,133,433 
Total156,792 $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.

- 34 -

EXHIBIT INDEX
Exhibit No. Description
 
    
 
 
101.INS*XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*XBRL Taxonomy Extension Schema Document
101.CAL*XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*XBRL Taxonomy Extension Label Linkbase Document
101.PRE*XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*XBRL Taxonomy Extension Definition Linkbase Document
_______________________
*    Filed herewith
- 35 -

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, 2024By:  /s/ Shawn P. Vadala
 
  Shawn P. Vadala
  Chief Financial Officer 

- 36 -
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.;

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

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

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

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

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

Dated: 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


v3.24.2.u1
Document and Entity Information Document
6 Months Ended
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, $0.01 par value
Trading Symbol MTD
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Central Index Key 0001037646
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Current Fiscal Year End Date --12-31
Amendment Flag false
v3.24.2.u1
Interim Consolidated Statements of Operations (Unaudited) - USD ($)
$ 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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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        
v3.24.2.u1
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)
v3.24.2.u1
Basis of Presentation
6 Months Ended
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.
v3.24.2.u1
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Trade Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for expected credit losses represents the Company’s best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.
Inventories consisted of the following:
June 30,
2024
December 31,
2023
Raw materials and parts$171,135 $180,352 
Work-in-progress72,982 81,181 
Finished goods122,278 124,332 
 $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, 2024December 31, 2023
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$286,191 $(109,880)$176,311 $294,180 $(107,665)$186,515 
Proven technology and patents126,154 (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 
Other12,411 (7,949)4,462 13,236 (8,228)5,008 
 $467,622 $(199,468)$268,154 $480,871 $(195,442)$285,429 
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.
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.
v3.24.2.u1
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
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, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$264,345 $39,418 $137,113 $148,436 $122,948 $712,260 
Service Revenue:
Point in time73,839 7,615 43,218 11,753 34,614 171,039 
Over time24,031 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, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$265,881 $36,662 $130,404 $204,259 $121,765 $758,971 
Service Revenue:
Point in 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, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$515,081 $83,039 $288,648 $277,447 $249,013 $1,413,228 
Service Revenue:
Point in time146,973 15,379 86,039 21,654 65,824 335,869 
Over time46,284 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, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$512,410 $73,123 $271,111 $374,689 $243,639 $1,474,972 
Service Revenue:
Point in 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 EndedSix Months Ended
2024202320242023
Americas$404,030 $396,897 $788,373 $768,970 
Europe258,836 246,340 532,697 500,314 
Asia / Rest of World283,884 338,880 551,629 641,571 
Total$946,750 $982,117 $1,872,699 $1,910,855 
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 EndedSix Months Ended
2024202320242023
Laboratory$523,233 $526,699 $1,048,288 $1,046,730 
Industrial374,257 399,001 726,102 754,181 
Retail49,260 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:
20242023
Beginning balances as of January 1$202,022 $192,759 
Customer pre-payments/deferred revenue338,581 343,373 
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.
v3.24.2.u1
Fair Value Measurements
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS 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
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, 2024December 31, 2023Balance 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 agreement864— Other current assets and prepaid expenses
Cross currency swap agreement544— 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 agreement3,829 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.
v3.24.2.u1
Income Taxes
6 Months Ended
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
v3.24.2.u1
Debt
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Debt consisted of the following at June 30, 2024:
U.S. DollarOther Principal Trading CurrenciesTotal
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, 2025125,000 — 125,000 
3.91% $75 million ten-year Senior Notes due June 25, 202975,000 — 75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000 — 150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000 — 50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000 — 150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030— 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 Notes947,510 410,326 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 arrangements8,869 57,675 66,544 
Total debt1,338,685 719,199 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,
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.
v3.24.2.u1
Share Repurchase Program and Treasury Stock
6 Months Ended
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.
v3.24.2.u1
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 EndedSix Months Ended
2024202320242023
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 TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 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 TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 2022$(82,864)$4,256 $(148,625)$(227,233)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements— (2,121)— (2,121)
Foreign currency translation adjustment(37,810)— (3,960)(41,770)
Amounts recognized from accumulated other comprehensive income (loss), net of tax— 725 3,183 3,908 
Net change in other comprehensive income (loss), net of tax(37,810)(1,396)(777)(39,983)
Balance at June 30, 2023$(120,674)$2,860 $(149,402)$(267,216)
    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,
20242023Location 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 taxes611 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 $3.1 million recorded in interest expense for the three months ended June 30, 2024.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three months ended June 30, 2024 and 2023.
Six Months Ended
June 30,
20242023Location of Amounts Recognized in Earnings
Effective portion of (gains) losses on cash flow hedging arrangements:
Cross currency swap agreement
(21,866)895 (a)
Provision for taxes(4,155)170 Provision for taxes
Total, net of taxes$(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 taxes1,243 854 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.
(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the six months ended June 30, 2024 and 2023.
v3.24.2.u1
Earnings Per Common Share
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six months ended June 30, relating to outstanding stock options and restricted stock units:
20242023
Three months ended113,544 135,957 
Six months ended110,656 150,732 
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.
v3.24.2.u1
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 BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20242023202420232024202320242023
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 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 (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 BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20242023202420232024202320242023
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
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.
v3.24.2.u1
Other Charges (Income), Net
6 Months Ended
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.
v3.24.2.u1
Segment Reporting
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING
13.    SEGMENT REPORTING
As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 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 toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2024
June 30, 2024CustomersSegmentsSalesProfitGoodwill
U.S. Operations$362,215 $36,017 $398,232 $100,247 $526,385 
Swiss Operations50,185 169,194 219,379 55,804 25,841 
Western European Operations202,313 42,171 244,484 45,124 99,401 
Chinese Operations164,384 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 toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2024CustomersSegmentsSalesProfit
U.S. Operations$708,338 $73,435 $781,773 $193,883 
Swiss Operations104,435 392,565 497,000 114,890 
Western European Operations417,078 89,909 506,987 95,435 
Chinese Operations307,582 162,536 470,118 175,319 
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.
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2023
June 30, 2023CustomersSegmentsSalesProfitGoodwill
U.S. Operations$359,115 $33,741 $392,856 $104,206 $524,459 
Swiss Operations46,803 181,073 227,876 66,914 25,865 
Western European Operations192,075 47,766 239,841 38,747 100,452 
Chinese Operations221,669 67,279 288,948 119,722 603 
Other (a)162,455 13,601 176,056 24,440 13,721 
Eliminations and Corporate (b)— (343,460)(343,460)(46,325)— 
Total$982,117 $— $982,117 $307,704 $665,100 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2023CustomersSegmentsSalesProfit
U.S. Operations$696,516 $66,989 $763,505 $186,000 
Swiss Operations93,172 383,207 476,379 143,336 
Western European Operations391,499 92,642 484,141 83,270 
Chinese Operations407,437 127,731 535,168 200,963 
Other (a)322,231 14,559 336,790 48,683 
Eliminations and Corporate (b)— (685,128)(685,128)(88,097)
Total$1,910,855 $— $1,910,855 $574,155 

(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
    A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:
 Three Months EndedSix Months Ended
 2024202320242023
Earnings before taxes$243,177 $263,403 $463,724 $490,013 
Amortization18,178 18,042 36,406 35,821 
Interest expense18,950 19,249 38,182 37,433 
Restructuring charges5,329 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 
v3.24.2.u1
Contingencies
6 Months Ended
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.
v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Trade Accounts Receivable
Trade Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for expected credit losses represents the Company’s best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.
Inventories
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.
Inventories consisted of the following:
June 30,
2024
December 31,
2023
Raw materials and parts$171,135 $180,352 
Work-in-progress72,982 81,181 
Finished goods122,278 124,332 
 $366,395 $385,865 
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the 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, 2024December 31, 2023
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$286,191 $(109,880)$176,311 $294,180 $(107,665)$186,515 
Proven technology and patents126,154 (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 
Other12,411 (7,949)4,462 13,236 (8,228)5,008 
 $467,622 $(199,468)$268,154 $480,871 $(195,442)$285,429 
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
Revenue Recognition
Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.
Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.
Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.
Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period.
Share - Based Compensation
Share-Based Compensation
The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $4.5 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
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.
Business Combinations Policy [Policy Text Block]
Business Combinations and Asset Acquisitions
The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the values of the acquired assets and assumed liabilities, including goodwill and intangible assets, require significant judgment. Acquisition transaction costs are expensed when incurred.

In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
In March 2020, January 2021 and December 2022, the FASB issued ASU 2020-04, ASU 2021-01 and ASU 2022-06: Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2024. 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.
v3.24.2.u1
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-progress72,982 81,181 
Finished goods122,278 124,332 
 $366,395 $385,865 
Components of other intangible assets
Other intangible assets consisted of the following:
 June 30, 2024December 31, 2023
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$286,191 $(109,880)$176,311 $294,180 $(107,665)$186,515 
Proven technology and patents126,154 (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 
Other12,411 (7,949)4,462 13,236 (8,228)5,008 
 $467,622 $(199,468)$268,154 $480,871 $(195,442)$285,429 
v3.24.2.u1
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, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$264,345 $39,418 $137,113 $148,436 $122,948 $712,260 
Service Revenue:
Point in time73,839 7,615 43,218 11,753 34,614 171,039 
Over time24,031 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, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$265,881 $36,662 $130,404 $204,259 $121,765 $758,971 
Service Revenue:
Point in 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, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$515,081 $83,039 $288,648 $277,447 $249,013 $1,413,228 
Service Revenue:
Point in time146,973 15,379 86,039 21,654 65,824 335,869 
Over time46,284 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, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$512,410 $73,123 $271,111 $374,689 $243,639 $1,474,972 
Service Revenue:
Point in 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 EndedSix Months Ended
2024202320242023
Americas$404,030 $396,897 $788,373 $768,970 
Europe258,836 246,340 532,697 500,314 
Asia / Rest of World283,884 338,880 551,629 641,571 
Total$946,750 $982,117 $1,872,699 $1,910,855 
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 EndedSix Months Ended
2024202320242023
Laboratory$523,233 $526,699 $1,048,288 $1,046,730 
Industrial374,257 399,001 726,102 754,181 
Retail49,260 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]
20242023
Beginning balances as of January 1$202,022 $192,759 
Customer pre-payments/deferred revenue338,581 343,373 
Revenue recognized(320,727)(332,005)
Foreign currency translation(5,671)422 
Ending balance as of June 30$214,205 $204,549 
v3.24.2.u1
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, 2024December 31, 2023Balance 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 agreement864— Other current assets and prepaid expenses
Cross currency swap agreement544— 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 agreement3,829 14,270 Other non-current liabilities
Total derivative liabilities$5,726 $25,193 
v3.24.2.u1
Debt (Tables)
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt
Debt consisted of the following at June 30, 2024:
v3.24.2.u1
Accumulated Other Comprehensive Income (Tables)
6 Months Ended
Jun. 30, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2024 and 2023:
Currency Translation Adjustment, Net of TaxNet Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
Pension and Post-Retirement Benefit Related Items,
Net of Tax
Total
Balance at December 31, 2023$(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,
20242023Location 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 taxes611 430 Provision for taxes
Total, net of taxes$2,387 $1,605 
Schedule of Comprehensive Income (Loss) [Table Text Block] .
v3.24.2.u1
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 BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20242023202420232024202320242023
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 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 (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 BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20242023202420232024202320242023
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 
v3.24.2.u1
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 toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2024
June 30, 2024CustomersSegmentsSalesProfitGoodwill
U.S. Operations$362,215 $36,017 $398,232 $100,247 $526,385 
Swiss Operations50,185 169,194 219,379 55,804 25,841 
Western European Operations202,313 42,171 244,484 45,124 99,401 
Chinese Operations164,384 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 toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2024CustomersSegmentsSalesProfit
U.S. Operations$708,338 $73,435 $781,773 $193,883 
Swiss Operations104,435 392,565 497,000 114,890 
Western European Operations417,078 89,909 506,987 95,435 
Chinese Operations307,582 162,536 470,118 175,319 
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.
Net Sales toNet Sales toAs of June 30,
For the three months endedExternalOtherTotal NetSegment2023
June 30, 2023CustomersSegmentsSalesProfitGoodwill
U.S. Operations$359,115 $33,741 $392,856 $104,206 $524,459 
Swiss Operations46,803 181,073 227,876 66,914 25,865 
Western European Operations192,075 47,766 239,841 38,747 100,452 
Chinese Operations221,669 67,279 288,948 119,722 603 
Other (a)162,455 13,601 176,056 24,440 13,721 
Eliminations and Corporate (b)— (343,460)(343,460)(46,325)— 
Total$982,117 $— $982,117 $307,704 $665,100 

Net Sales toNet Sales to
For the six months endedExternalOtherTotal NetSegment
June 30, 2023CustomersSegmentsSalesProfit
U.S. Operations$696,516 $66,989 $763,505 $186,000 
Swiss Operations93,172 383,207 476,379 143,336 
Western European Operations391,499 92,642 484,141 83,270 
Chinese Operations407,437 127,731 535,168 200,963 
Other (a)322,231 14,559 336,790 48,683 
Eliminations and Corporate (b)— (685,128)(685,128)(88,097)
Total$1,910,855 $— $1,910,855 $574,155 

(a)Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
Reconciliation of earnings before taxes to segment profit A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:
 Three Months EndedSix Months Ended
 2024202320242023
Earnings before taxes$243,177 $263,403 $463,724 $490,013 
Amortization18,178 18,042 36,406 35,821 
Interest expense18,950 19,249 38,182 37,433 
Restructuring charges5,329 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 $574,155 
v3.24.2.u1
Summary of Significant Accounting Policies (Details) - USD ($)
$ 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
v3.24.2.u1
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
v3.24.2.u1
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
v3.24.2.u1
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  
v3.24.2.u1
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      
v3.24.2.u1
Financial Instruments (Details) - USD ($)
3 Months Ended 6 Months Ended
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
v3.24.2.u1
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    
v3.24.2.u1
Income Taxes (Details)
3 Months Ended 6 Months Ended
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%  
v3.24.2.u1
Debt (Details)
€ in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
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      
v3.24.2.u1
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
v3.24.2.u1
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)
v3.24.2.u1
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  
v3.24.2.u1
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
v3.24.2.u1
Earnings Per Common Share (Details) - shares
3 Months Ended 6 Months Ended
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
v3.24.2.u1
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)
v3.24.2.u1
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
v3.24.2.u1
Segment Reporting (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
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
v3.24.2.u1
Segment Reporting (Details 1) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
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
v3.24.2.u1
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
v3.24.2.u1
Label Element Value
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $ 4,027,000

Mettler Toledo (NYSE:MTD)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Mettler Toledo.
Mettler Toledo (NYSE:MTD)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Mettler Toledo.