10-Q

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, 2021, OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ________________

Commission File Number: 1-13595

Mettler Toledo International Inc

_______________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Delaware	13-3668641
(State or other jurisdiction of	(I.R.S Employer Identification No.)
incorporation or organization)

1900 Polaris Parkway

Columbus, OH 43240

and

Im Langacher, P.O. Box MT-100

CH 8606 Greifensee, Swizterland

1-614-438-4511 and +41-44-944-22-11

________________________________________________________________________________

(Registrant's telephone number, including area code)

not applicable

______________________________________________________________________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	MTD	New York Stock Exchange

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

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐     

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer. ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

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

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

The Registrant had 23,116,939 shares of Common Stock outstanding at June 30, 2021.

METTLER-TOLEDO INTERNATIONAL INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

		PAGE
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Interim Consolidated Financial Statements:
	Interim Consolidated Statements of Operations and Comprehensive Income for the three months ended June 30, 2021 and 2020	3
	Interim Consolidated Statements of Operations and Comprehensive Income for the six months ended June 30, 2021 and 2020	4
	Interim Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020	5
	Interim Consolidated Statements of Shareholders’ Equity for the six months ended June 30, 2021 and 2020	6
	Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020	7
	Notes to the Interim Consolidated Financial Statements at June 30, 2021	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults upon Senior Securities	35
Item 5.	Other Information	35
Item 6.	Exhibits	35
SIGNATURE		37

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, 2021 and 2020

(In thousands, except share data)

(unaudited)

	June 30, 2021		June 30, 2020
Net sales
Products	$	736,486	$	537,113
Service	187,865		153,560
Total net sales	924,351		690,673
Cost of sales
Products	294,053		217,008
Service	93,394		75,695
Gross profit	536,904		397,970
Research and development	42,603		31,193
Selling, general and administrative	239,045		190,134
Amortization	16,218		13,889
Interest expense	10,439		9,582
Restructuring charges	876		860
Other income, net	(2,661)		(2,943)
Earnings before taxes	230,384		155,255
Provision for taxes	45,621		28,693
Net earnings	$	184,763	$	126,562
Basic earnings per common share:
Net earnings	$	7.97	$	5.29
Weighted average number of common shares	23,191,155		23,940,278
Diluted earnings per common share:
Net earnings	$	7.85	$	5.22
Weighted average number of common and common equivalent shares	23,521,793		24,228,989
Comprehensive income, net of tax (Note 10)	$	193,915	$	128,658

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

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Six months ended June 30, 2021 and 2020

(In thousands, except share data)

(unaudited)

	June 30, 2021		June 30, 2020
Net sales
Products	$	1,363,401	$	1,026,447
Service	365,340		313,388
Total net sales	1,728,741		1,339,835
Cost of sales
Products	539,323		408,631
Service	180,818		158,825
Gross profit	1,008,600		772,379
Research and development	81,875		65,580
Selling, general and administrative	460,797		388,878
Amortization	30,102		27,887
Interest expense	19,910		19,801
Restructuring charges	2,069		2,765
Other income, net	(1,951)		(6,286)
Earnings before taxes	415,798		273,754
Provision for taxes	81,372		49,077
Net earnings	$	334,426	$	224,677
Basic earnings per common share:
Net earnings	$	14.37	$	9.37
Weighted average number of common shares	23,277,636		23,984,055
Diluted earnings per common share:
Net earnings	$	14.17	$	9.25
Weighted average number of common and common equivalent shares	23,603,805		24,291,321
Comprehensive income, net of tax (Note 10)	$	366,759	$	202,745

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

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED BALANCE SHEETS

As of June 30, 2021 and December 31, 2020

(In thousands, except share data)

(unaudited)

	June 30, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	142,252	$	94,254
Trade accounts receivable, less allowances of $20,212 at June 30, 2021
and $18,625 at December 31, 2020	600,191		593,809
Inventories	350,159		297,611
Other current assets and prepaid expenses	80,009		71,230
Total current assets	1,172,611		1,056,904
Property, plant and equipment, net	790,512		798,868
Goodwill	642,186		550,270
Other intangible assets, net	293,719		196,785
Deferred tax assets, net	41,240		41,836
Other non-current assets	202,636		169,886
Total assets	$	3,142,904	$	2,814,549
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	210,811	$	175,801
Accrued and other liabilities	195,816		196,834
Accrued compensation and related items	166,975		179,252
Deferred revenue and customer prepayments	192,199		149,106
Taxes payable	119,543		89,017
Short-term borrowings and current maturities of long-term debt	53,025		50,317
Total current liabilities	938,369		840,327
Long-term debt	1,602,005		1,284,174
Deferred tax liabilities, net	35,587		34,448
Other non-current liabilities	375,519		372,925
Total liabilities	2,951,480		2,531,874
Commitments and contingencies (Note 16)
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 23,116,939 and
23,471,841 shares at June 30, 2021 and December 31, 2020, respectively	448		448
Additional paid-in capital	815,535		805,140
Treasury stock at cost (21,669,072 shares at June 30, 2021 and 21,314,170 shares at December 31, 2020)	(5,751,052)		(5,283,584)
Retained earnings	5,429,085		5,095,596
Accumulated other comprehensive loss	(302,592)		(334,925)
Total shareholders’ equity	191,424		282,675
Total liabilities and shareholders’ equity	$	3,142,904	$	2,814,549

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

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Six months ended June 30, 2021 and 2020

(In thousands, except share data)

(unaudited)

				Additional Paid-in Capital						Accumulated Other Comprehensive Income (Loss)
	Common Stock					Treasury Stock		Retained Earnings
	Shares	Amount										Total
Balance at December 31, 2019	24,125,317	$	448	$	783,871	$	(4,539,154)	$	4,499,288	$	(323,673)	$	420,780
Exercise of stock options and restricted stock units	50,372	—		—		9,355		(2,220)		—		7,135
Repurchases of common stock	(268,161)	—		—		(200,000)		—		—		(200,000)
Share-based compensation	—	—		4,395		—		—		—		4,395
Net earnings	—	—		—		—		98,115		—		98,115
Other comprehensive income (loss), net of tax	—	—		—		—		—		(24,028)		(24,028)
Balance at March 31, 2020	23,907,528	$	448	$	788,266	$	(4,729,799)	$	4,595,183	$	(347,701)	$	306,397
Exercise of stock options and restricted stock units	63,737	—		—		11,837		(1,222)		—		10,615
Repurchases of common stock	—	—		—		—		—		—		—
Share-based compensation	—	—		4,423		—		—		—		4,423
Net earnings	—	—		—		—		126,562		—		126,562
Other comprehensive income (loss), net of tax	—	—		—		—		—		2,096		2,096
Balance at June 30, 2020	23,971,265	$	448	$	792,689	$	(4,717,962)	$	4,720,523	$	(345,605)	$	450,093
Balance at December 31, 2020	23,471,841	$	448	$	805,140	$	(5,283,584)	$	5,095,596	$	(334,925)	$	282,675
Exercise of stock options and restricted stock units	22,388	—		1,239		4,682		(872)		—		5,049
Repurchases of common stock	(224,808)	—		—		(262,500)		—		—		(262,500)
Share-based compensation	—	—		4,575		—		—		—		4,575
Net earnings	—	—		—		—		149,663		—		149,663
Other comprehensive income (loss), net of tax	—	—		—		—		—		23,181		23,181
Balance at March 31, 2021	23,269,421	$	448	$	810,954	$	(5,541,402)	$	5,244,387	$	(311,744)	$	202,643
Exercise of stock options and restricted stock units	13,248	—		—		2,849		(65)		—		2,784
Repurchases of common stock	(165,730)	—		—		(212,499)		—		—		(212,499)
Share-based compensation	—	—		4,581		—		—		—		4,581
Net earnings	—	—		—		—		184,763		—		184,763
Other comprehensive income (loss), net of tax	—	—		—		—		—		9,152		9,152
Balance at June 30, 2021	23,116,939	$	448	$	815,535	$	(5,751,052)	$	5,429,085	$	(302,592)	$	191,424

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

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended June 30, 2021 and 2020

(In thousands)

(unaudited)

	June 30, 2021		June 30, 2020
Cash flows from operating activities:
Net earnings	$	334,426	$	224,677
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	22,261		20,327
Amortization	30,102		27,887
Deferred tax benefit	(7,423)		(4,570)
Share-based compensation	9,156		8,818
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	(9,551)		71,081
Inventories	(52,794)		(26,081)
Other current assets	(3,893)		(10,050)
Trade accounts payable	34,045		(28,136)
Taxes payable	33,598		762
Accruals and other	14,485		(35,963)
Net cash provided by operating activities	404,412		248,752
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	3,248		2,025
Purchase of property, plant and equipment	(47,363)		(37,089)
Acquisitions	(185,534)		(6,242)
Other investing activities	3,604		(9,281)
Net cash used in investing activities	(226,045)		(50,587)
Cash flows from financing activities:
Proceeds from borrowings	1,204,996		1,076,098
Repayments of borrowings	(866,153)		(1,168,125)
Proceeds from stock option exercises	7,833		17,750
Repurchases of common stock	(474,999)		(200,000)
Other financing activities	(2,288)		(800)
Net cash used in financing activities	(130,611)		(275,077)
Effect of exchange rate changes on cash and cash equivalents	242		(3,596)
Net increase (decrease) in cash and cash equivalents	47,998		(80,508)
Cash and cash equivalents:
Beginning of period	94,254		207,785
End of period	$	142,252	$	127,277

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

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

1.BASIS OF PRESENTATION

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

The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

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, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

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, 2021 and through the date of this Report. Actual results may differ from those estimates due to the uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors.

All intercompany transactions and balances have been eliminated.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Trade Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for expected credit losses represents the Company’s best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

Inventories

Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.

Inventories consisted of the following:

	June 30, 2021		December 31, 2020
Raw materials and parts	$	148,548	$	132,041
Work-in-progress	66,077		55,688
Finished goods	135,534		109,882
	$	350,159	$	297,611

Goodwill and Other Intangible Assets

Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.

Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".

Other intangible assets consisted of the following:

	June 30, 2021						December 31, 2020
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	279,739	$	(73,733)	$	206,006	$	201,445	$	(68,319)	$	133,126
Proven technology and patents	98,791		(53,728)		45,063		78,312		(52,138)		26,174
Tradenames (finite life)	8,228		(3,570)		4,658		4,896		(3,444)		1,452
Tradenames (indefinite life)	35,556		—		35,556		35,595		—		35,595
Other	8,061		(5,625)		2,436		5,215		(4,777)		438
	$	430,375	$	(136,656)	$	293,719	$	325,463	$	(128,678)	$	196,785

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

The Company recognized amortization expense associated with the above intangible assets of $6.2 million and $3.9 million for the three months ended June 30, 2021 and 2020, respectively, and $10.2 million and $7.9 million for the six months ended June 30, 2021 and 2020, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $21.6 million for 2021, $21.1 million for 2022, $20.4 million for 2023, $19.8 million for 2024, $18.9 million for 2025, and $16.6 million for 2026. Purchased intangible amortization was $5.9 million, $4.5 million after tax, and $3.7 million, $2.8 million after tax, for the three months ended June 30, 2021 and 2020, respectively, and $9.7 million, $7.3 million after tax, and $7.5 million, $5.6 million after tax, for the six months ended June 30, 2021 and 2020, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $10.0 million and $9.9 million for the three months ended June 30, 2021 and 2020, respectively, and $19.8 million and $19.9 million for the six months ended June 30, 2021 and 2020, respectively.

Revenue Recognition

Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.

Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.

Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.

Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

Employee Termination Benefits

In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service after the legal notification period, in which case the liability is recognized ratably over the future service 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 $4.6 million and $9.2 million of share-based compensation expense for the three and six months ended June 30, 2021, respectively, compared to $4.4 million and $8.8 million for the corresponding periods in 2020.

On May 6, 2021, the Company's shareholders approved the adoption of the Company's 2013 Equity Incentive Plan (Amended and Restated), with the effect that approximately 0.9 million additional shares of common stock were added to the 2.1 million shares that remained available under the plan prior to its amendment. In addition, shares subject to options granted under the Company's prior equity incentive plan that terminate without being exercised, are also available for awards under the amended plan. The amended plan expires in 2031.

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 and January 2021, the FASB issued ASU 2020-04 and ASU 2021-01: 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, 2022. The Company's interest rate and cross currency swaps, as mentioned in Note 5 to the consolidated financial statements, are governed by International Swaps and Derivatives Association ("ISDA") agreements, and the Company adheres to the ISDA's fallback protocol when LIBOR is discontinued. In addition, the

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

Company renewed the LIBOR based credit agreement, as discussed further in Note 8, which includes a fallback protocol when LIBOR is discontinued. Based on these procedures, when LIBOR is discontinued the interest rate and cross currency swaps will not require de-designation if certain criteria are met. The Company expects the financial impact of the rate change when LIBOR is discontinued to be immaterial to its financial statements.

3.REVENUE

The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. A summary of revenue by the Company’s reportable segments for the three and six months ended June 30, 2021 and 2020 follows:

For the three months ended June 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	252,668	$	32,018	$	145,687	$	188,803	$	117,310	$	736,486
Service Revenue:
Point in time	54,493		6,534		37,089		12,633		29,711		140,460
Over time	16,149		2,284		18,946		4,085		5,941		47,405
Total	$	323,310	$	40,836	$	201,722	$	205,521	$	152,962	$	924,351

For the three months ended June 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	188,363	$	22,012	$	104,458	$	128,151	$	94,129	$	537,113
Service Revenue:
Point in time	46,342		4,726		27,945		9,784		23,490		112,287
Over time	14,635		2,210		16,648		2,972		4,808		41,273
Total	$	249,340	$	28,948	$	149,051	$	140,907	$	122,427	$	690,673

For the six months ended June 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	457,859	$	62,185	$	282,586	$	332,128	$	228,643	$	1,363,401
Service Revenue:
Point in time	106,084		13,425		72,719		21,975		57,588		271,791
Over time	31,326		4,507		38,767		7,492		11,457		93,549
Total	$	595,269	$	80,117	$	394,072	$	361,595	$	297,688	$	1,728,741

For the six months ended June 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	365,799	$	46,288	$	210,335	$	218,472	$	185,553	$	1,026,447
Service Revenue:
Point in time	96,577		10,282		59,336		16,890		49,166		232,251
Over time	28,374		4,274		32,705		6,144		9,640		81,137
Total	$	490,750	$	60,844	$	302,376	$	241,506	$	244,359	$	1,339,835

- 12 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

A summary of revenue by major geographic destination for the three and six months ended June 30 follows:

	Three Months Ended				Six Months Ended
	2021		2020		2021		2020
Americas	$	353,415	$	270,291	$	656,754	$	535,124
Europe	260,190		194,165		501,566		388,992
Asia / Rest of World	310,746		226,217		570,421		415,719
Total	$	924,351	$	690,673	$	1,728,741	$	1,339,835

The Company's global revenue mix by product category is comprised of laboratory (55% of sales), industrial (39% of sales) and retail (6% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A summary of the Company’s revenue by product category for the three and six months ended June 30 is as follows:

	Three Months Ended				Six Months Ended
	2021		2020		2021		2020
Laboratory	$	506,106	$	359,471	$	950,732	$	716,562
Industrial	368,013		288,824		678,791		541,179
Retail	50,232		42,378		99,218		82,094
Total	$	924,351	$	690,673	$	1,728,741	$	1,339,835

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, 2021 and December 31, 2020 was $36.6 million and $22.6 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, 2021 and 2020 are as follows:

	2021		2020
Beginning balances as of January 1	$	149,106	$	122,489
Customer pre-payments/deferred revenue	323,654		278,015
Revenue recognized	(278,817)		(251,462)
Foreign currency translation	(1,744)		1,700
Ending balance as of June 30	$	192,199	$	150,742

The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company has not disclosed the value of unsatisfied performance obligations other than customer prepayments and deferred revenue above as most contracts have an expected length of one year or less and amounts greater than one year are immaterial.

- 13 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

4.    ACQUISITIONS

In March 2021, the Company acquired all the membership interests of Mayfair Technology, LLC, ("PendoTECH") a manufacturer and distributor of single-use sensors, transmitters, control systems and software for measuring, monitoring and data collection primarily in bioprocess applications. PendoTECH serves bio-pharmaceutical manufacturers and life science laboratories and is located in the United States. The initial cash payment was $185.0 million and the Company may be required to pay additional consideration of up to $20.0 million and other post-closing amounts. The additional consideration is based upon financial thresholds in 2022 and 2023. The estimated fair value of the contingent consideration obligation at the time of acquisition of $13.5 million was determined using a Monte Carlo simulation based on the Company's forecast of future financial results.

Goodwill recorded in connection with the acquisition totaled $93.7 million, which is deductible for tax purposes. Identified intangible finite-life assets acquired include customer relationships of $78.6 million, technology and patents of $21.7 million, trade name of $3.4 million, and other intangibles of $2.4 million. The Company used variations of the income statement approach in determining the fair value of the intangible assets acquired; specifically, the multi-period excess earnings method to determine the fair value of the customer relationships acquired and the relief from royalty method to determine the fair value of the technology and patents. The Company's determination of the fair value of the intangible assets acquired involved the use of significant estimates and assumptions principally related to revenue growth, royalty and customer attrition rates.

The identifiable finite-live intangible assets will be amortized on a straight-line basis over periods of 5 to 20 years and the annual aggregate amortization expense is estimated at $6.9 million. Net tangible assets acquired were $7.4 million and recorded at fair value in the consolidated financial statements. All of the acquired assets are included in the Company's U.S. Operations segment.

5.     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 6 and Note 10 to the interim consolidated financial statements. As also described in Note 8, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiary.

- 14 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

Cash Flow Hedges

In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.57%. The swap matures in June 2025. This cross currency swap replaced a similar $50 million swap entered into in June 2019 which matured in June 2021, which converted floating rate LIBOR to a fixed Swiss franc income of 0.95%.

In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.66%. The swap matures in June 2024. This cross currency swap replaced a similar $50 million swap entered into in February 2019 which matured in June 2021, which converted floating rate LIBOR to a fixed Swiss franc income of 0.78%.

In June 2019, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.82%. The swap matures in June 2023.

In 2015, the Company entered into an interest rate swap agreement designated as a cash flow hedge. The agreement has the effect of changing the floating rate LIBOR-based interest payments associated with $100 million of borrowings under the Company's credit agreement to a fixed obligation of 2.25% beginning in February 2017 and matures in February 2022.

    The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2021 and December 31, 2020, respectively. A derivative loss of $0.1 million based upon interest rates and foreign currency rates at June 30, 2021, 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, 2021.

Other Derivatives

The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese Renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at June 30, 2021 and December 31, 2020, respectively, and disclosed in Note 6. The Company recognized in other charges (income) related to these instruments, a net gain of $0.8 million and $0.3 million during the three months ended June 30, 2021 and 2020, respectively, and a net gain of $13.2 million and a net loss of $7.0 million during the six months ended June 30, 2021 and 2020, respectively. The gains and losses are primarily offset by the underlying transaction gains and losses on the related intercompany balances. At June 30, 2021 and December 31, 2020, these contracts had a notional value of $605.0 million and $536.5 million, respectively.    

6.    FAIR VALUE MEASUREMENTS

At June 30, 2021 and December 31, 2020, the Company had derivative assets totaling $7.5 million and $2.2 million respectively, and derivative liabilities totaling $7.6 million and $23.3 million,

- 15 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

respectively. The Company has limited involvement with derivative financial instruments and therefore does not need to present all the required disclosures in tabular format. The fair values of the interest rate swap agreements, 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, 2021 and December 31, 2020.

The estimated fair value of the contingent consideration obligation of $13.5 million relating to the PendoTECH acquisition was determined using a Monte Carlo simulation based on the Company's forecast of future financial results. The fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement.

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

- 16 -

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 or Level 3, with the exception of the PendoTECH contingent consideration described above.

	June 30, 2021		December 31, 2020		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	4,625	$	2,227	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	2,903		—		Other non-current assets
Total derivative assets	$	7,528	$	2,227
Foreign currency forward contracts not designated as hedging instruments	$	2,373	$	1,399	Accrued and other liabilities
Cash Flow Hedges:
Interest rate swap agreements	1,442		—		Accrued and other liabilities
Cross currency swap agreement	—		13,093		Accrued and other liabilities
Interest rate swap agreements	—		2,502		Other non-current liabilities
Cross currency swap agreement	3,735		6,297		Other non-current liabilities
Total derivative liabilities	$	7,550	$	23,291

The Company had $23.8 million and $14.3 million of cash equivalents at June 30, 2021 and December 31, 2020, 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 exceeds the carrying value by approximately $38.0 million as of June 30, 2021. 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.

7.    INCOME TAXES

The Company's reported tax rate was 19.8% and 18.5% during the three months ended June 30, 2021 and 2020, respectively and 19.6% and 17.9% during the six months ended June 30, 2021 and 2020, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.5% and 20.5% before non-recurring discrete tax items during 2021 and 2020, respectively. 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.

- 17 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

8.    DEBT

Debt consisted of the following at June 30, 2021:

	U.S. Dollar		Other Principal Trading Currencies		Total
3.67% $50 million ten-year Senior Notes due December 17, 2022	$	50,000	$	—	$	50,000
4.10% $50 million ten-year Senior Notes due September 19, 2023	50,000		—		50,000
3.84% $125 million ten-year Senior Notes due September 19, 2024	125,000		—		125,000
4.24% $125 million ten-year Senior Notes due June 25, 2025	125,000		—		125,000
3.91% $75 million ten-year Senior Notes due June 25, 2029	75,000		—		75,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		149,094		149,094
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		161,021		161,021
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		149,094		149,094
Debt issuance costs, net	(1,590)		(1,631)		(3,221)
Total Senior Notes	473,410		457,578		930,988
$1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	512,501		155,140		667,641
Other local arrangements	3,574		52,827		56,401
Total debt	989,485		665,545		1,655,030
Less: current portion	(349)		(52,676)		(53,025)
Total long-term debt	$	989,136	$	612,869	$	1,602,005

Credit Agreement

On June 25, 2021, the Company entered into a $1.25 billion Credit Agreement ("the Credit Agreement"), which amended its $1.1 billion Amended and Restated Credit Agreement (the "Prior Credit Agreement"). As of June 30, 2021, the Company had $576.3 million of additional borrowings available under its Credit Agreement, and the Company maintained $142.3 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 June 25, 2026. 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 as those contained in the prior Credit Agreement, with which the Company was in compliance as of June 30, 2021. The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less except that the required maximum ratio may increase to 4.0 to 1.0 for the four consecutive fiscal quarter period commencing with the fiscal quarter in which an acquisition having total consideration (including, without limitation, all cash payments, assumed indebtedness, issued equity interests and earn outs in connection with such acquisition) greater than $250 million 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. The Company incurred approximately $0.2 million of debt extinguishment costs during 2021

- 18 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

related to the Prior Credit Agreement. The Company capitalized $2.0 million in financing fees during 2021 associated with the Credit Agreement which will be amortized to interest expense through 2026.

Senior Notes

In May 2021, the Company entered into an agreement to issue and sell $125 million twelve-year Senior Notes with a fixed interest rate of 2.83%. The Senior Notes will be issued in July 2021 and will mature July 2033. The terms of the Senior Notes are consistent with the previous Senior Notes as described above. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.    

In December 2020, the Company entered into an agreement to issue and sell EUR 125.0 million of 15-year 1.06% Euro Senior Notes ("1.06% Euro Senior Notes"). The terms of the Euro Senior Notes are consistent with the previous Euro Senior Notes as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Company also entered into a forward contract to receive $152.1 million at the time of issuing the 1.06% Euro Senior Notes in March 2021. The Company issued the 1.06% Euro Senior Notes with a fixed interest rate of 1.06% in March 2021. The 1.06% Euro Senior Notes are unsecured obligations of the Company and will mature on March 19, 2036. Interest on the 1.06% Euro Senior Notes is payable semi-annually in March and September of each year. The Company was in compliance with its debt covenants at June 30, 2021.

The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized loss of $5.8 million and $2.1 million for the three months ended June 30, 2021 and 2020, respectively, and an unrealized gain of $11.8 million and an unrealized loss of $0.1 million for the six month periods ended June 30, 2021 and 2020, respectively. The Company has a loss of $17.0 million recorded in accumulated other comprehensive income (loss) as of June 30, 2021.

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 Swiss franc LIBOR plus 87.5 basis points. The loans were renewed for one year in April 2021.

9.    SHARE REPURCHASE PROGRAM AND TREASURY STOCK

In November 2020, the Company's Board of Directors authorized an additional $2.5 billion to be added to its share repurchase program, which has $2.6 billion of remaining availability as of June 30, 2021. 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 29.8 million shares since the inception of the program in 2004 through June 30, 2021. During the six months ended June 30, 2021 and 2020, the Company spent $475.0 million and $200.0 million on the repurchase of 390,538 shares and 268,161 shares at an average price per share of $1,216.25 and $745.80, respectively. The Company also reissued 35,636 shares and 114,109 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2021 and 2020, respectively.

- 19 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

10.    ACCUMULATED OTHER COMPREHENSIVE INCOME

    Comprehensive income (loss), net of tax consisted of the following as of June 30:        

	Three Months Ended				Six Months Ended
	2021		2020		2021		2020
Net earnings	$	184,763	$	126,562	$	334,426	$	224,677
Other comprehensive income (loss), net of tax	9,152		2,096		32,333		(21,932)
Comprehensive income, net of tax	$	193,915	$	128,658	$	366,759	$	202,745

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2021 and 2020:

	Currency Translation Adjustment, Net of Tax		Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax		Pension and Post-Retirement Benefit Related Items, Net of Tax		Total
Balance at December 31, 2020	$	(31,101)	$	(1,479)	$	(302,345)	$	(334,925)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		5,934		—		5,934
Foreign currency translation adjustment	11,717		—		9,147		20,864
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(4,732)		10,267		5,535
Net change in other comprehensive income (loss), net of tax	11,717		1,202		19,414		32,333
Balance at June 30, 2021	$	(19,384)	$	(277)	$	(282,931)	$	(302,592)

	Currency Translation Adjustment, Net of Tax		Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax		Pension and Post-Retirement Benefit Related Items, Net of Tax		Total
Balance at December 31, 2019	$	(61,015)	$	(1,222)	$	(261,436)	$	(323,673)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		(3,951)		—		(3,951)
Foreign currency translation adjustment	(21,326)		—		(5,949)		(27,275)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		2,195		7,099		9,294
Net change in other comprehensive income (loss), net of tax	(21,326)		(1,756)		1,150		(21,932)
Balance at June 30, 2020	$	(82,341)	$	(2,978)	$	(260,286)	$	(345,605)

- 20 -

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,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	543	$	692	Interest expense
Cross currency swap agreement	2,876		34		(a)
Total before taxes	3,419		726
Provision for taxes	684		179		Provision for taxes
Total, net of taxes	$	2,735	$	547
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	6,482	$	4,596	(b)
Provision for taxes	1,367		1,000		Provision for taxes
Total, net of taxes	$	5,115	$	3,596

(a) The cross currency swap reflects an unrealized loss of $3.3 million for the three months ended June 30, 2021 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 $0.4 million recorded in interest expense for the three months ended June 30, 2021.

(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the three months ended June 30, 2021 and 2020.

	Six Months Ended
	June 30,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	1,074	$	940	Interest expense
Cross currency swap agreement	(6,832)		1,620		(a)
Total before taxes	(5,758)		2,560
Provision for taxes	(1,026)		365		Provision for taxes
Total, net of taxes	$	(4,732)	$	2,195
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	13,011	$	9,089	(b)
Provision for taxes	2,744		1,990		Provision for taxes
Total, net of taxes	$	10,267	$	7,099

(a) The cross currency swap reflects an unrealized gain of $6.1 million for the six months ended June 30, 2021 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 $0.8 million recorded in interest expense for the six months ended June 30, 2021.

(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the six months ended June 30, 2021 and 2020.

- 21 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

11.    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:

	2021	2020
Three months ended	330,638	288,711
Six months ended	326,169	307,265

Outstanding options and restricted stock units to purchase or receive 21,637 and 88,032 shares of common stock for the three month period ended June 30, 2021 and 2020, 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 23,620 and 88,261 for the six month period ended June 30, 2021 and 2020, 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.

12.    NET PERIODIC PENSION COST

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost, net	$	374	$	326	$	4,907	$	4,528	$	—	$	—	$	5,281	$	4,854
Interest cost on projected benefit obligations	549		889		858		1,097		2		7		1,409		1,993
Expected return on plan assets	(1,494)		(1,524)		(8,904)		(8,017)		—		—		(10,398)		(9,541)
Recognition of prior service cost	—		—		(465)		(1,735)		(19)		(19)		(484)		(1,754)
Recognition of actuarial losses/(gains)	729		645		6,246		5,712		(9)		(7)		6,966		6,350
Net periodic pension cost/(credit)	$	158	$	336	$	2,642	$	1,585	$	(26)	$	(19)	$	2,774	$	1,902

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost, net	$	748	$	652	$	9,852	$	9,045	$	—	$	—	$	10,600	$	9,697
Interest cost on projected benefit obligations	1,098		1,778		1,708		2,332		4		14		2,810		4,124
Expected return on plan assets	(2,988)		(3,048)		(17,875)		(16,104)		—		—		(20,863)		(19,152)
Recognition of prior service cost	—		—		(936)		(3,460)		(38)		(38)		(974)		(3,498)
Recognition of actuarial losses/(gains)	1,458		1,290		12,545		11,311		(18)		(14)		13,985		12,587
Net periodic pension cost/(credit)	$	316	$	672	$	5,294	$	3,124	$	(52)	$	(38)	$	5,558	$	3,758

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, the Company expects to make employer contributions of approximately

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

$27.9 million to its non-U.S. pension plans and employer contributions of approximately $0.2 million to its U.S. post-retirement medical plan during the year ended December 31, 2021. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

13.    RESTRUCTURING CHARGES

For the three and six months ended June 30, 2021, the Company has incurred $0.9 million and $2.1 million of restructuring expenses, respectively, which primarily relates to employee related costs. Liabilities related to restructuring activities are included in accrued and other liabilities in the consolidated balance sheet. A roll forward of the Company’s accrual for restructuring activities for the six months ended June 30, 2021 is as follows:

	Total
Balance at December 31, 2020	$	9,184
Restructuring charges	2,069
Cash payments and utilization	(5,548)
Impact of foreign currency	(210)
Balance at June 30, 2021	$	5,495

14.    OTHER CHARGES (INCOME), NET

Other charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related hedging activities, interest income and other items. Non-service pension benefits for the three months ended June 30, 2021 and 2020 were $2.5 million and $3.0 million, respectively, and $5.0 million and $5.9 million for the six months ended June 30, 2021 and 2020, respectively. Other charges (income), net also included $2.8 million of acquisition costs for the six months ended June 30, 2021.

15.    SEGMENT REPORTING

As disclosed in Note 19 to the Company's consolidated financial statements for the year ended December 31, 2020, 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).

- 23 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

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

	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2021
June 30, 2021	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	323,310	$	38,507	$	361,817	$	79,272	$	509,600
Swiss Operations	40,836		201,182		242,018		69,516		23,553
Western European Operations	201,722		55,873		257,595		38,476		93,133
Chinese Operations	205,521		72,529		278,050		94,663		697
Other (a)	152,962		1,275		154,237		21,414		15,203
Eliminations and Corporate (b)	—		(369,366)		(369,366)		(48,085)		—
Total	$	924,351	$	—	$	924,351	$	255,256	$	642,186

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2021	Customers		Segments		Sales		Profit
U.S. Operations	$	595,269	$	75,292	$	670,561	$	142,943
Swiss Operations	80,117		385,647		465,764		134,395
Western European Operations	394,072		108,128		502,200		76,342
Chinese Operations	361,595		141,607		503,202		166,687
Other (a)	297,688		2,371		300,059		41,586
Eliminations and Corporate (b)	—		(713,045)		(713,045)		(96,025)
Total	$	1,728,741	$	—	$	1,728,741	$	465,928

(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 to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2020
June 30, 2020	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	249,340	$	27,515	$	276,855	$	52,581	$	414,370
Swiss Operations	28,948		142,487		171,435		48,248		22,830
Western European Operations	149,051		39,699		188,750		30,345		84,975
Chinese Operations	140,907		45,731		186,638		63,955		621
Other (a)	122,427		875		123,302		13,122		14,828
Eliminations and Corporate (b)	—		(256,307)		(256,307)		(31,608)		—
Total	$	690,673	$	—	$	690,673	$	176,643	$	537,624

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2020	Customers		Segments		Sales		Profit
U.S. Operations	$	490,750	$	53,904	$	544,654	$	97,519
Swiss Operations	60,844		295,336		356,180		102,158
Western European Operations	302,376		81,413		383,789		54,452
Chinese Operations	241,506		94,480		335,986		109,505
Other (a)	244,359		1,771		246,130		24,148
Eliminations and Corporate (b)	—		(526,904)		(526,904)		(69,861)
Total	$	1,339,835	$	—	$	1,339,835	$	317,921

(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 Ended				Six Months Ended
	2021		2020		2021		2020
Earnings before taxes	$	230,384	$	155,255	$	415,798	$	273,754
Amortization	16,218		13,889		30,102		27,887
Interest expense	10,439		9,582		19,910		19,801
Restructuring charges	876		860		2,069		2,765
Other income, net	(2,661)		(2,943)		(1,951)		(6,286)
Segment profit	$	255,256	$	176,643	$	465,928	$	317,921

During the three months ended June 30, 2021, restructuring charges of $0.9 million were recognized, of which $0.1 million, $0.1 million, $0.6 million, and $0.1 million related to the Company’s U.S., Swiss, Western European, and Other Operations, respectively. Restructuring charges of $0.9 million were recognized during the three months ended June 30, 2020, of which $0.3 million, $0.3 million, $0.1 million, and $0.2 million related to the Company’s U.S., Western European, Chinese, and Other Operations, respectively. Restructuring charges of $2.1 million were recognized during the six months ended June 30, 2021, of which $0.4 million, $0.3 million, $1.1 million, and $0.3 million related to the Company’s U.S., Swiss, Western European, and Other Operations, respectively. Restructuring charges of $2.8 million were recognized during the six months ended June 30, 2020, of which $0.6 million, $0.7 million, $1.1 million, $0.1 million, and $0.3 million and related to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively.

16.    CONTINGENCIES

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

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

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Unaudited Interim Consolidated Financial Statements included herein.

General

Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

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.

COVID-19

The ongoing coronavirus ("COVID-19") pandemic has resulted in millions of confirmed cases throughout the world and in all countries where we conduct business. The outbreak caused many governments to implement stay-at-home orders, quarantines, and significant restrictions on travel. During the course of the ongoing pandemic, several governments implemented work restrictions that prohibited many employees from going to their customary work locations and that required these employees to work remotely when possible. These restrictions continue to change as the COVID-19 situation evolves in each country and region, considering local circumstances related to vaccine availability, population vaccination rates, and emerging variant strains of COVID-19.

The health and safety of our employees and business partners have been our highest priority throughout the COVID-19 pandemic, and we have implemented several preventative and protective measures. We have also continued to support our customers with their essential businesses such as life sciences, food manufacturing, chemicals (e.g., sanitizers, disinfectants, soaps, etc.), food retail, and transportation and logistics.

Our production and logistics facilities are currently operational, and our office-based employees continue to adhere to any applicable jurisdictional stay-at-home orders. Our supply chain is currently continuing with some interruption. We continue to closely monitor risks associated with our supply chain, including the availability of certain components, material shortages, supplier delays, potential transportation delays, and higher transportation and material costs, which could significantly adversely affect sales and/or profitability in future quarters. We also continue to leverage our digital and remote sales and service capabilities in certain geographies where necessary, while also meeting delivery requirements with our global supply chain. Our service organization also continues to provide on-site and remote customer support to facilitate uptime, productivity, and regulatory compliance.

COVID-19 presents 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, 2020. Uncertainties related to COVID-19 and the resulting impact to the global economy continue in most regions of the world

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and market conditions can change quickly. The longer-term effects on our business will be impacted by the global economy and any economic implications in different regions of the world.

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, 2021 and 2020 (amounts in thousands).

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
	(unaudited)		%	(unaudited)		%	(unaudited)		%	(unaudited)		%
Net sales	$	924,351	100.0	$	690,673	100.0	$	1,728,741	100.0	$	1,339,835	100.0
Cost of sales	387,447		41.9	292,703		42.4	720,141		41.7	567,456		42.4
Gross profit	536,904		58.1	397,970		57.6	1,008,600		58.3	772,379		57.6
Research and development	42,603		4.6	31,193		4.5	81,875		4.7	65,580		4.9
Selling, general and administrative	239,045		25.9	190,134		27.5	460,797		26.7	388,878		29.0
Amortization	16,218		1.8	13,889		2.0	30,102		1.7	27,887		2.1
Interest expense	10,439		1.1	9,582		1.4	19,910		1.2	19,801		1.5
Restructuring charges	876		0.1	860		0.1	2,069		0.1	2,765		0.2
Other income, net	(2,661)		(0.3)	(2,943)		(0.4)	(1,951)		(0.1)	(6,286)		(0.5)
Earnings before taxes	230,384		24.9	155,255		22.5	415,798		24.0	273,754		20.4
Provision for taxes	45,621		4.9	28,693		4.2	81,372		4.7	49,077		3.7
Net earnings	$	184,763	20.0	$	126,562	18.3	$	334,426	19.3	$	224,677	16.8

Net sales

Net sales were $924.4 million and $690.7 million for the three months ended June 30, 2021, and 2020, respectively, and $1.7 billion and $1.3 billion for the six months ended June 30, 2021 and 2020, respectively. This represents an increase of 34% and 29% in U.S. dollars for the three and six months ended June 30, 2021, respectively. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 27% and 23% for the three and six months ended June 30, 2021, respectively. Net sales benefited approximately 1% from the PendoTECH acquisition for the three and six months ended June 30, 2021. We experienced broad-based growth with robust customer demand in most businesses and regions and strong execution of our sales and marketing programs. Growth in China also continued to be particularly strong. However, uncertainty relating to COVID-19 continues and market conditions may change quickly.

Net sales by geographic destination for the three months ended June 30, 2021 in U.S. dollars increased 31% in the Americas, 34% in Europe, and 37% in Asia/Rest of World. In local currencies, our net sales by geographic destination increased 29% in the Americas, 23% in Europe, and 28% in Asia/Rest of World. Our net sales by geographic destination for the six months ended June 30, 2021 in U.S. dollars increased 23% in the Americas, 29% in Europe, and 37% in Asia/Rest of World. Net sales by geographic destination for the six months ended June 30, 2021 in local currencies increased 22% in the Americas, 18% in Europe, and 28% in Asia/Rest of World. Net sales in the Americas benefited approximately 2% and 1% from the PendoTECH acquisition for the three and six months ended June 30, 2021, respectively, and net sales in Europe benefited approximately 1% from the PendoTECH acquisition for the three months ended June 30, 2021. Net sales growth in Asia/Rest of World in local currency includes 35% and 39% growth in China during the three and six months ended June 30, 2021, respectively. A discussion of sales by operating segment is included below.

As described in Note 19 to our consolidated financial statements for the year ended December 31, 2020, 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.

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Net sales of products increased 37% in U.S. dollars and 30% in local currencies for the three months ended June 30, 2021 and increased 33% in U.S. dollars and 27% in local currencies for the six months ended June 30, 2021, compared to the corresponding periods in 2020. Net sales of products benefited approximately 2% and 1% from the PendoTECH acquisition for the three and six months ended June 30, 2021, respectively. Service revenue (including spare parts) increased by 22% in U.S. dollars and 15% in local currencies for the three months ended June 30, 2021 and increased 17% in U.S. dollars and 10% in local currencies for the six months ended June 30, 2021, compared to the corresponding periods in 2020.

Net sales of our laboratory products and services, which represented approximately 55% of our total net sales, increased 41% in U.S. dollars and 35% in local currencies for the three months ended June 30, 2021, and increased 33% in U.S. dollars and 27% in local currencies for the six months ended June 30, 2021. The local currency increase in net sales of our laboratory-related products for the three and six months ended June 30, 2021 includes growth in most product categories, especially in pipettes. Net sales of our laboratory products also benefited approximately 3% and 1% from the PendoTECH acquisition for the three and six months ended June 30, 2021, respectively.

Net sales of our industrial products and services, which represented approximately 39% of our total net sales, increased 27% in U.S. dollars and 20% in local currencies for the three months ended June 30, 2021, and increased 25% in U.S. dollars and 19% in local currencies for the six months ended June 30, 2021. The local currency increase in net sales of our industrial-related products for the three and six months ended June 30, 2021 includes particularly strong growth in core industrial, especially in China.

Net sales in our food retailing products and services, which represented approximately 6% of our total net sales, increased 16% in U.S. dollars and 9% in local currencies for the three months ended June 30, 2021, and increased 18% in U.S. dollars and 11% in local currencies for the six months ended June 30, 2021. The local currency increase in food retailing for the three months ended June 30, 2021 is primarily due to improved project activity in Europe, offset in part by a decline in the Americas.

Gross profit

Gross profit as a percentage of net sales was 58.1% and 57.6% for the three months ended June 30, 2021 and 2020, respectively, and 58.3% and 57.6% for the six months ended June 30, 2021 and 2020, respectively.

Gross profit as a percentage of net sales for products was 60.1% and 59.6% for the three months ended June 30, 2021 and 2020, respectively, and 60.4% and 60.2% for the six months ended June 30, 2021 and 2020.

Gross profit as a percentage of net sales for services (including spare parts) was 50.3% and 50.7% for the three months ended June 30, 2021 and 2020, respectively, and 50.5% and 49.3% for the six months ended June 30, 2021 and 2020, respectively.

The increase in gross profit as a percentage of net sales for the three and six months ended June 30, 2021 primarily reflects increased sales volume and favorable price realization, partially offset by higher transportation and material costs and temporary savings in the prior year.

Research and development and selling, general and administrative expenses

Research and development expenses as a percentage of net sales was 4.6% and 4.5% for the three months ended June 30, 2021 and 2020, respectively, and was 4.7% and 4.9% for the six months ended June 30, 2021 and 2020, respectively. Research and development expenses increased 37% in U.S. dollars and 28% in local currencies for the three months ended June 30, 2021, and increased 25% in U.S. dollars and 17% in local currencies for the six months ended June 30, 2021,

- 28 -

respectively, compared to the corresponding periods in 2020. The local currency increase primarily relates to increased project activity and temporary savings in the prior year.

Selling, general and administrative expenses as a percentage of net sales were 25.9% and 27.5% for the three months ended June 30, 2021 and 2020, respectively, and was 26.7% and 29.0% for the six months ended June 30, 2021 and 2020, respectively. Selling, general and administrative expenses increased 26% in U.S. dollars and 20% in local currencies for the three months ended June 30, 2021, and increased 18% in U.S. dollars and 13% in local currencies for the six months ended June 30, 2021. The local currency increase primarily includes higher cash incentive expense and temporary savings in the prior year.

Amortization expense was $16.2 million and $13.9 million for the three months ended June 30, 2021 and 2020, respectively, and $30.1 million and $27.9 million for the six months ended June 30, 2021 and 2020, respectively.

Interest expense was $10.4 million and $9.6 million for the three months ended June 30, 2021 and 2020, respectively, and $19.9 million and $19.8 million for the six months ended June 30, 2021 and 2020, respectively.

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 was $2.5 million and $3.0 million for the three months ended June 30, 2021 and 2020, respectively, and $5.0 million and $5.9 million and for the six months ended June 30, 2021 and 2020, respectively. Other charges (income), net also included $2.8 million of acquisition costs for the six months ended June 30, 2021.

Our reported tax rate was 19.8% and 18.5% during the three months ended June 30, 2021 and 2020, respectively, and 19.6% and 17.9% during the six months ended June 30, 2021 and 2020, respectively. The provision for taxes is based upon using our projected annual effective tax rate of 19.5% and 20.5% before non-recurring discrete tax items for the periods ended June 30, 2021 and 2020, respectively. The difference between our projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises.

Results of Operations – by Operating Segment

The following is a discussion of the financial results of our operating segments. We currently have five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. A more detailed description of these segments is outlined in Note 19 to our consolidated financial statements for the year ended December 31, 2020.

U.S. Operations (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2021		2020		%	2021		2020		%
Total net sales	$	361,817	$	276,855	31%	$	670,561	$	544,654	23%
Net sales to external customers	$	323,310	$	249,340	30%	$	595,269	$	490,750	21%
Segment profit	$	79,272	$	52,581	51%	$	142,943	$	97,519	47%

Total net sales increased 31% and 23% for the three and six months ended June 30, 2021, respectively, compared with the corresponding period in 2020. Net sales to external customers increased 30% and 21% for the six months ended June 30, 2021, respectively, compared with the corresponding period in 2020. Net sales to external customers for the three and six months ended June 30, 2021 includes very strong growth in laboratory products, especially pipettes, and core industrial. The results are partially offset by a decline in food retailing. Net sales to external customers in our U.S. Operations also benefited approximately 4% and 2% from the PendoTECH acquisition for the three and six months ended June 30, 2021, respectively.

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Segment profit increased $26.7 million and $45.4 million for the three and six months ended June 30, 2021, respectively, compared to the corresponding periods in 2020. Segment profit during the three and six months ended June 30, 2021 includes higher net sales volume and benefits from our margin expansion, offset in part by higher transportation and material costs and temporary cost savings in the prior year.

Swiss Operations (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2021		2020		%1)	2021		2020		%1)
Total net sales	$	242,018	$	171,435	41%	$	465,764	$	356,180	31%
Net sales to external customers	$	40,836	$	28,948	41%	$	80,117	$	60,844	32%
Segment profit	$	69,516	$	48,248	44%	$	134,395	$	102,158	32%

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

Total net sales increased 41% in U.S. dollars and 34% in local currency for the three months ended June 30, 2021, respectively, and increased 31% in U.S. dollars and 23% in local currency for the six months ended June 30, 2021 compared to the corresponding periods in 2020. Net sales to external customers increased 41% in U.S. dollars and 36% in local currency for the three months ended June 30, 2021 and increased 32% in U.S. dollars and 26% in local currency for the six months ended June 30, 2021, compared to the corresponding periods in 2020. The increase in local currency net sales to external customers for the three and six months ended June 30, 2021 includes includes strong growth in most product categories.

Segment profit increased $21.3 million and $32.2 million the three and six month periods ended June 30, 2021, compared to the corresponding periods in 2020. Segment profit during the three and six months ended June 30, 2021 includes higher net sales volume, benefits of our cost savings initiatives and favorable foreign currency translation, offset in part by higher transportation and material costs and temporary cost savings in the prior year.

Western European Operations (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2021		2020		%1)	2021		2020		%1)
Total net sales	$	257,595	$	188,750	36%	$	502,200	$	383,789	31%
Net sales to external customers	$	201,722	$	149,051	35%	$	394,072	$	302,376	30%
Segment profit	$	38,476	$	30,345	27%	$	76,342	$	54,452	40%

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

Total net sales increased 36% in U.S. dollars and 24% in local currencies for the three months ended June 30, 2021 and increased 31% in U.S. dollars and 19% in local currencies for the six months ended June 30, 2021, compared to the corresponding periods in 2020. Net sales to external customers increased 35% in U.S. dollars and 23% in local currencies for the three months ended June 30, 2021, and increased 30% in U.S. dollars and 19% in local currencies for the six months ended June 30, 2021, compared to the corresponding periods in 2020. Net sales to external customers for the three and six months ended June 30, 2021 includes very strong growth in most product categories.

Segment profit increased $8.1 million and $21.9 million for the three and six month periods ended June 30, 2021, respectively, compared to the corresponding periods in 2020. Segment profit increased during the three and six months ended June 30, 2021 primarily due to higher net sales volume, benefits of our cost savings initiatives and favorable foreign currency translation, offset in part by higher transportation and material costs and temporary cost savings in the prior year.

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Chinese Operations (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2021		2020		%1)	2021		2020		%1)
Total net sales	$	278,050	$	186,638	49%	$	503,202	$	335,986	50%
Net sales to external customers	$	205,521	$	140,907	46%	$	361,595	$	241,506	50%
Segment profit	$	94,663	$	63,955	48%	$	166,687	$	109,505	52%

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

Total net sales increased 49% in U.S. dollars and 36% in local currency for the three months ended June 30, 2021 and increased 50% in U.S. dollars and 38% in local currency for the six months ended June 30, 2021, compared to the corresponding periods in 2020. Net sales to external customers increased 46% in U.S. dollars and 34% in local currency by origin for the three months ended June 30, 2021 and increased 50% in U.S. dollars and 38% in local currency during the six months ended June 30, 2021, compared to the corresponding periods in 2020. The increase in local currency net sales to external customers during the three and six months ended June 30, 2021 reflects particularly strong growth in both laboratory and industrial products. However, market conditions may change quickly and we will face more difficult prior period comparisons during the remainder of 2021.

Segment profit increased $30.7 million and $57.2 million for the three and six month periods ended June 30, 2021, respectively, compared to the corresponding periods in 2020. The increase in segment profit for the three and six months ended June 30, 2021 primarily reflects increased sales volume and favorable foreign currency translation, offset in part by higher transportation and material costs and temporary cost savings in the prior year.

Other (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2021		2020		%1)	2021		2020		%1)
Total net sales	$	154,237	$	123,302	25%	$	300,059	$	246,130	22%
Net sales to external customers	$	152,962	$	122,427	25%	$	297,688	$	244,359	22%
Segment profit	$	21,414	$	13,122	63%	$	41,586	$	24,148	72%

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

Total net sales and net sales to external customers increased 25% and 22% in U.S. dollars for the three and six months ended June 30, 2021, respectively. Total net sales and net sales to external customers increased 17% in local currencies for the three months ended June 30, 2021, and increased 16% and 15%, respectively, in local currencies for the six months ended June 30, 2021, compared to the corresponding periods in 2020. The increase in net sales to external customers includes strong growth in most product categories.

Segment profit increased $8.3 million and $17.4 million for the three and six months ended June 30, 2021, respectively, compared to the corresponding periods in 2020. The increase in segment profit for the six months ended June 30, 2021 is primarily related to increased sales volume and favorable foreign currency translation.

Liquidity and Capital Resources

Liquidity is our ability to generate sufficient cash to meet our obligations and commitments. Sources of liquidity includes, cash flows from operating activities, available borrowings under our Credit Agreement, the ability to obtain appropriate financing and our cash and cash equivalent balances. Currently, our financing requirements are primarily driven by working capital requirements, capital expenditures, share repurchases and acquisitions.

- 31 -

Cash provided by operating activities totaled $404.4 million during the six months ended June 30, 2021, compared to $248.8 million in the corresponding period in 2020. The increase for the six months ended June 30, 2021 is primarily due to higher net earnings.

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 $47.4 million for the six months ended June 30, 2021 compared to $37.1 million in the corresponding period in 2020. We expect to make net investments in new or expanded manufacturing facilities of $10 million to $15 million over the next two years.

    Senior Notes and Credit Facility Agreement

Our debt consisted of the following at June 30, 2021:

	U.S. Dollar		Other Principal Trading Currencies		Total
3.67% $50 million ten-year Senior Notes due December 17, 2022	$	50,000	$	—	$	50,000
4.10% $50 million ten-year Senior Notes due September 19, 2023	50,000		—		50,000
3.84% $125 million ten-year Senior Notes due September 19, 2024	125,000		—		125,000
4.24% $125 million ten-year Senior Notes due June 25, 2025	125,000		—		125,000
3.91% $75 million ten-year Senior Notes due June 25, 2029	75,000		—		75,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		149,094		149,094
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		161,021		161,021
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		149,094		149,094
Debt issuance costs, net	(1,590)		(1,631)		(3,221)
Total Senior Notes	473,410		457,578		930,988
$1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	512,501		155,140		667,641
Other local arrangements	3,574		52,827		56,401
Total debt	989,485		665,545		1,655,030
Less: current portion	(349)		(52,676)		(53,025)
Total long-term debt	$	989,136	$	612,869	$	1,602,005

On June 25, 2021, we entered into a $1.25 billion Credit Agreement ("the Credit Agreement"), which amended our $1.1 billion Amended and Restated Credit Agreement (the "Prior Credit Agreement"), that is further described in Note 8 of our consolidated financial statements.

In May 2021, we entered into an agreement to issue and sell $125 million twelve-year Senior Notes with a fixed interest rate of 2.83%. The Senior Notes will be issued in July 2021 and will mature July 2033. The terms of the Senior Notes are consistent with the previous Senior Notes as described above. We used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.    

As of June 30, 2021, approximately $576.3 million of additional borrowings was available under our Credit Agreement, and we maintained $142.3 million of cash and cash equivalents. During the six months ended June 30, 2021, the Company increased its long-term debt primarily due to the funding of the PendoTECH acquisition as described in Note 4. 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 related to ratings from rating agencies that would accelerate the maturity dates of our debt.

- 32 -

We currently believe that cash flow from operating activities, together with liquidity available under our Credit Agreement and local working capital facilities and our cash balances, will be sufficient to fund currently anticipated working capital needs and capital spending requirements for the foreseeable future.

In December 2020, the Company entered into an agreement to issue and sell EUR 125.0 million of 15-year 1.06% Euro Senior Notes ("1.06% Euro Senior Notes"). The terms of the Euro Senior Notes are consistent with the previous Euro Senior Notes as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Company also entered into a forward contract to receive $152.1 million at the time of issuing the 1.06% Euro Senior Notes in March 2021. The Company issued the 1.06% Euro Senior Notes with a fixed interest rate of 1.06% in March 2021. The 1.06% Euro Senior Notes are unsecured obligations of the Company and will mature on March 19, 2036. Interest on the 1.06% Euro Senior Notes is payable semi-annually in March and September of each year.

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 Swiss franc LIBOR plus 87.5 basis points. The loans were renewed for one year in April 2021.

We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness. In March 2021, we acquired all the membership interests of Mayfair Technology, LLC, ("PendoTECH") a manufacturer and distributor of single-use sensors, transmitters, control systems and software for measuring, monitoring and data collection primarily in bioprocess applications. PendoTECH serves bio-pharmaceutical manufacturers and life science laboratories and is located in the United States. The initial cash payment was $185.0 million and we may be required to pay additional consideration of up to $20.0 million and other post-closing amounts. For additional information related to the PendoTECH acquisition refer to Note 4 to the interim consolidated financial statements.

Share Repurchase Program

In November 2020, the Company's Board of Directors authorized an additional $2.5 billion to be added to our share repurchase program, which has $2.6 billion of remaining availability as of June 30, 2021. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and existing cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, stock price, trading restrictions, the level of acquisition activity, and other factors.

We have purchased 29.8 million shares since the inception of the program through June 30, 2021. During the six months ended June 30, 2021 and 2020, we spent $475.0 million and $200.0 million on the repurchase of 390,538 and 268,161 shares at an average price per share of $1,216.25 and $745.80, respectively. We also reissued 35,636 shares and 114,109 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2021 and 2020, respectively.

Effect of Currency on Results of Operations

Our earnings are affected by changes in exchange rates. We are most sensitive to changes in the exchange rates between the Swiss franc, euro, Chinese renminbi, and U.S. dollar. We have more Swiss franc expenses than we do Swiss franc sales because we develop and manufacture products in Switzerland that we sell globally, and have a number of corporate functions located in Switzerland. When the Swiss franc strengthens against our other trading currencies, particularly the U.S. dollar and euro, our earnings decrease. We also have significantly more sales in the euro than we do expenses. When the euro weakens against the U.S. dollar and Swiss franc, our earnings also decrease. We estimate a 1% strengthening of the Swiss franc against the euro would reduce our earnings before tax by approximately $1.8 million to $2.0 million annually.

- 33 -

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 $2.1 million to $2.3 million annually.

In addition to the effects of exchange rate movements on operating profits, our debt levels can fluctuate due to changes in exchange rates, particularly between the U.S. dollar and the Swiss franc. Based on our outstanding debt at June 30, 2021, we estimate that a 5% weakening of the U.S. dollar against the currencies in which our debt is denominated would result in an increase of approximately $35.1 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 and long-term impacts of the COVID-19 pandemic. In some cases, 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, customer demand, our competitive position, pricing, our supply chain, adequacy of our facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, planned research and development efforts and product introductions, capital expenditures, cash flow, tax-related matters, the impact of foreign currencies, compliance with laws, effects of acquisitions, and the impact of the COVID-19 pandemic on our businesses.

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 the uncertain duration and severity of the COVID-19 pandemic. 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, 2020 and other reports filed with the SEC from time to time.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

As of June 30, 2021, 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, 2020.

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, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

- 34 -

PART II. OTHER INFORMATION

Item 1.Legal Proceedings. None

Item 1A.Risk Factors.

For the three and six months ended June 30, 2021 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, 2020.

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, 2021	54,552	$	1,254.26	54,552	$	2,727,503
May 1 to May 31, 2021	56,381	$	1,278.03	56,381	$	2,655,486
June 1 to June 30, 2021	54,797	$	1,314.98	54,797	$	2,583,428
Total	165,730	$	1,282.18	165,730	$	2,583,428

In November 2020, the Company's Board of Directors authorized an additional $2.5 billion to the share repurchase program, which has $2.6 billion of remaining availability as of June 30, 2021. We have purchased 29.8 million shares since the inception of the program through June 30, 2021.

During the six months ended June 30, 2021 and 2020, we spent $475.0 million and $200.0 million on the repurchase of 390,538 and 268,161 shares at an average price per share of $1,216.25 and $745.80, respectively. We also reissued 35,636 shares and 114,109 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2021 and 2020, respectively.

Item 3.Defaults Upon Senior Securities. None

Item 5.    Other information. None

Item 6.    Exhibits. See Exhibit Index below.

- 35 -

EXHIBIT INDEX

Exhibit No.		Description
	31.1*	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002
	31.2*	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002
	32*	Certification Pursuant to Section 906 of the Sarbanes — Oxley Act of 2002
	101.INS*	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
	101.SCH*	XBRL Taxonomy Extension Schema Document
	101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
	101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
	101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document
	101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document

_______________________

*    Filed herewith

- 36 -

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Mettler-Toledo International Inc.
Date:	July 30, 2021	By:	/s/ Shawn P. Vadala
			Shawn P. Vadala
			Chief Financial Officer

- 37 -

EX-31.1

Exhibit 31.1

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

I, Patrick Kaltenbach, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

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

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

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

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 30, 2021

/s/ Patrick Kaltenbach

Patrick Kaltenbach    

Chief Executive Officer

EX-31.2

Exhibit 31.2

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

I, Shawn P. Vadala certify that:

(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

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

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

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

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 30, 2021

/s/ Shawn P. Vadala

Shawn P. Vadala

Chief Financial Officer

EX-32

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, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 30, 2021

/s/ Patrick Kaltenbach

Patrick Kaltenbach

Chief Executive Officer

/s/ Shawn P. Vadala

Shawn P. Vadala

Chief Financial Officer

XML

Document and Entity Information Document	6 Months Ended
	Jun. 30, 2021 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 Common Stock, Shares Outstanding	23,116,939
Entity Central Index Key	0001037646
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

XML

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues	$ 924,351	$ 690,673	$ 1,728,741	$ 1,339,835
Gross profit	536,904	397,970	1,008,600	772,379
Research and development	42,603	31,193	81,875	65,580
Selling, general and administrative	239,045	190,134	460,797	388,878
Amortization	16,218	13,889	30,102	27,887
Interest expense	10,439	9,582	19,910	19,801
Restructuring Charges	876	860	2,069	2,765
Other charges (income), net	(2,661)	(2,943)	(1,951)	(6,286)
Earnings before taxes	230,384	155,255	415,798	273,754
Provision for taxes	45,621	28,693	81,372	49,077
Net earnings	$ 184,763	$ 126,562	$ 334,426	$ 224,677
Basic earnings per common share:
Net earnings	$ 7.97	$ 5.29	$ 14.37	$ 9.37
Weighted average number of common shares	23,191,155	23,940,278	23,277,636	23,984,055
Diluted earnings per common share:
Net earnings	$ 7.85	$ 5.22	$ 14.17	$ 9.25
Weighted average number of common and common equivalent shares	23,521,793	24,228,989	23,603,805	24,291,321
Comprehensive Income, Net of Tax (Note 9)	$ 193,915	$ 128,658	$ 366,759	$ 202,745
Product [Member]
Revenues	736,486	537,113	1,363,401	1,026,447
Cost of Goods and Services Sold	294,053	217,008	539,323	408,631
Service [Member]
Revenues	187,865	153,560	365,340	313,388
Cost of Goods and Services Sold	$ 93,394	$ 75,695	$ 180,818	$ 158,825

XML

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 142,252	$ 94,254
Trade accounts receivable, less allowances	600,191	593,809
Inventories	350,159	297,611
Other current assets and prepaid expenses	80,009	71,230
Total current assets	1,172,611	1,056,904
Property, plant and equipment, net	790,512	798,868
Goodwill	642,186	550,270
Other intangible assets, net	293,719	196,785
Deferred tax assets, net	41,240	41,836
Other non-current assets	202,636	169,886
Total assets	3,142,904	2,814,549
Current liabilities:
Trade accounts payable	210,811	175,801
Accrued and other liabilities	195,816	196,834
Accrued compensation and related items	166,975	179,252
Deferred Revenue	192,199	149,106
Taxes payable	119,543	89,017
Short-term borrowings and current maturities of long-term debt	53,025	50,317
Total current liabilities	938,369	840,327
Long-term debt	1,602,005	1,284,174
Deferred tax liabilities, net	35,587	34,448
Other non-current liabilities	375,519	372,925
Total liabilities	2,951,480	2,531,874
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	815,535	805,140
Treasury stock at cost (20,991,448 shares at September 30, 2020 and 20,660,694 shares at December 31, 2019)	(5,751,052)	(5,283,584)
Retained earnings	5,429,085	5,095,596
Accumulated Other Comprehensive Income (Loss), Net of Tax	(302,592)	(334,925)
Total shareholders' equity	191,424	282,675
Total liabilities and shareholders' equity	$ 3,142,904	$ 2,814,549

XML

Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss, Current	$ 17,979	$ 17,009
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	23,794,563	24,125,317
Treasury Stock, Shares	20,991,448	20,660,694

XML

Interim Consolidated Statements of Shareholders' Equity and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019	$ 420,780	$ 448	$ 783,871	$ (4,539,154)	$ 4,499,288	$ (323,673)
Beginning balance, shares at Dec. 31, 2019		24,125,317
Stock Issued During Period, Value, Treasury Stock Reissued	(7,135)		0	(9,355)	(2,220)
Exercise of stock options and restricted stock units, shares		50,372
Treasury Stock, Value, Acquired, Cost Method	(200,000)			(200,000)
Repurchases of common stock, shares		(268,161)
Adjustment to Additional Paid in Capital, Share-Based Compensation	4,395		4,395
Net earnings	98,115				98,115
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(24,028)					(24,028)
Ending balance at Mar. 31, 2020	306,397	$ 448	788,266	(4,729,799)	4,595,183	(347,701)
Ending balance, shares at Mar. 31, 2020		23,907,528
Beginning balance at Dec. 31, 2019	$ 420,780	$ 448	783,871	(4,539,154)	4,499,288	(323,673)
Beginning balance, shares at Dec. 31, 2019		24,125,317
Exercise of stock options and restricted stock units, shares	114,109
Treasury Stock, Value, Acquired, Cost Method	$ (200,000)
Repurchases of common stock, shares	(268,161)
Net earnings	$ 224,677
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(21,932)
Ending balance at Jun. 30, 2020	450,093	$ 448	792,689	(4,717,962)	4,720,523	(345,605)
Ending balance, shares at Jun. 30, 2020		23,971,265
Beginning balance at Mar. 31, 2020	306,397	$ 448	788,266	(4,729,799)	4,595,183	(347,701)
Beginning balance, shares at Mar. 31, 2020		23,907,528
Stock Issued During Period, Value, Treasury Stock Reissued	(10,615)		0	(11,837)	(1,222)
Exercise of stock options and restricted stock units, shares		63,737
Treasury Stock, Value, Acquired, Cost Method	0			0
Repurchases of common stock, shares		0
Adjustment to Additional Paid in Capital, Share-Based Compensation	4,423		4,423
Net earnings	126,562				126,562
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	2,096					2,096
Ending balance at Jun. 30, 2020	450,093	$ 448	792,689	(4,717,962)	4,720,523	(345,605)
Ending balance, shares at Jun. 30, 2020		23,971,265
Beginning balance at Dec. 31, 2020	$ 282,675	$ 448	805,140	(5,283,584)	5,095,596	(334,925)
Beginning balance, shares at Dec. 31, 2020	24,125,317	23,471,841
Stock Issued During Period, Value, Treasury Stock Reissued	$ (5,049)		(1,239)	(4,682)	(872)
Exercise of stock options and restricted stock units, shares		22,388
Treasury Stock, Value, Acquired, Cost Method	(262,500)			(262,500)
Repurchases of common stock, shares		(224,808)
Adjustment to Additional Paid in Capital, Share-Based Compensation	4,575		4,575
Net earnings	149,663				149,663
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	23,181					23,181
Ending balance at Mar. 31, 2021	202,643	$ 448	810,954	(5,541,402)	5,244,387	(311,744)
Ending balance, shares at Mar. 31, 2021		23,269,421
Beginning balance at Dec. 31, 2020	$ 282,675	$ 448	805,140	(5,283,584)	5,095,596	(334,925)
Beginning balance, shares at Dec. 31, 2020	24,125,317	23,471,841
Exercise of stock options and restricted stock units, shares	35,636
Treasury Stock, Value, Acquired, Cost Method	$ (475,000)
Repurchases of common stock, shares	(390,538)
Net earnings	$ 334,426
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	32,333
Ending balance at Jun. 30, 2021	$ 191,424	$ 448	815,535	(5,751,052)	5,429,085	(302,592)
Ending balance, shares at Jun. 30, 2021	23,794,563	23,116,939
Beginning balance at Mar. 31, 2021	$ 202,643	$ 448	810,954	(5,541,402)	5,244,387	(311,744)
Beginning balance, shares at Mar. 31, 2021		23,269,421
Stock Issued During Period, Value, Treasury Stock Reissued	(2,784)		0	(2,849)	(65)
Exercise of stock options and restricted stock units, shares		13,248
Treasury Stock, Value, Acquired, Cost Method	(212,499)			(212,499)
Repurchases of common stock, shares		(165,730)
Adjustment to Additional Paid in Capital, Share-Based Compensation	4,581		4,581
Net earnings	184,763				184,763
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	9,152					9,152
Ending balance at Jun. 30, 2021	$ 191,424	$ 448	$ 815,535	$ (5,751,052)	$ 5,429,085	$ (302,592)
Ending balance, shares at Jun. 30, 2021	23,794,563	23,116,939

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Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net earnings	$ 334,426	$ 224,677
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	22,261	20,327
Amortization	30,102	27,887
Deferred tax benefit	(7,423)	(4,570)
Share-based compensation	9,156	8,818
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	(9,551)	71,081
Inventories	(52,794)	(26,081)
Other current assets	(3,893)	(10,050)
Trade accounts payable	34,045	(28,136)
Taxes payable	33,598	762
Increase (Decrease) in Other Operating Assets and Liabilities, Net	14,485	(35,963)
Net cash provided by operating activities	404,412	248,752
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	3,248	2,025
Purchase of property, plant and equipment	(47,363)	(37,089)
Acquisitions	(185,534)	(6,242)
Payments for (Proceeds from) Derivative Instrument, Investing Activities	3,604	(9,281)
Net cash used in investing activities	(226,045)	(50,587)
Cash flows from financing activities:
Proceeds from borrowings	1,204,996	1,076,098
Repayments of borrowings	(866,153)	(1,168,125)
Proceeds from stock option exercises	7,833	17,750
Repurchases of common stock	(474,999)	(200,000)
Proceeds from (Payments for) Other Financing Activities	(2,288)	(800)
Net cash used in financing activities	(130,611)	(275,077)
Effect of exchange rate changes on cash and cash equivalents	242	(3,596)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	47,998	(80,508)
Cash and cash equivalents:
Beginning of period	94,254	207,785
End of period	$ 142,252	$ 127,277

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Other Comprehensive Income

6 Months Ended

Jun. 30, 2021

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

ACCUMULATED OTHER COMPREHENSIVE INCOME

    Comprehensive income (loss), net of tax consisted of the following as of June 30:        

	Three Months Ended				Six Months Ended
	2021		2020		2021		2020
Net earnings	$	184,763	$	126,562	$	334,426	$	224,677
Other comprehensive income (loss), net of tax	9,152		2,096		32,333		(21,932)
Comprehensive income, net of tax	$	193,915	$	128,658	$	366,759	$	202,745

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2021 and 2020:

	Currency Translation Adjustment, Net of Tax		Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax		Pension and Post-Retirement Benefit Related Items, Net of Tax		Total
Balance at December 31, 2020	$	(31,101)	$	(1,479)	$	(302,345)	$	(334,925)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		5,934		—		5,934
Foreign currency translation adjustment	11,717		—		9,147		20,864
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(4,732)		10,267		5,535
Net change in other comprehensive income (loss), net of tax	11,717		1,202		19,414		32,333
Balance at June 30, 2021	$	(19,384)	$	(277)	$	(282,931)	$	(302,592)

	Currency Translation Adjustment, Net of Tax		Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax		Pension and Post-Retirement Benefit Related Items, Net of Tax		Total
Balance at December 31, 2019	$	(61,015)	$	(1,222)	$	(261,436)	$	(323,673)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		(3,951)		—		(3,951)
Foreign currency translation adjustment	(21,326)		—		(5,949)		(27,275)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		2,195		7,099		9,294
Net change in other comprehensive income (loss), net of tax	(21,326)		(1,756)		1,150		(21,932)
Balance at June 30, 2020	$	(82,341)	$	(2,978)	$	(260,286)	$	(345,605)

    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,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	543	$	692	Interest expense
Cross currency swap agreement	2,876		34		(a)
Total before taxes	3,419		726
Provision for taxes	684		179		Provision for taxes
Total, net of taxes	$	2,735	$	547
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	6,482	$	4,596	(b)
Provision for taxes	1,367		1,000		Provision for taxes
Total, net of taxes	$	5,115	$	3,596

(a) The cross currency swap reflects an unrealized loss of $3.3 million for the three months ended June 30, 2021 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 $0.4 million recorded in interest expense for the three months ended June 30, 2021.

(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the three months ended June 30, 2021 and 2020.

	Six Months Ended
	June 30,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	1,074	$	940	Interest expense
Cross currency swap agreement	(6,832)		1,620		(a)
Total before taxes	(5,758)		2,560
Provision for taxes	(1,026)		365		Provision for taxes
Total, net of taxes	$	(4,732)	$	2,195
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	13,011	$	9,089	(b)
Provision for taxes	2,744		1,990		Provision for taxes
Total, net of taxes	$	10,267	$	7,099

(a) The cross currency swap reflects an unrealized gain of $6.1 million for the six months ended June 30, 2021 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 $0.8 million recorded in interest expense for the six months ended June 30, 2021.

(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the six months ended June 30, 2021 and 2020.

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Other Comprehensive Income

6 Months Ended

Jun. 30, 2021

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, 2021 and 2020:

	Currency Translation Adjustment, Net of Tax		Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax		Pension and Post-Retirement Benefit Related Items, Net of Tax		Total
Balance at December 31, 2020	$	(31,101)	$	(1,479)	$	(302,345)	$	(334,925)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		5,934		—		5,934
Foreign currency translation adjustment	11,717		—		9,147		20,864
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(4,732)		10,267		5,535
Net change in other comprehensive income (loss), net of tax	11,717		1,202		19,414		32,333
Balance at June 30, 2021	$	(19,384)	$	(277)	$	(282,931)	$	(302,592)

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,
	2021		2020		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	543	$	692	Interest expense
Cross currency swap agreement	2,876		34		(a)
Total before taxes	3,419		726
Provision for taxes	684		179		Provision for taxes
Total, net of taxes	$	2,735	$	547
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	6,482	$	4,596	(b)
Provision for taxes	1,367		1,000		Provision for taxes
Total, net of taxes	$	5,115	$	3,596

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

.

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Other Comprehensive Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (302,592)	$ (345,605)	$ (334,925)	$ (323,673)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	5,934	(3,951)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	20,864	(27,275)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	5,535	9,294
Other Comprehensive Income (Loss), Net of Tax	32,333	(21,932)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(19,384)	(82,341)	(31,101)	(61,015)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	11,717	(21,326)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Other Comprehensive Income (Loss), Net of Tax	11,717	(21,326)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(277)	(2,978)	(1,479)	(1,222)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	5,934	(3,951)
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	(4,732)	2,195
Other Comprehensive Income (Loss), Net of Tax	1,202	(1,756)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(282,931)	(260,286)	$ (302,345)	$ (261,436)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	9,147	(5,949)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	10,267	7,099
Other Comprehensive Income (Loss), Net of Tax	$ 19,414	$ 1,150

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Other Comprehensive Income Details 2 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 3,419	$ 726	$ (5,758)	$ 2,560
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	684	179	(1,026)	365
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax	2,735	547	(4,732)	2,195
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent	6,482	4,596	13,011	9,089
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent	1,367	1,000	2,744	1,990
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	5,115	3,596	10,267	7,099
Interest Rate Swap [Member]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	543	692	1,074	940
Cross Currency Swap [Member]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	2,876	$ 34	(6,832)	$ 1,620
Foreign Currency Transaction Gain (Loss), Unrealized	3,300		6,100
Interest Income, Other	$ 400		$ 800

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Other Comprehensive Income Details 3 - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net earnings	$ 184,763	$ 149,663	$ 126,562	$ 98,115	$ 334,426	$ 224,677
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	9,152	$ 23,181	2,096	$ (24,028)	32,333	(21,932)
Comprehensive Income, Net of Tax (Note 9)	$ 193,915		$ 128,658		$ 366,759	$ 202,745

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Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

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

The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

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, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021.

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, 2021 and through the date of this Report. Actual results may differ from those estimates due to the uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors.

All intercompany transactions and balances have been eliminated.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

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, 2021		December 31, 2020
Raw materials and parts	$	148,548	$	132,041
Work-in-progress	66,077		55,688
Finished goods	135,534		109,882
	$	350,159	$	297,611

Goodwill and Other Intangible Assets

Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.

Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".

Other intangible assets consisted of the following:

	June 30, 2021						December 31, 2020
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	279,739	$	(73,733)	$	206,006	$	201,445	$	(68,319)	$	133,126
Proven technology and patents	98,791		(53,728)		45,063		78,312		(52,138)		26,174
Tradenames (finite life)	8,228		(3,570)		4,658		4,896		(3,444)		1,452
Tradenames (indefinite life)	35,556		—		35,556		35,595		—		35,595
Other	8,061		(5,625)		2,436		5,215		(4,777)		438
	$	430,375	$	(136,656)	$	293,719	$	325,463	$	(128,678)	$	196,785

The Company recognized amortization expense associated with the above intangible assets of $6.2 million and $3.9 million for the three months ended June 30, 2021 and 2020, respectively, and $10.2 million and $7.9 million for the six months ended June 30, 2021 and 2020, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $21.6 million for 2021, $21.1 million for 2022, $20.4 million for 2023, $19.8 million for 2024, $18.9 million for 2025, and $16.6 million for 2026. Purchased intangible amortization was $5.9 million, $4.5 million after tax, and $3.7 million, $2.8 million after tax, for the three months ended June 30, 2021 and 2020, respectively, and $9.7 million, $7.3 million after tax, and $7.5 million, $5.6 million after tax, for the six months ended June 30, 2021 and 2020, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $10.0 million and $9.9 million for the three months ended June 30, 2021 and 2020, respectively, and $19.8 million and $19.9 million for the six months ended June 30, 2021 and 2020, 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.

Employee Termination Benefits

In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service after the legal notification period, in which case the liability is recognized ratably over the future service 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 $4.6 million and $9.2 million of share-based compensation expense for the three and six months ended June 30, 2021, respectively, compared to $4.4 million and $8.8 million for the corresponding periods in 2020.

On May 6, 2021, the Company's shareholders approved the adoption of the Company's 2013 Equity Incentive Plan (Amended and Restated), with the effect that approximately 0.9 million additional shares of common stock were added to the 2.1 million shares that remained available under the plan prior to its amendment. In addition, shares subject to options granted under the Company's prior equity incentive plan that terminate without being exercised, are also available for awards under the amended plan. The amended plan expires in 2031.

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 and January 2021, the FASB issued ASU 2020-04 and ASU 2021-01: 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, 2022. The Company's interest rate and cross currency swaps, as mentioned in Note 5 to the consolidated financial statements, are governed by International Swaps and Derivatives Association ("ISDA") agreements, and the Company adheres to the ISDA's fallback protocol when LIBOR is discontinued. In addition, the

Company renewed the LIBOR based credit agreement, as discussed further in Note 8, which includes a fallback protocol when LIBOR is discontinued. Based on these procedures, when LIBOR is discontinued the interest rate and cross currency swaps will not require de-designation if certain criteria are met. The Company expects the financial impact of the rate change when LIBOR is discontinued to be immaterial to its financial statements.

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Revenue from Contracts with Customers (Notes)

6 Months Ended

Jun. 30, 2021

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, 2021 and 2020 follows:

For the three months ended June 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	252,668	$	32,018	$	145,687	$	188,803	$	117,310	$	736,486
Service Revenue:
Point in time	54,493		6,534		37,089		12,633		29,711		140,460
Over time	16,149		2,284		18,946		4,085		5,941		47,405
Total	$	323,310	$	40,836	$	201,722	$	205,521	$	152,962	$	924,351

For the three months ended June 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	188,363	$	22,012	$	104,458	$	128,151	$	94,129	$	537,113
Service Revenue:
Point in time	46,342		4,726		27,945		9,784		23,490		112,287
Over time	14,635		2,210		16,648		2,972		4,808		41,273
Total	$	249,340	$	28,948	$	149,051	$	140,907	$	122,427	$	690,673

For the six months ended June 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	457,859	$	62,185	$	282,586	$	332,128	$	228,643	$	1,363,401
Service Revenue:
Point in time	106,084		13,425		72,719		21,975		57,588		271,791
Over time	31,326		4,507		38,767		7,492		11,457		93,549
Total	$	595,269	$	80,117	$	394,072	$	361,595	$	297,688	$	1,728,741

For the six months ended June 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	365,799	$	46,288	$	210,335	$	218,472	$	185,553	$	1,026,447
Service Revenue:
Point in time	96,577		10,282		59,336		16,890		49,166		232,251
Over time	28,374		4,274		32,705		6,144		9,640		81,137
Total	$	490,750	$	60,844	$	302,376	$	241,506	$	244,359	$	1,339,835

A summary of revenue by major geographic destination for the three and six months ended June 30 follows:

	Three Months Ended				Six Months Ended
	2021		2020		2021		2020
Americas	$	353,415	$	270,291	$	656,754	$	535,124
Europe	260,190		194,165		501,566		388,992
Asia / Rest of World	310,746		226,217		570,421		415,719
Total	$	924,351	$	690,673	$	1,728,741	$	1,339,835

The Company's global revenue mix by product category is comprised of laboratory (55% of sales), industrial (39% of sales) and retail (6% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A summary of the Company’s revenue by product category for the three and six months ended June 30 is as follows:

	Three Months Ended				Six Months Ended
	2021		2020		2021		2020
Laboratory	$	506,106	$	359,471	$	950,732	$	716,562
Industrial	368,013		288,824		678,791		541,179
Retail	50,232		42,378		99,218		82,094
Total	$	924,351	$	690,673	$	1,728,741	$	1,339,835

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, 2021 and December 31, 2020 was $36.6 million and $22.6 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, 2021 and 2020 are as follows:

	2021		2020
Beginning balances as of January 1	$	149,106	$	122,489
Customer pre-payments/deferred revenue	323,654		278,015
Revenue recognized	(278,817)		(251,462)
Foreign currency translation	(1,744)		1,700
Ending balance as of June 30	$	192,199	$	150,742

The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company has not disclosed the value of unsatisfied performance obligations other than customer prepayments and deferred revenue above as most contracts have an expected length of one year or less and amounts greater than one year are immaterial.

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Financial Instruments (Notes)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

FINANCIAL INSTRUMENTSThe 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 6 and Note 10 to the interim consolidated financial statements. As also described in Note 8, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiary.

Cash Flow Hedges

In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.57%. The swap matures in June 2025. This cross currency swap replaced a similar $50 million swap entered into in June 2019 which matured in June 2021, which converted floating rate LIBOR to a fixed Swiss franc income of 0.95%.

In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.66%. The swap matures in June 2024. This cross currency swap replaced a similar $50 million swap entered into in February 2019 which matured in June 2021, which converted floating rate LIBOR to a fixed Swiss franc income of 0.78%.

In June 2019, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.82%. The swap matures in June 2023.

In 2015, the Company entered into an interest rate swap agreement designated as a cash flow hedge. The agreement has the effect of changing the floating rate LIBOR-based interest payments associated with $100 million of borrowings under the Company's credit agreement to a fixed obligation of 2.25% beginning in February 2017 and matures in February 2022.

    The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2021 and December 31, 2020, respectively. A derivative loss of $0.1 million based upon interest rates and foreign currency rates at June 30, 2021, 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, 2021.

Other Derivatives

The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese Renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at June 30, 2021 and December 31, 2020, respectively, and disclosed in Note 6. The Company recognized in other charges (income) related to these instruments, a net gain of $0.8 million and $0.3 million during the three months ended June 30, 2021 and 2020, respectively, and a net gain of $13.2 million and a net loss of $7.0 million during the six months ended June 30, 2021 and 2020, respectively. The gains and losses are primarily offset by the underlying transaction gains and losses on the related intercompany balances. At June 30, 2021 and December 31, 2020, these contracts had a notional value of $605.0 million and $536.5 million, respectively.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTSAt June 30, 2021 and December 31, 2020, the Company had derivative assets totaling $7.5 million and $2.2 million respectively, and derivative liabilities totaling $7.6 million and $23.3 million,

respectively. The Company has limited involvement with derivative financial instruments and therefore does not need to present all the required disclosures in tabular format. The fair values of the interest rate swap agreements, 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, 2021 and December 31, 2020.

The estimated fair value of the contingent consideration obligation of $13.5 million relating to the PendoTECH acquisition was determined using a Monte Carlo simulation based on the Company's forecast of future financial results. The fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement.

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 or Level 3, with the exception of the PendoTECH contingent consideration described above.

	June 30, 2021		December 31, 2020		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	4,625	$	2,227	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	2,903		—		Other non-current assets
Total derivative assets	$	7,528	$	2,227
Foreign currency forward contracts not designated as hedging instruments	$	2,373	$	1,399	Accrued and other liabilities
Cash Flow Hedges:
Interest rate swap agreements	1,442		—		Accrued and other liabilities
Cross currency swap agreement	—		13,093		Accrued and other liabilities
Interest rate swap agreements	—		2,502		Other non-current liabilities
Cross currency swap agreement	3,735		6,297		Other non-current liabilities
Total derivative liabilities	$	7,550	$	23,291

The Company had $23.8 million and $14.3 million of cash equivalents at June 30, 2021 and December 31, 2020, 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 exceeds the carrying value by approximately $38.0 million as of June 30, 2021. 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.

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Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company's reported tax rate was 19.8% and 18.5% during the three months ended June 30, 2021 and 2020, respectively and 19.6% and 17.9% during the six months ended June 30, 2021 and 2020, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.5% and 20.5% before non-recurring discrete tax items during 2021 and 2020, respectively. 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.

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Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

Debt consisted of the following at June 30, 2021:

	U.S. Dollar		Other Principal Trading Currencies		Total
3.67% $50 million ten-year Senior Notes due December 17, 2022	$	50,000	$	—	$	50,000
4.10% $50 million ten-year Senior Notes due September 19, 2023	50,000		—		50,000
3.84% $125 million ten-year Senior Notes due September 19, 2024	125,000		—		125,000
4.24% $125 million ten-year Senior Notes due June 25, 2025	125,000		—		125,000
3.91% $75 million ten-year Senior Notes due June 25, 2029	75,000		—		75,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		149,094		149,094
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		161,021		161,021
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		149,094		149,094
Debt issuance costs, net	(1,590)		(1,631)		(3,221)
Total Senior Notes	473,410		457,578		930,988
$1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	512,501		155,140		667,641
Other local arrangements	3,574		52,827		56,401
Total debt	989,485		665,545		1,655,030
Less: current portion	(349)		(52,676)		(53,025)
Total long-term debt	$	989,136	$	612,869	$	1,602,005

Credit Agreement

On June 25, 2021, the Company entered into a $1.25 billion Credit Agreement ("the Credit Agreement"), which amended its $1.1 billion Amended and Restated Credit Agreement (the "Prior Credit Agreement"). As of June 30, 2021, the Company had $576.3 million of additional borrowings available under its Credit Agreement, and the Company maintained $142.3 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 June 25, 2026. 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 as those contained in the prior Credit Agreement, with which the Company was in compliance as of June 30, 2021. The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less except that the required maximum ratio may increase to 4.0 to 1.0 for the four consecutive fiscal quarter period commencing with the fiscal quarter in which an acquisition having total consideration (including, without limitation, all cash payments, assumed indebtedness, issued equity interests and earn outs in connection with such acquisition) greater than $250 million 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. The Company incurred approximately $0.2 million of debt extinguishment costs during 2021

related to the Prior Credit Agreement. The Company capitalized $2.0 million in financing fees during 2021 associated with the Credit Agreement which will be amortized to interest expense through 2026.

Senior Notes

In May 2021, the Company entered into an agreement to issue and sell $125 million twelve-year Senior Notes with a fixed interest rate of 2.83%. The Senior Notes will be issued in July 2021 and will mature July 2033. The terms of the Senior Notes are consistent with the previous Senior Notes as described above. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.    

In December 2020, the Company entered into an agreement to issue and sell EUR 125.0 million of 15-year 1.06% Euro Senior Notes ("1.06% Euro Senior Notes"). The terms of the Euro Senior Notes are consistent with the previous Euro Senior Notes as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The Company also entered into a forward contract to receive $152.1 million at the time of issuing the 1.06% Euro Senior Notes in March 2021. The Company issued the 1.06% Euro Senior Notes with a fixed interest rate of 1.06% in March 2021. The 1.06% Euro Senior Notes are unsecured obligations of the Company and will mature on March 19, 2036. Interest on the 1.06% Euro Senior Notes is payable semi-annually in March and September of each year. The Company was in compliance with its debt covenants at June 30, 2021.

The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized loss of $5.8 million and $2.1 million for the three months ended June 30, 2021 and 2020, respectively, and an unrealized gain of $11.8 million and an unrealized loss of $0.1 million for the six month periods ended June 30, 2021 and 2020, respectively. The Company has a loss of $17.0 million recorded in accumulated other comprehensive income (loss) as of June 30, 2021.

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 Swiss franc LIBOR plus 87.5 basis points. The loans were renewed for one year in April 2021.

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Share Repurchase Program and Treasury Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
SHARE REPURCHASE PROGRAM AND TREASURY STOCK	SHARE REPURCHASE PROGRAM AND TREASURY STOCKIn November 2020, the Company's Board of Directors authorized an additional $2.5 billion to be added to its share repurchase program, which has $2.6 billion of remaining availability as of June 30, 2021. 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 29.8 million shares since the inception of the program in 2004 through June 30, 2021. During the six months ended June 30, 2021 and 2020, the Company spent $475.0 million and $200.0 million on the repurchase of 390,538 shares and 268,161 shares at an average price per share of $1,216.25 and $745.80, respectively. The Company also reissued 35,636 shares and 114,109 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2021 and 2020, respectively.

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

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:

	2021	2020
Three months ended	330,638	288,711
Six months ended	326,169	307,265

Outstanding options and restricted stock units to purchase or receive 21,637 and 88,032 shares of common stock for the three month period ended June 30, 2021 and 2020, 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 23,620 and 88,261 for the six month period ended June 30, 2021 and 2020, 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.

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Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

NET PERIODIC BENEFIT COST

NET PERIODIC PENSION COST

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost, net	$	374	$	326	$	4,907	$	4,528	$	—	$	—	$	5,281	$	4,854
Interest cost on projected benefit obligations	549		889		858		1,097		2		7		1,409		1,993
Expected return on plan assets	(1,494)		(1,524)		(8,904)		(8,017)		—		—		(10,398)		(9,541)
Recognition of prior service cost	—		—		(465)		(1,735)		(19)		(19)		(484)		(1,754)
Recognition of actuarial losses/(gains)	729		645		6,246		5,712		(9)		(7)		6,966		6,350
Net periodic pension cost/(credit)	$	158	$	336	$	2,642	$	1,585	$	(26)	$	(19)	$	2,774	$	1,902

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost, net	$	748	$	652	$	9,852	$	9,045	$	—	$	—	$	10,600	$	9,697
Interest cost on projected benefit obligations	1,098		1,778		1,708		2,332		4		14		2,810		4,124
Expected return on plan assets	(2,988)		(3,048)		(17,875)		(16,104)		—		—		(20,863)		(19,152)
Recognition of prior service cost	—		—		(936)		(3,460)		(38)		(38)		(974)		(3,498)
Recognition of actuarial losses/(gains)	1,458		1,290		12,545		11,311		(18)		(14)		13,985		12,587
Net periodic pension cost/(credit)	$	316	$	672	$	5,294	$	3,124	$	(52)	$	(38)	$	5,558	$	3,758

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, the Company expects to make employer contributions of approximately

$27.9 million to its non-U.S. pension plans and employer contributions of approximately $0.2 million to its U.S. post-retirement medical plan during the year ended December 31, 2021. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

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Restructuring Charges

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

For the three and six months ended June 30, 2021, the Company has incurred $0.9 million and $2.1 million of restructuring expenses, respectively, which primarily relates to employee related costs. Liabilities related to restructuring activities are included in accrued and other liabilities in the consolidated balance sheet. A roll forward of the Company’s accrual for restructuring activities for the six months ended June 30, 2021 is as follows:

	Total
Balance at December 31, 2020	$	9,184
Restructuring charges	2,069
Cash payments and utilization	(5,548)
Impact of foreign currency	(210)
Balance at June 30, 2021	$	5,495

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Other Charges (Income), Net	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
OTHER CHARGES (INCOME), NET	OTHER CHARGES (INCOME), NETOther charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related hedging activities, interest income and other items. Non-service pension benefits for the three months ended June 30, 2021 and 2020 were $2.5 million and $3.0 million, respectively, and $5.0 million and $5.9 million for the six months ended June 30, 2021 and 2020, respectively.

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Segment Reporting

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

15.    SEGMENT REPORTING

As disclosed in Note 19 to the Company's consolidated financial statements for the year ended December 31, 2020, the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other.

The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes).

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

	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2021
June 30, 2021	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	323,310	$	38,507	$	361,817	$	79,272	$	509,600
Swiss Operations	40,836		201,182		242,018		69,516		23,553
Western European Operations	201,722		55,873		257,595		38,476		93,133
Chinese Operations	205,521		72,529		278,050		94,663		697
Other (a)	152,962		1,275		154,237		21,414		15,203
Eliminations and Corporate (b)	—		(369,366)		(369,366)		(48,085)		—
Total	$	924,351	$	—	$	924,351	$	255,256	$	642,186

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2021	Customers		Segments		Sales		Profit
U.S. Operations	$	595,269	$	75,292	$	670,561	$	142,943
Swiss Operations	80,117		385,647		465,764		134,395
Western European Operations	394,072		108,128		502,200		76,342
Chinese Operations	361,595		141,607		503,202		166,687
Other (a)	297,688		2,371		300,059		41,586
Eliminations and Corporate (b)	—		(713,045)		(713,045)		(96,025)
Total	$	1,728,741	$	—	$	1,728,741	$	465,928

(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 to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2020
June 30, 2020	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	249,340	$	27,515	$	276,855	$	52,581	$	414,370
Swiss Operations	28,948		142,487		171,435		48,248		22,830
Western European Operations	149,051		39,699		188,750		30,345		84,975
Chinese Operations	140,907		45,731		186,638		63,955		621
Other (a)	122,427		875		123,302		13,122		14,828
Eliminations and Corporate (b)	—		(256,307)		(256,307)		(31,608)		—
Total	$	690,673	$	—	$	690,673	$	176,643	$	537,624

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2020	Customers		Segments		Sales		Profit
U.S. Operations	$	490,750	$	53,904	$	544,654	$	97,519
Swiss Operations	60,844		295,336		356,180		102,158
Western European Operations	302,376		81,413		383,789		54,452
Chinese Operations	241,506		94,480		335,986		109,505
Other (a)	244,359		1,771		246,130		24,148
Eliminations and Corporate (b)	—		(526,904)		(526,904)		(69,861)
Total	$	1,339,835	$	—	$	1,339,835	$	317,921

(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 Ended				Six Months Ended
	2021		2020		2021		2020
Earnings before taxes	$	230,384	$	155,255	$	415,798	$	273,754
Amortization	16,218		13,889		30,102		27,887
Interest expense	10,439		9,582		19,910		19,801
Restructuring charges	876		860		2,069		2,765
Other income, net	(2,661)		(2,943)		(1,951)		(6,286)
Segment profit	$	255,256	$	176,643	$	465,928	$	317,921

During the three months ended June 30, 2021, restructuring charges of $0.9 million were recognized, of which $0.1 million, $0.1 million, $0.6 million, and $0.1 million related to the Company’s U.S., Swiss, Western European, and Other Operations, respectively. Restructuring charges of $0.9 million were recognized during the three months ended June 30, 2020, of which $0.3 million, $0.3 million, $0.1 million, and $0.2 million related to the Company’s U.S., Western European, Chinese, and Other Operations, respectively. Restructuring charges of $2.1 million were recognized during the six months ended June 30, 2021, of which $0.4 million, $0.3 million, $1.1 million, and $0.3 million related to the Company’s U.S., Swiss, Western European, and Other Operations, respectively. Restructuring charges of $2.8 million were recognized during the six months ended June 30, 2020, of which $0.6 million, $0.7 million, $1.1 million, $0.1 million, and $0.3 million and related to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively.

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Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESThe Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

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, 2021		December 31, 2020
Raw materials and parts	$	148,548	$	132,041
Work-in-progress	66,077		55,688
Finished goods	135,534		109,882
	$	350,159	$	297,611

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.

Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".

Other intangible assets consisted of the following:

	June 30, 2021						December 31, 2020
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	279,739	$	(73,733)	$	206,006	$	201,445	$	(68,319)	$	133,126
Proven technology and patents	98,791		(53,728)		45,063		78,312		(52,138)		26,174
Tradenames (finite life)	8,228		(3,570)		4,658		4,896		(3,444)		1,452
Tradenames (indefinite life)	35,556		—		35,556		35,595		—		35,595
Other	8,061		(5,625)		2,436		5,215		(4,777)		438
	$	430,375	$	(136,656)	$	293,719	$	325,463	$	(128,678)	$	196,785

The Company recognized amortization expense associated with the above intangible assets of $6.2 million and $3.9 million for the three months ended June 30, 2021 and 2020, respectively, and $10.2 million and $7.9 million for the six months ended June 30, 2021 and 2020, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $21.6 million for 2021, $21.1 million for 2022, $20.4 million for 2023, $19.8 million for 2024, $18.9 million for 2025, and $16.6 million for 2026. Purchased intangible amortization was $5.9 million, $4.5 million after tax, and $3.7 million, $2.8 million after tax, for the three months ended June 30, 2021 and 2020, respectively, and $9.7 million, $7.3 million after tax, and $7.5 million, $5.6 million after tax, for the six months ended June 30, 2021 and 2020, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $10.0 million and $9.9 million for the three months ended June 30, 2021 and 2020, respectively, and $19.8 million and $19.9 million for the six months ended June 30, 2021 and 2020, 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.

Employee Termination Benefits

Employee Termination BenefitsIn situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service after the legal notification period, in which case the liability is recognized ratably over the future service 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 $4.6 million and $9.2 million of share-based compensation expense for the three and six months ended June 30, 2021, respectively, compared to $4.4 million and $8.8 million for the corresponding periods in 2020.

On May 6, 2021, the Company's shareholders approved the adoption of the Company's 2013 Equity Incentive Plan (Amended and Restated), with the effect that approximately 0.9 million additional shares of common stock were added to the 2.1 million shares that remained available under the plan prior to its amendment. In addition, shares subject to options granted under the Company's prior equity incentive plan that terminate without being exercised, are also available for awards under the amended plan. The amended plan expires in 2031.

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 and January 2021, the FASB issued ASU 2020-04 and ASU 2021-01: 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, 2022. The Company's interest rate and cross currency swaps, as mentioned in Note 5 to the consolidated financial statements, are governed by International Swaps and Derivatives Association ("ISDA") agreements, and the Company adheres to the ISDA's fallback protocol when LIBOR is discontinued. In addition, the

Company renewed the LIBOR based credit agreement, as discussed further in Note 8, which includes a fallback protocol when LIBOR is discontinued. Based on these procedures, when LIBOR is discontinued the interest rate and cross currency swaps will not require de-designation if certain criteria are met. The Company expects the financial impact of the rate change when LIBOR is discontinued to be immaterial to its financial statements.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	June 30, 2021		December 31, 2020
Raw materials and parts	$	148,548	$	132,041
Work-in-progress	66,077		55,688
Finished goods	135,534		109,882
	$	350,159	$	297,611

Components of other intangible assets

Other intangible assets consisted of the following:

	June 30, 2021						December 31, 2020
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	279,739	$	(73,733)	$	206,006	$	201,445	$	(68,319)	$	133,126
Proven technology and patents	98,791		(53,728)		45,063		78,312		(52,138)		26,174
Tradenames (finite life)	8,228		(3,570)		4,658		4,896		(3,444)		1,452
Tradenames (indefinite life)	35,556		—		35,556		35,595		—		35,595
Other	8,061		(5,625)		2,436		5,215		(4,777)		438
	$	430,375	$	(136,656)	$	293,719	$	325,463	$	(128,678)	$	196,785

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Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

For the three months ended June 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	252,668	$	32,018	$	145,687	$	188,803	$	117,310	$	736,486
Service Revenue:
Point in time	54,493		6,534		37,089		12,633		29,711		140,460
Over time	16,149		2,284		18,946		4,085		5,941		47,405
Total	$	323,310	$	40,836	$	201,722	$	205,521	$	152,962	$	924,351

For the three months ended June 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	188,363	$	22,012	$	104,458	$	128,151	$	94,129	$	537,113
Service Revenue:
Point in time	46,342		4,726		27,945		9,784		23,490		112,287
Over time	14,635		2,210		16,648		2,972		4,808		41,273
Total	$	249,340	$	28,948	$	149,051	$	140,907	$	122,427	$	690,673

For the six months ended June 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	457,859	$	62,185	$	282,586	$	332,128	$	228,643	$	1,363,401
Service Revenue:
Point in time	106,084		13,425		72,719		21,975		57,588		271,791
Over time	31,326		4,507		38,767		7,492		11,457		93,549
Total	$	595,269	$	80,117	$	394,072	$	361,595	$	297,688	$	1,728,741

For the six months ended June 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	365,799	$	46,288	$	210,335	$	218,472	$	185,553	$	1,026,447
Service Revenue:
Point in time	96,577		10,282		59,336		16,890		49,166		232,251
Over time	28,374		4,274		32,705		6,144		9,640		81,137
Total	$	490,750	$	60,844	$	302,376	$	241,506	$	244,359	$	1,339,835

A summary of revenue by major geographic destination for the three and six months ended June 30 follows:

	Three Months Ended				Six Months Ended
	2021		2020		2021		2020
Americas	$	353,415	$	270,291	$	656,754	$	535,124
Europe	260,190		194,165		501,566		388,992
Asia / Rest of World	310,746		226,217		570,421		415,719
Total	$	924,351	$	690,673	$	1,728,741	$	1,339,835

The Company's global revenue mix by product category is comprised of laboratory (55% of sales), industrial (39% of sales) and retail (6% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A summary of the Company’s revenue by product category for the three and six months ended June 30 is as follows:

	Three Months Ended				Six Months Ended
	2021		2020		2021		2020
Laboratory	$	506,106	$	359,471	$	950,732	$	716,562
Industrial	368,013		288,824		678,791		541,179
Retail	50,232		42,378		99,218		82,094
Total	$	924,351	$	690,673	$	1,728,741	$	1,339,835

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

	2021		2020
Beginning balances as of January 1	$	149,106	$	122,489
Customer pre-payments/deferred revenue	323,654		278,015
Revenue recognized	(278,817)		(251,462)
Foreign currency translation	(1,744)		1,700
Ending balance as of June 30	$	192,199	$	150,742

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

	June 30, 2021		December 31, 2020		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	4,625	$	2,227	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	2,903		—		Other non-current assets
Total derivative assets	$	7,528	$	2,227
Foreign currency forward contracts not designated as hedging instruments	$	2,373	$	1,399	Accrued and other liabilities
Cash Flow Hedges:
Interest rate swap agreements	1,442		—		Accrued and other liabilities
Cross currency swap agreement	—		13,093		Accrued and other liabilities
Interest rate swap agreements	—		2,502		Other non-current liabilities
Cross currency swap agreement	3,735		6,297		Other non-current liabilities
Total derivative liabilities	$	7,550	$	23,291

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Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt consisted of the following at June 30, 2021:

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Net Periodic Benefit Cost (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost, net	$	374	$	326	$	4,907	$	4,528	$	—	$	—	$	5,281	$	4,854
Interest cost on projected benefit obligations	549		889		858		1,097		2		7		1,409		1,993
Expected return on plan assets	(1,494)		(1,524)		(8,904)		(8,017)		—		—		(10,398)		(9,541)
Recognition of prior service cost	—		—		(465)		(1,735)		(19)		(19)		(484)		(1,754)
Recognition of actuarial losses/(gains)	729		645		6,246		5,712		(9)		(7)		6,966		6,350
Net periodic pension cost/(credit)	$	158	$	336	$	2,642	$	1,585	$	(26)	$	(19)	$	2,774	$	1,902

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost, net	$	748	$	652	$	9,852	$	9,045	$	—	$	—	$	10,600	$	9,697
Interest cost on projected benefit obligations	1,098		1,778		1,708		2,332		4		14		2,810		4,124
Expected return on plan assets	(2,988)		(3,048)		(17,875)		(16,104)		—		—		(20,863)		(19,152)
Recognition of prior service cost	—		—		(936)		(3,460)		(38)		(38)		(974)		(3,498)
Recognition of actuarial losses/(gains)	1,458		1,290		12,545		11,311		(18)		(14)		13,985		12,587
Net periodic pension cost/(credit)	$	316	$	672	$	5,294	$	3,124	$	(52)	$	(38)	$	5,558	$	3,758

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Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring Cost and Reserve [Line Items]

Company's accrual for restructuring activities

A roll forward of the Company’s accrual for restructuring activities for the six months ended June 30, 2021 is as follows:

	Total
Balance at December 31, 2020	$	9,184
Restructuring charges	2,069
Cash payments and utilization	(5,548)
Impact of foreign currency	(210)
Balance at June 30, 2021	$	5,495

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Operations of the Company's operating segments

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

	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2021
June 30, 2021	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	323,310	$	38,507	$	361,817	$	79,272	$	509,600
Swiss Operations	40,836		201,182		242,018		69,516		23,553
Western European Operations	201,722		55,873		257,595		38,476		93,133
Chinese Operations	205,521		72,529		278,050		94,663		697
Other (a)	152,962		1,275		154,237		21,414		15,203
Eliminations and Corporate (b)	—		(369,366)		(369,366)		(48,085)		—
Total	$	924,351	$	—	$	924,351	$	255,256	$	642,186

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2021	Customers		Segments		Sales		Profit
U.S. Operations	$	595,269	$	75,292	$	670,561	$	142,943
Swiss Operations	80,117		385,647		465,764		134,395
Western European Operations	394,072		108,128		502,200		76,342
Chinese Operations	361,595		141,607		503,202		166,687
Other (a)	297,688		2,371		300,059		41,586
Eliminations and Corporate (b)	—		(713,045)		(713,045)		(96,025)
Total	$	1,728,741	$	—	$	1,728,741	$	465,928

(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 to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		2020
June 30, 2020	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	249,340	$	27,515	$	276,855	$	52,581	$	414,370
Swiss Operations	28,948		142,487		171,435		48,248		22,830
Western European Operations	149,051		39,699		188,750		30,345		84,975
Chinese Operations	140,907		45,731		186,638		63,955		621
Other (a)	122,427		875		123,302		13,122		14,828
Eliminations and Corporate (b)	—		(256,307)		(256,307)		(31,608)		—
Total	$	690,673	$	—	$	690,673	$	176,643	$	537,624

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2020	Customers		Segments		Sales		Profit
U.S. Operations	$	490,750	$	53,904	$	544,654	$	97,519
Swiss Operations	60,844		295,336		356,180		102,158
Western European Operations	302,376		81,413		383,789		54,452
Chinese Operations	241,506		94,480		335,986		109,505
Other (a)	244,359		1,771		246,130		24,148
Eliminations and Corporate (b)	—		(526,904)		(526,904)		(69,861)
Total	$	1,339,835	$	—	$	1,339,835	$	317,921

(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 Ended				Six Months Ended
	2021		2020		2021		2020
Earnings before taxes	$	230,384	$	155,255	$	415,798	$	273,754
Amortization	16,218		13,889		30,102		27,887
Interest expense	10,439		9,582		19,910		19,801
Restructuring charges	876		860		2,069		2,765
Other income, net	(2,661)		(2,943)		(1,951)		(6,286)
Segment profit	$	255,256	$	176,643	$	465,928	$	317,921

XML

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Components of inventory
Raw materials and parts	$ 148,548	$ 132,041
Work-in-progress	66,077	55,688
Finished goods	135,534	109,882
Total Inventory, Net	$ 350,159	$ 297,611

XML

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 430,375	$ 325,463
Accumulated Amortization	(136,656)	(128,678)
Intangible Assets, Net (Excluding Goodwill)	293,719	196,785
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount, Tradename (indefinite life)	35,556	35,595
Intangible Assets, Net (Excluding Goodwill)	35,556	35,595
Customer Relationships [Member]
Intangible Assets [Line Items]
Gross amount	279,739	201,445
Accumulated Amortization	(73,733)	(68,319)
Intangible Assets, Net (Excluding Goodwill)	206,006	133,126
Proven technology and patents [Member]
Intangible Assets [Line Items]
Gross amount	98,791	78,312
Accumulated Amortization	(53,728)	(52,138)
Intangible Assets, Net (Excluding Goodwill)	45,063	26,174
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount	8,228	4,896
Accumulated Amortization	(3,570)	(3,444)
Intangible Assets, Net (Excluding Goodwill)	4,658	1,452
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Gross amount	8,061	5,215
Accumulated Amortization	(5,625)	(4,777)
Intangible Assets, Net (Excluding Goodwill)	$ 2,436	$ 438

XML

Summary of Significant Accounting Policies (Details Textuals) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 06, 2021
Summary of Significant Accounting Policies (Textuals) [Abstract]
Amortization expense	$ 6.2	$ 3.9	$ 10.2	$ 7.9
Future Amortization Expense Current Year			21.6
Aggregate amortization expense for 2020	21.1		21.1
Aggregate amortization expense for 2021	20.4		20.4
Aggregate amortization expense for 2023	19.8		19.8
Aggregate amortization expense for 2024	18.9		18.9
Aggregate amortization expense for 2025	16.6		16.6
Purchased Intangible Amortization, Gross	5.9	3.7	9.7	7.5
Purchased intangible amortization, net of tax	4.5	2.8	7.3	5.6
Amortization expense associated with capitalized software	10.0	9.9	19.8	19.9
Share - based compensation expense	$ 4.6	$ 4.4	$ 9.2	$ 8.8
Additional Shares Issued under Equity Incentive Plan					900
Shares Remaining Under Equity Incentive Plan Prior to Amendment					2,100

XML

Business Combinations and Asset Acquisitions (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Mar. 24, 2021

Business Acquisition [Line Items]

Amortization of Intangible Assets

$ 6.2

$ 3.9

$ 10.2

$ 7.9

PendoTECH Acquisition [Member]

Business Acquisition [Line Items]

Business Combination Disclosure

4.    ACQUISITIONS

In March 2021, the Company acquired all the membership interests of Mayfair Technology, LLC, ("PendoTECH") a manufacturer and distributor of single-use sensors, transmitters, control systems and software for measuring, monitoring and data collection primarily in bioprocess applications. PendoTECH serves bio-pharmaceutical manufacturers and life science laboratories and is located in the United States. The initial cash payment was $185.0 million and the Company may be required to pay additional consideration of up to $20.0 million and other post-closing amounts. The additional consideration is based upon financial thresholds in 2022 and 2023. The estimated fair value of the contingent consideration obligation at the time of acquisition of $13.5 million was determined using a Monte Carlo simulation based on the Company's forecast of future financial results.

Goodwill recorded in connection with the acquisition totaled $93.7 million, which is deductible for tax purposes. Identified intangible finite-life assets acquired include customer relationships of $78.6 million, technology and patents of $21.7 million, trade name of $3.4 million, and other intangibles of $2.4 million. The Company used variations of the income statement approach in determining the fair value of the intangible assets acquired; specifically, the multi-period excess earnings method to determine the fair value of the customer relationships acquired and the relief from royalty method to determine the fair value of the technology and patents. The Company's determination of the fair value of the intangible assets acquired involved the use of significant estimates and assumptions principally related to revenue growth, royalty and customer attrition rates.

The identifiable finite-live intangible assets will be amortized on a straight-line basis over periods of 5 to 20 years and the annual aggregate amortization expense is estimated at $6.9 million. Net tangible assets acquired were $7.4 million and recorded at fair value in the consolidated financial statements. All of the acquired assets are included in the Company's U.S. Operations segment.

Business Combination, Consideration Transferred

$ 185.0

Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High

$ 20.0

Business Combination, Contingent Consideration, Liability

13.5

Goodwill, Acquired During Period

$ 93.7

Minimum useful lives

5 years

Maximum Useful Lives

20 years

Amortization of Intangible Assets

$ 6.9

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net

$ 7.4

Customer Relationships [Member] | PendoTECH Acquisition [Member]

Business Acquisition [Line Items]

Finite-lived Intangible Assets Acquired

78.6

Tradename (indefinite life) [Member] | PendoTECH Acquisition [Member]

Business Acquisition [Line Items]

Finite-lived Intangible Assets Acquired

3.4

Other Intangible Assets [Member] | PendoTECH Acquisition [Member]

Business Acquisition [Line Items]

Finite-lived Intangible Assets Acquired

2.4

Technology-Based Intangible Assets [Member] | PendoTECH Acquisition [Member]

Business Acquisition [Line Items]

Finite-lived Intangible Assets Acquired

$ 21.7

XML

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 924,351	$ 690,673	$ 1,728,741	$ 1,339,835
Contract with Customer, Asset, after Allowance for Credit Loss	36,600		36,600		$ 22,600
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	353,415	270,291	656,754	535,124
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	260,190	194,165	501,566	388,992
Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	310,746	226,217	570,421	415,719
Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	736,486	537,113	1,363,401	1,026,447
Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	140,460	112,287	271,791	232,251
Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 47,405	41,273	$ 93,549	81,137
Laboratory products and services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	55.00%		55.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 506,106	359,471	$ 950,732	716,562
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	$ 368,013	288,824	$ 678,791	541,179
Retail products and services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	6.00%		6.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 50,232	42,378	$ 99,218	82,094
US Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	323,310	249,340	595,269	490,750
US Operations [Member] | Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	252,668	188,363	457,859	365,799
US Operations [Member] | Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	54,493	46,342	106,084	96,577
US Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,149	14,635	31,326	28,374
Swiss Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	40,836	28,948	80,117	60,844
Swiss Operations [Member] | Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	32,018	22,012	62,185	46,288
Swiss Operations [Member] | Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,534	4,726	13,425	10,282
Swiss Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,284	2,210	4,507	4,274
Western European Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	201,722	149,051	394,072	302,376
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	145,687	104,458	282,586	210,335
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	37,089	27,945	72,719	59,336
Western European Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,946	16,648	38,767	32,705
Chinese Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	205,521	140,907	361,595	241,506
Chinese Operations [Member] | Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	188,803	128,151	332,128	218,472
Chinese Operations [Member] | Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	12,633	9,784	21,975	16,890
Chinese Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,085	2,972	7,492	6,144
Other Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	152,962	122,427	297,688	244,359
Other Operations [Member] | Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	117,310	94,129	228,643	185,553
Other Operations [Member] | Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	29,711	23,490	57,588	49,166
Other Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 5,941	$ 4,808	$ 11,457	$ 9,640

XML

Revenue from Contracts with Customers 2 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 192,199		$ 149,106	$ 150,742	$ 122,489
Contract with Customer, Asset, after Allowance for Credit Loss	36,600		$ 22,600
Customer prepayments and deferred revenue	323,654	$ 278,015
Contract with Customer, Liability, Revenue Recognized	(278,817)	(251,462)
Temporary Equity, Foreign Currency Translation Adjustments	$ (1,744)	$ 1,700

XML

Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ 100
Designated as Hedging Instrument [Member] | June 2019 4 YR Cross Currency Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000		$ 50,000
Derivative, Fixed Interest Rate	0.82%		0.82%
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	$ 0		$ 0
Designated as Hedging Instrument [Member] | June 2019 2 YR Cross Currency Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000		$ 50,000
Derivative, Fixed Interest Rate	0.95%		0.95%
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]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000		$ 50,000
Derivative, Fixed Interest Rate	0.78%		0.78%
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]
Line Of Credit Facility Forecasted Borrowing Amount	$ 100,000		$ 100,000
Derivative, Fixed Interest Rate	2.25%		2.25%
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ 0		$ 0
Designated as Hedging Instrument [Member] | 2.52% $50 Million Interest Rate Swap [Member]
Derivative [Line Items]
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	0		0
Designated as Hedging Instrument [Member] | June 2021 4 YR Cross Currency Swap
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000		$ 50,000
Derivative, Fixed Interest Rate	0.57%		0.57%
Designated as Hedging Instrument [Member] | June 2021 3 YR Cross Currency Swap
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000		$ 50,000
Derivative, Fixed Interest Rate	0.66%		0.66%
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 800	$ 300	$ 13,200	$ 7,000
Derivative, Notional Amount	$ 605,000		$ 605,000		$ 536,500

XML

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 24, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign Currency Cash Flow Hedge Short Term	$ 0		$ 13,093
Cash Equivalents, at Carrying Value	23,800		14,300
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability		$ 13,500
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	7,528		2,227
Derivative Liability	7,550		23,291
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	4,625		2,227
Foreign Currency Cash Flow Hedge Asset at Fair Value	2,903		0
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	2,373		1,399
Interest Rate Swap Short Term	1,442		0
Interest Rate Cash Flow Hedge Liability at Fair Value	0		2,502
Foreign Currency Cash Flow Hedge Liability at Fair Value	3,735		$ 6,297
Change in Carrying Value Verse Fair Value of Long Term Debt	$ 38,000

XML

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021 Rate	Jun. 30, 2020 Rate	Jun. 30, 2021 Rate	Jun. 30, 2020 Rate
Effective Income Tax Rate Reconciliation, Percent	19.80%	18.50%	19.60%	17.90%
Annual Effective Tax Rate before recurring discrete tax items			19.50%	20.50%

XML

Debt (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) Rate	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Rate	Jun. 30, 2020 USD ($)	Jun. 30, 2021 EUR (€) Rate	Dec. 31, 2020 USD ($)	Dec. 18, 2020 USD ($)	Dec. 31, 2019 USD ($)
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 930,988		$ 930,988
Unamortized Debt Issuance Expense	(3,221)		(3,221)
Line of Credit Facility, Fair Value of Amount Outstanding	667,641		667,641
Total debt	1,655,030		1,655,030
Debt, Current	(53,025)		(53,025)
Long-term Debt	1,602,005		1,602,005
Line of Credit Facility, Remaining Borrowing Capacity	576,300		576,300
Cash and Cash Equivalents, at Carrying Value	142,252	$ 127,277	142,252	$ 127,277		$ 94,254		$ 207,785
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	5,800	$ 2,100	11,800	$ 100
Cumulative (gain) loss in other other comprehensive income related to the change in a net investment hedge.	17,000		17,000
Line of Credit Facility, Maximum Borrowing Capacity	1,250,000		1,250,000
Write off of Deferred Debt Issuance Cost			200
Debt Issuance Costs, Gross	2,000		2,000
Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	473,410		473,410
Unamortized Debt Issuance Expense	(1,590)		(1,590)
Line of Credit Facility, Fair Value of Amount Outstanding	512,501		512,501
Total debt	989,485		989,485
Debt, Current	(349)		(349)
Long-term Debt	989,136		989,136
Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	457,578		457,578
Unamortized Debt Issuance Expense	(1,631)		(1,631)
Line of Credit Facility, Fair Value of Amount Outstanding	155,140		155,140
Total debt	665,545		665,545
Debt, Current	(52,676)		(52,676)
Long-term Debt	$ 612,869		$ 612,869
1.06% Euro-Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							1.06%
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes							$ 125,000
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
3.67% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	50,000		$ 50,000
3.67% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	4.10%		4.10%		4.10%
Debt Instrument, Maturity Date			Sep. 19, 2023
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 50,000		$ 50,000
Debt Instrument, Term			10 years
4.10% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	50,000		$ 50,000
4.10% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	3.84%		3.84%		3.84%
Debt Instrument, Maturity Date			Sep. 19, 2024
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 125,000		$ 125,000
Debt Instrument, Term			10 years
3.84% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	125,000		$ 125,000
3.84% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	4.24%		4.24%		4.24%
Debt Instrument, Maturity Date			Jun. 25, 2025
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 125,000		$ 125,000
Debt Instrument, Term			10 years
4.24% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	125,000		$ 125,000
4.24% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
3.91% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	3.91%		3.91%		3.91%
Debt Instrument, Maturity Date			Jun. 25, 2029
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 75,000		$ 75,000
Debt Instrument, Term			10 years
3.91% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	75,000		$ 75,000
3.91% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
3.19% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	3.19%		3.19%		3.19%
Debt Instrument, Maturity Date			Jan. 24, 2035
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 50,000		$ 50,000
Debt Instrument, Term			15 years
3.19% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	50,000		$ 50,000
3.19% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	1.47%		1.47%		1.47%
Euro Notes - USD Amount	$ 149,094		$ 149,094
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	$ 149,094		$ 149,094
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	$ 161,021		$ 161,021
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	$ 161,021		$ 161,021
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	56,401		56,401
Other local arrangements [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	3,574		3,574
Other local arrangements [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	$ 52,827		$ 52,827
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	149,094		149,094
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	$ 149,094		$ 149,094
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		$ 125
Debt Instrument, Term			12 years

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Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Repurchase Program, Additional Authorized Amount					$ 2,500,000
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]
Remaining Amount to Repurchase under the program	$ 2,600,000				$ 2,600,000
Shares Purchased Under Share Repurchase Program	29,800,000				29,800,000
Treasury Stock, Value, Acquired, Cost Method	$ 212,499	$ 262,500	$ 0	$ 200,000	$ 475,000	$ 200,000
Number of shares repurchased					(390,538)	(268,161)
Average price of share repurchased, per share					$ 1,216.25	$ 745.80
Exercise of stock options and restricted stock units, shares reissued					35,636	114,109

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Earnings Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Weighted Average Number of Shares Outstanding, Diluted, Total	330,638	288,711	326,169	307,265
Antidilutive Shares Outstanding
Weighted Average Number of Shares Outstanding, Antidilutive, Total	21,637	88,032	23,620	88,261

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Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	$ 5,281	$ 4,854	$ 10,600	$ 9,697
Interest cost on projected benefit obligations	1,409	1,993	2,810	4,124
Expected return on plan assets	(10,398)	(9,541)	(20,863)	(19,152)
Recognition of prior service cost	(484)	(1,754)	(974)	(3,498)
Recognition of actuarial losses/(gains)	6,966	6,350	13,985	12,587
Net periodic pension cost/(credit)	2,774	1,902	5,558	3,758
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	374	326	748	652
Interest cost on projected benefit obligations	549	889	1,098	1,778
Expected return on plan assets	(1,494)	(1,524)	(2,988)	(3,048)
Recognition of prior service cost	0	0	0	0
Recognition of actuarial losses/(gains)	729	645	1,458	1,290
Net periodic pension cost/(credit)	158	336	316	672
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	4,907	4,528	9,852	9,045
Interest cost on projected benefit obligations	858	1,097	1,708	2,332
Expected return on plan assets	(8,904)	(8,017)	(17,875)	(16,104)
Recognition of prior service cost	(465)	(1,735)	(936)	(3,460)
Recognition of actuarial losses/(gains)	6,246	5,712	12,545	11,311
Net periodic pension cost/(credit)	2,642	1,585	5,294	3,124
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year, Description	27,900		27,900
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	0	0	0	0
Interest cost on projected benefit obligations	2	7	4	14
Expected return on plan assets	0	0	0	0
Recognition of prior service cost	(19)	(19)	(38)	(38)
Recognition of actuarial losses/(gains)	(9)	(7)	(18)	(14)
Net periodic pension cost/(credit)	(26)	$ (19)	(52)	$ (38)
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year, Description	$ 200		$ 200

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Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Company's accrual for restructuring activities:-
Beginning Restructuring Accrual Balance, as of December 31, 2018			$ 9,184
Restructuring Charges	$ 876	$ 860	2,069	$ 2,765
Restructuring Cash Payments			(5,548)
Impact of foreign currency on restructuring reserve			(210)
Ending Restructuring Accrual Balance, as of September 30, 2019	$ 5,495		$ 5,495

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Restructuring Charges Restructuring Charges (textuals) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Charges [Abstract]
Restructuring Charges	$ 876	$ 860	$ 2,069	$ 2,765

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Other Charges , Net Other Charges, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Non-service pension costs (benefits)	$ 2.5	$ 3.0	$ 5.0	$ 5.9
Business Combination, Acquisition Related Costs			$ 2.8

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Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2019
Operations of the Company's operating segments
Net Sales to External Customers	$ 924,351	$ 690,673	$ 1,728,741	$ 1,339,835
Revenue Transactions With Other Operating Segments	0	0	0	0
Net Sales	924,351	690,673	1,728,741	1,339,835
Segment Profit	255,256	176,643	465,928	317,921
Goodwill	642,186		642,186		$ 550,270	$ 537,624
Swiss Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	40,836	28,948	80,117	60,844
Revenue Transactions With Other Operating Segments	201,182	142,487	385,647	295,336
Net Sales	242,018	171,435	465,764	356,180
Segment profit	69,516	48,248	134,395	102,158
Goodwill	23,553		23,553			22,830
Western European Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	201,722	149,051	394,072	302,376
Revenue Transactions With Other Operating Segments	55,873	39,699	108,128	81,413
Net Sales	257,595	188,750	502,200	383,789
Segment profit	38,476	30,345	76,342	54,452
Goodwill	93,133		93,133			84,975
Chinese Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	205,521	140,907	361,595	241,506
Revenue Transactions With Other Operating Segments	72,529	45,731	141,607	94,480
Net Sales	278,050	186,638	503,202	335,986
Segment profit	94,663	63,955	166,687	109,505
Goodwill	697		697			621
Other Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	152,962	122,427	297,688	244,359
Revenue Transactions With Other Operating Segments	1,275	875	2,371	1,771
Net Sales	154,237	123,302	300,059	246,130
Segment profit	21,414	13,122	41,586	24,148
Goodwill	15,203		15,203			14,828
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	(369,366)	(256,307)	(713,045)	(526,904)
Net Sales	(369,366)	(256,307)	(713,045)	(526,904)
Segment profit	(48,085)	(31,608)	(96,025)	(69,861)
Goodwill	0		0			0
US Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	323,310	249,340	595,269	490,750
Revenue Transactions With Other Operating Segments	38,507	27,515	75,292	53,904
Net Sales	361,817	276,855	670,561	544,654
Segment profit	79,272	$ 52,581	142,943	$ 97,519
Goodwill	$ 509,600		$ 509,600			$ 414,370

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Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reconciliation of earnings before taxes to segment profit
Earnings before taxes	$ 230,384	$ 155,255	$ 415,798	$ 273,754
Amortization	16,218	13,889	30,102	27,887
Interest expense	10,439	9,582	19,910	19,801
Restructuring Charges	876	860	2,069	2,765
Other charges (income), net	(2,661)	(2,943)	(1,951)	(6,286)
Segment Profit Information	$ 255,256	$ 176,643	$ 465,928	$ 317,921

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Segment Reporting (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 876	$ 860	$ 2,069	$ 2,765
Swiss Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	100		300	700
Western European Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	600	300	1,100	1,100
Chinese Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges		100		100
Other Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	100	200	300	300
US Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 100	$ 300	$ 400	$ 600