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, 2022, OR

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

Commission File Number: 1-13595

Mettler Toledo International Inc

_______________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

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

1900 Polaris Parkway

Columbus, OH 43240

and

Im Langacher, P.O. Box MT-100

CH 8606 Greifensee, Switzerland

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

________________________________________________________________________________

(Registrant's telephone number, including area code)

not applicable

______________________________________________________________________________________________________________________

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

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

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

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

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

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

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

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

The Registrant had 22,506,610 shares of Common Stock outstanding at June 30, 2022.

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, 2022 and 2021	3
	Interim Consolidated Statements of Operations and Comprehensive Income for the six months ended June 30, 2022 and 2021	4
	Interim Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	5
	Interim Consolidated Statements of Shareholders’ Equity for the six months ended June 30, 2022 and 2021	6
	Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021	7
	Notes to the Interim Consolidated Financial Statements at June 30, 2022	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults upon Senior Securities	34
Item 5.	Other Information	34
Item 6.	Exhibits	34
SIGNATURE		36

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, 2022 and 2021

(In thousands, except share data)

(unaudited)

	June 30, 2022		June 30, 2021
Net sales
Products	$	780,244	$	736,486
Service	198,143		187,865
Total net sales	978,387		924,351
Cost of sales
Products	308,019		294,053
Service	98,707		93,394
Gross profit	571,661		536,904
Research and development	44,023		42,603
Selling, general and administrative	242,206		239,045
Amortization	16,365		16,218
Interest expense	12,765		10,439
Restructuring charges	1,770		876
Other charges (income), net	(2,160)		(2,661)
Earnings before taxes	256,692		230,384
Provision for taxes	44,622		45,621
Net earnings	$	212,070	$	184,763
Basic earnings per common share:
Net earnings	$	9.39	$	7.97
Weighted average number of common shares	22,593,375		23,191,155
Diluted earnings per common share:
Net earnings	$	9.29	$	7.85
Weighted average number of common and common equivalent shares	22,821,666		23,521,793
Comprehensive income, net of tax (Note 9)	$	180,579	$	193,915

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, 2022 and 2021

(In thousands, except share data)

(unaudited)

	June 30, 2022		June 30, 2021
Net sales
Products	$	1,486,859	$	1,363,401
Service	389,319		365,340
Total net sales	1,876,178		1,728,741
Cost of sales
Products	597,108		539,323
Service	187,824		180,818
Gross profit	1,091,246		1,008,600
Research and development	87,051		81,875
Selling, general and administrative	477,518		460,797
Amortization	32,969		30,102
Interest expense	24,103		19,910
Restructuring charges	5,781		2,069
Other charges (income), net	(5,869)		(1,951)
Earnings before taxes	469,693		415,798
Provision for taxes	83,622		81,372
Net earnings	$	386,071	$	334,426
Basic earnings per common share:
Net earnings	$	17.02	$	14.37
Weighted average number of common shares	22,680,353		23,277,636
Diluted earnings per common share:
Net earnings	$	16.84	$	14.17
Weighted average number of common and common equivalent shares	22,928,933		23,603,805
Comprehensive income, net of tax (Note 9)	$	358,930	$	366,759

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, 2022 and December 31, 2021

(In thousands, except share data)

(unaudited)

	June 30, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	109,449	$	98,564
Trade accounts receivable, less allowances of $22,132 at June 30, 2022
and $22,176 at December 31, 2021	626,593		647,335
Inventories	463,321		414,543
Other current assets and prepaid expenses	125,338		108,916
Total current assets	1,324,701		1,269,358
Property, plant and equipment, net	760,856		799,365
Goodwill	643,449		648,622
Other intangible assets, net	298,362		307,450
Deferred tax assets, net	36,999		39,496
Other non-current assets	272,063		262,507
Total assets	$	3,336,430	$	3,326,798
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	267,523	$	272,911
Accrued and other liabilities	203,319		208,811
Accrued compensation and related items	163,650		236,265
Deferred revenue and customer prepayments	215,133		192,648
Taxes payable	162,382		134,769
Short-term borrowings and current maturities of long-term debt	106,574		101,134
Total current liabilities	1,118,581		1,146,538
Long-term debt	1,821,458		1,580,808
Deferred tax liabilities, net	68,578		62,230
Other non-current liabilities	320,551		365,801
Total liabilities	3,329,168		3,155,377
Commitments and contingencies (Note 14)
Shareholders’ equity:
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares	—		—
Common stock, $0.01 par value per share; authorized 125,000,000 shares;
issued 44,786,011 and 44,786,011 shares; outstanding 22,506,610 and
22,843,103 shares at June 30, 2022 and December 31, 2021, respectively	448		448
Additional paid-in capital	837,690		825,974
Treasury stock at cost (22,279,401 shares at June 30, 2022 and 21,942,908 shares at December 31, 2021)	(6,791,454)		(6,259,049)
Retained earnings	6,242,943		5,859,272
Accumulated other comprehensive loss	(282,365)		(255,224)
Total shareholders’ equity	7,262		171,421
Total liabilities and shareholders’ equity	$	3,336,430	$	3,326,798

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, 2022 and 2021

(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, 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
Balance at December 31, 2021	22,843,103	$	448	$	825,974	$	(6,259,049)	$	5,859,272	$	(255,224)	$	171,421
Exercise of stock options and restricted stock units	27,795	—		1,020		6,669		(2,400)		—		5,289
Repurchases of common stock	(190,593)	—		—		(275,000)		—		—		(275,000)
Share-based compensation	—	—		4,509		—		—		—		4,509
Net earnings	—	—		—		—		174,001		—		174,001
Other comprehensive income (loss), net of tax	—	—		—		—		—		4,350		4,350
Balance at March 31, 2022	22,680,305	$	448	$	831,503	$	(6,527,380)	$	6,030,873	$	(250,874)	$	84,570
Exercise of stock options and restricted stock units	44,613	—		1,496		10,925		—		—		12,421
Repurchases of common stock	(218,308)	—		—		(274,999)		—		—		(274,999)
Share-based compensation	—	—		4,691		—		—		—		4,691
Net earnings	—	—		—		—		212,070		—		212,070
Other comprehensive income (loss), net of tax	—	—		—		—		—		(31,491)		(31,491)
Balance at June 30, 2022	22,506,610	$	448	$	837,690	$	(6,791,454)	$	6,242,943	$	(282,365)	$	7,262

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, 2022 and 2021

(In thousands)

(unaudited)

	June 30, 2022		June 30, 2021
Cash flows from operating activities:
Net earnings	$	386,071	$	334,426
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	23,327		22,261
Amortization	32,969		30,102
Deferred tax benefit	(3,237)		(7,423)
Share-based compensation	9,200		9,156
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	(4,235)		(9,551)
Inventories	(70,353)		(52,794)
Other current assets	(15,629)		(3,893)
Trade accounts payable	4,656		34,045
Taxes payable	31,390		33,598
Accruals and other	(84,166)		14,485
Net cash provided by operating activities	309,993		404,412
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	118		3,248
Purchase of property, plant and equipment	(62,391)		(47,363)
Proceeds from government funding	25,013		—
Acquisitions	(10,765)		(185,534)
Other investing activities	7,372		3,604
Net cash used in investing activities	(40,653)		(226,045)
Cash flows from financing activities:
Proceeds from borrowings	1,239,813		1,204,996
Repayments of borrowings	(952,559)		(866,153)
Proceeds from stock option exercises	17,710		7,833
Repurchases of common stock	(549,999)		(474,999)
Acquisition contingent consideration payment	(7,912)		—
Other financing activities	(382)		(2,288)
Net cash used in financing activities	(253,329)		(130,611)
Effect of exchange rate changes on cash and cash equivalents	(5,126)		242
Net increase (decrease) in cash and cash equivalents	10,885		47,998
Cash and cash equivalents:
Beginning of period	98,564		94,254
End of period	$	109,449	$	142,252

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, 2021.

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, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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, 2022 and through the date of this report. Actual results may differ from those estimates due to the uncertainty around the global economy, the magnitude and duration of the COVID-19 pandemic, the invasion of Ukraine, 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, 2022		December 31, 2021
Raw materials and parts	$	220,958	$	184,624
Work-in-progress	79,311		76,019
Finished goods	163,052		153,900
	$	463,321	$	414,543

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, 2022						December 31, 2021
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	284,831	$	(85,934)	$	198,897	$	282,470	$	(79,782)	$	202,688
Proven technology and patents	111,652		(59,102)		$	52,550	115,680		(56,305)		59,375
Tradenames (finite life)	7,421		(3,084)		$	4,337	8,206		(3,731)		4,475
Tradenames (indefinite life)	35,826		—		$	35,826	35,949		—		35,949
Other	13,024		(6,272)		$	6,752	10,641		(5,678)		4,963
	$	452,754	$	(154,392)	$	298,362	$	452,946	$	(145,496)	$	307,450

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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 $6.6 million and $6.2 million for the three months ended June 30, 2022 and 2021, respectively, and $13.4 million and $10.2 million for the six months ended June 30, 2022 and 2021, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $25.8 million for 2022, $25.0 million for 2023, $22.9 million for 2024, $22.0 million for 2025, $19.8 million for 2026, and $18.4 million for 2027. Purchased intangible amortization was $6.4 million, $4.9 million after tax, and $5.9 million, $4.5 million after tax, for the three months ended June 30, 2022 and 2021, respectively, and $13.0 million, $10.1 million after tax, and $9.7 million, $7.3 million after tax, for the six months ended June 30, 2022 and 2021, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $9.7 million and $10.0 million for the three months ended June 30, 2022 and 2021, respectively, and $19.4 million and $19.8 million for the six months ended June 30, 2022 and 2021, 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 $4.7 million and $9.2 million of share-based compensation expense for the three and six months ended June 30, 2022, respectively, compared to $4.6 million and $9.2 million for the corresponding periods in 2021.

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 4 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 10 of the Annual Report Form 10-K, 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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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

3.REVENUE

The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. A summary of revenue by the Company’s reportable segments for the three and six months ended June 30, 2022 and 2021 follows:

For the three months ended June 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	279,438	$	33,291	$	136,962	$	213,131	$	117,422	$	780,244
Service Revenue:
Point in time	64,589		6,504		31,957		10,708		30,541		144,299
Over time	17,118		2,267		21,345		5,970		7,144		53,844
Total	$	361,145	$	42,062	$	190,264	$	229,809	$	155,107	$	978,387

For the 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 six months ended June 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	528,245	$	67,201	$	274,971	$	381,120	$	235,322	$	1,486,859
Service Revenue:
Point in time	124,743		13,671		68,179		21,035		59,143		286,771
Over time	33,978		4,459		39,999		10,360		13,752		102,548
Total	$	686,966	$	85,331	$	383,149	$	412,515	$	308,217	$	1,876,178

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

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

	Three Months Ended				Six Months Ended
	2022		2021		2022		2021
Americas	$	393,707	$	353,415	$	746,396	$	656,754
Europe	242,738		260,190		492,522		501,566
Asia / Rest of World	341,942		310,746		637,260		570,421
Total	$	978,387	$	924,351	$	1,876,178	$	1,728,741

- 12 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

The Company's global revenue mix by product category is comprised of laboratory (56% of sales), industrial (39% of sales) and retail (5% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A 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
	2022		2021		2022		2021
Laboratory	$	545,925	$	506,106	$	1,059,475	$	950,732
Industrial	384,173		368,013		727,911		678,791
Retail	48,289		50,232		88,792		99,218
Total	$	978,387	$	924,351	$	1,876,178	$	1,728,741

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, 2022 and December 31, 2021 was $35.3 million and $32.1 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, 2022 and 2021 are as follows:

	2022		2021
Beginning balances as of January 1	$	192,648	$	149,106
Customer pre-payments/deferred revenue	377,052		323,654
Revenue recognized	(345,070)		(278,817)
Foreign currency translation	(9,497)		(1,744)
Ending balance as of June 30	$	215,133	$	192,199

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.     FINANCIAL INSTRUMENTS

The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate and cross currency swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate and cross currency swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portion of the cash flow hedges, also see Note 5 and Note 9 to the interim consolidated financial statements. As also described in Note 7, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiary.

Cash Flow Hedges

In November 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.64%. The swap matures in November 2023.

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

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

In June 2019, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.82%. The swap 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 matured in February 2022.

    The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2022 and December 31, 2021, respectively. A derivative gain of $6.0 million based upon interest rates and foreign currency rates at June 30, 2022, 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, 2022.

- 14 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

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, 2022 and December 31, 2021, respectively, and disclosed in Note 5. The Company recognized in other charges (income) related to these instruments, a net loss of $10.0 million and net gain of $0.8 million during the three months ended June 30, 2022 and 2021, respectively, and a net loss of $8.5 million and a net gain of $13.2 million during the six months ended June 30, 2022 and 2021, respectively. The gains and losses are primarily offset by the underlying transaction gains and losses on the related intercompany balances. At June 30, 2022 and December 31, 2021, these contracts had a notional value of $736.8 million and $1.0 billion, respectively.    

5.    FAIR VALUE MEASUREMENTS

At June 30, 2022 and December 31, 2021, the Company had derivative assets totaling $16.5 million and $6.0 million respectively, and derivative liabilities totaling $14.5 million and $10.3 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, 2022 and December 31, 2021.

Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability.

A fair value hierarchy has been established that categorizes these inputs into three levels:

Level 1:    Quoted prices in active markets for identical assets and liabilities

Level 2:    Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3:    Unobservable inputs

- 15 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

The following table presents the Company's assets and liabilities, which are all categorized as Level 2, that are measured at fair value on a recurring basis. The Company does not have any assets or liabilities which are categorized as Level 1 or Level 3, with the exception of the PendoTECH contingent consideration described below.

	June 30, 2022		December 31, 2021		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	5,503	$	3,927	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	11,022		2,119		Other non-current assets
Total derivative assets	$	16,525	$	6,046
Foreign currency forward contracts not designated as hedging instruments	$	12,787	$	4,510	Accrued and other liabilities
Cash Flow Hedges:
Interest rate swap agreements	—		352		Accrued and other liabilities
Cross currency swap agreement	1,687		—		Accrued and other liabilities
Cross currency swap agreement	—		5,482		Other non-current liabilities
Total derivative liabilities	$	14,474	$	10,344

The Company had $19.2 million and $18.5 million of cash equivalents at June 30, 2022 and December 31, 2021, 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 $149.5 million as of June 30, 2022. The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company.

During the three months ended June 30, 2022, $10.0 million of contingent consideration was paid relating to the PendoTECH acquisition of which $7.9 million is included in financing activities for the amount accrued at the acquisition date and $2.1 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP. The estimated fair value of the remaining contingent consideration obligation of $10.0 million is based upon actual results and future financial projections as of June 30, 2022. The fair value measurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement.

6.    INCOME TAXES

The Company's reported tax rate was 17.4% and 19.8% during the three months ended June 30, 2022 and 2021, respectively and 17.8% and 19.6% during the six months ended June 30, 2022 and 2021, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.0% and 19.5% before non-recurring discrete tax items during 2022 and 2021, 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.

- 16 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

7.    DEBT

Debt consisted of the following at June 30, 2022:

	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
2.83% $125 million twelve-year Senior Notes due July 22, 2033	125,000		—		125,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
2.81% $150 million fifteen-year Senior Note due March 17, 2037	150,000		—		150,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		131,933		131,933
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		142,487		142,487
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		131,933		131,933
Debt issuance costs, net	(2,334)		(1,553)		(3,887)
Total Senior Notes	747,666		404,800		1,152,466
$1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	514,491		201,509		716,000
Other local arrangements	3,229		56,337		59,566
Total debt	1,265,386		662,646		1,928,032
Less: current portion	(50,358)		(56,216)		(106,574)
Total long-term debt	$	1,215,028	$	606,430	$	1,821,458

As of June 30, 2022, the Company had $528.0 million of additional borrowings available under its Credit Agreement, and the Company maintained $109.4 million of cash and cash equivalents.

In December 2021, the Company entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022 and will issue $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022. The Senior Notes will be senior unsecured obligations of the Company. The 2.81% Senior Notes mature in March 2037 and the 2.91% Senior Notes mature in September 2037. Interest on the 2.81% and 2.91% Senior Notes will be payable semi-annually in March and September each year. Interest on the 2.81% Senior Notes will begin in September 2022 and interest on the 2.91% will begin in March 2023. The terms of the Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report Form 10-K. The Company will use the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.

The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized gain of $19.1 million and an unrealized loss of $5.8 million for the three months ended June 30, 2022 and 2021, respectively, and an unrealized gain of $30.4 million and an unrealized loss of $11.8 million for the six month periods ended June 30, 2022 and 2021, respectively.

- 17 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

The Company has a gain of $35.9 million recorded in accumulated other comprehensive income (loss) as of June 30, 2022.

Other Local Arrangements

In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2022.

8.    SHARE REPURCHASE PROGRAM AND TREASURY STOCK

The Company has $1.5 billion of remaining availability for its share repurchase program as of June 30, 2022. 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 30.6 million shares since the inception of the program in 2004 through June 30, 2022. During the six months ended June 30, 2022 and 2021, the Company spent $550.0 million and $475.0 million on the repurchase of 408,901 shares and 390,538 shares at an average price per share of $1,345.05 and $1,216.25, respectively. The Company also reissued 72,408 shares and 35,636 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2022 and 2021, respectively.

9.    ACCUMULATED OTHER COMPREHENSIVE INCOME

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

	Three Months Ended				Six Months Ended
	2022		2021		2022		2021
Net earnings	$	212,070	$	184,763	$	386,071	$	334,426
Other comprehensive income (loss), net of tax	(31,491)		9,152		(27,141)		32,333
Comprehensive income, net of tax	$	180,579	$	193,915	$	358,930	$	366,759

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2022 and 2021:

- 18 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

	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, 2021	$	(19,566)	$	2	$	(235,660)	$	(255,224)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		11,343		—		11,343
Foreign currency translation adjustment	(46,982)		—		10,003		(36,979)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(8,268)		6,763		(1,505)
Net change in other comprehensive income (loss), net of tax	(46,982)		3,075		16,766		(27,141)
Balance at June 30, 2022	$	(66,548)	$	3,077	$	(218,894)	$	(282,365)

	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)

    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,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	—	$	543	Interest expense
Cross currency swap agreement	(5,735)		2,876		(a)
Total before taxes	(5,735)		3,419
Provision for taxes	(1,090)		684		Provision for taxes
Total, net of taxes	$	(4,645)	$	2,735
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	4,222	$	6,482	(b)
Provision for taxes	908		1,367		Provision for taxes
Total, net of taxes	$	3,314	$	5,115

- 19 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

(a) The cross currency swap reflects an unrealized gain of $5.0 million for the three months ended June 30, 2022 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 $0.7 million recorded in interest expense for the three months ended June 30, 2022.

(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three months ended June 30, 2022 and 2021.

	Six Months Ended
	June 30,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	352	$	1,074	Interest expense
Cross currency swap agreement	(10,531)		(6,832)		(a)
Total before taxes	(10,179)		(5,758)
Provision for taxes	(1,911)		(1,026)		Provision for taxes
Total, net of taxes	$	(8,268)	$	(4,732)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	8,615	$	13,011	(b)
Provision for taxes	1,852		2,744		Provision for taxes
Total, net of taxes	$	6,763	$	10,267

(a) The cross currency swap reflects an unrealized gain of $9.4 million for the six months ended June 30, 2022 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 $1.1 million recorded in interest expense for the six months ended June 30, 2022.

(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the six months ended June 30, 2022 and 2021.

10.    EARNINGS PER COMMON SHARE

In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six months ended June 30, relating to outstanding stock options and restricted stock units:

	2022	2021
Three months ended	228,291	330,638
Six months ended	248,580	326,169

Outstanding options and restricted stock units to purchase or receive 39,156 shares of common stock for the three month period ended June 30, 2022 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. For the three months ended June 30, 2021, there were no-anti-dilutive outstanding options or restricted stock units. Options and restricted stock units to purchase or receive 38,465 and 23,620 shares for the six month period ended June 30, 2022 and 2021, 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.

- 20 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

11.    NET PERIODIC PENSION COST

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

	U.S. Pension Benefits				Non-U.S. Pension Benefits				Other U.S. Post-retirement Benefits				Total
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost, net	$	416	$	374	$	4,775	$	4,907	$	—	$	—	$	5,191	$	5,281
Interest cost on projected benefit obligations	674		549		1,492		858		3		2		2,169		1,409
Expected return on plan assets	(1,547)		(1,494)		(9,023)		(8,904)		—		—		(10,570)		(10,398)
Recognition of prior service cost	—		—		(1,045)		(465)		(19)		(19)		(1,064)		(484)
Recognition of actuarial losses/(gains)	585		729		4,709		6,246		(8)		(9)		5,286		6,966
Net periodic pension cost/(credit)	$	128	$	158	$	908	$	2,642	$	(24)	$	(26)	$	1,012	$	2,774

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
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost, net	$	832	$	748	$	9,765	$	9,852	$	—	$	—	$	10,597	$	10,600
Interest cost on projected benefit obligations	1,348		1,098		3,051		1,708		6		4		4,405		2,810
Expected return on plan assets	(3,094)		(2,988)		(18,447)		(17,875)		—		—		(21,541)		(20,863)
Recognition of prior service cost	—		—		(2,141)		(936)		(37)		(38)		(2,178)		(974)
Recognition of actuarial losses/(gains)	1,169		1,458		9,639		12,545		(15)		(18)		10,793		13,985
Net periodic pension cost/(credit)	$	255	$	316	$	1,867	$	5,294	$	(46)	$	(52)	$	2,076	$	5,558

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, the Company expects to make employer contributions of approximately $28.2 million to its non-U.S. pension plans and employer contributions of approximately $0.1 million to its U.S. post-retirement medical plan during the year ended December 31, 2022. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

12.    OTHER CHARGES (INCOME), NET

Other charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related hedging activities, interest income and other items. Non-service pension benefits for the three months ended June 30, 2022 and 2021 were $4.2 million and $2.5 million, respectively, and $8.5 million and $5.0 million for the six months ended June 30, 2022 and 2021, respectively. Other charges (income), net also included $0.5 million and $2.8 million of acquisition costs for the six months ended June 30, 2022 and 2021, respectively.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

13.    SEGMENT REPORTING

As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2021, 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		2022
June 30, 2022	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	361,145	$	40,314	$	401,459	$	92,796	$	514,057
Swiss Operations	42,062		210,449		252,511		72,012		22,634
Western European Operations	190,264		47,474		237,738		35,233		92,215
Chinese Operations	229,809		75,123		304,932		105,456		665
Other (a)	155,107		709		155,816		22,243		13,878
Eliminations and Corporate (b)	—		(374,069)		(374,069)		(42,308)		—
Total	$	978,387	$	—	$	978,387	$	285,432	$	643,449

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2022	Customers		Segments		Sales		Profit
U.S. Operations	$	686,966	$	79,887	$	766,854	$	167,982
Swiss Operations	85,331		404,284		489,615		143,334
Western European Operations	383,149		97,601		480,751		74,013
Chinese Operations	412,515		155,562		568,077		190,424
Other (a)	308,217		1,673		309,888		42,695
Eliminations and Corporate (b)	—		(739,007)		(739,007)		(91,771)
Total	$	1,876,178	$	—	$	1,876,178	$	526,677

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

(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

	Net Sales to		Net Sales to						As of June 30,
For the three months ended	External		Other		Total Net		Segment		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.

    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
	2022		2021		2022		2021
Earnings before taxes	$	256,692	$	230,384	$	469,693	$	415,798
Amortization	16,365		16,218		32,969		30,102
Interest expense	12,765		10,439		24,103		19,910
Restructuring charges	1,770		876		5,781		2,069
Other income, net	(2,160)		(2,661)		(5,869)		(1,951)
Segment profit	$	285,432	$	255,256	$	526,677	$	465,928

14.    CONTINGENCIES

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

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

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

General

Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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

Since late 2019, the coronavirus pandemic (COVID-19) has spread globally in all countries where we conduct business. The COVID-19 pandemic is evolving and has led to the implementation of various responses, including government-imposed quarantines, stay-at-home orders and lockdowns, travel restrictions, vaccination and testing requirements, and other public health safety measures. These restrictions continue to change as COVID-19 evolves, variants and subvariants are discovered, and vaccinations and booster doses are distributed in each country and region. The emergence of the Omicron variant of COVID-19 in late 2021 and, more recently, the emergence of additional subvariants have presented particular challenges to the global economy given the high level of transmissibility, which can cause many people to be affected at the same time or over a short period of time. For example, China has instituted lockdowns in certain cities, such as Shanghai in the second quarter where we conduct a certain portion of our business (including manufacturing), as part of the government's response to rising COVID-19 outbreaks. The location and length of potential future lockdowns will determine the extent to which any lockdowns impact our business and supply chain, as well as the global economy.We continue to monitor and comply with all global restrictions and requirements relating to 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 also have 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 employees continue to adhere to any applicable jurisdictional lockdowns and stay-at-home orders. Our supply chain is currently facing wide-ranging global challenges, although we have been able to meet delivery requirements of our customers with some interruption. We continue to closely monitor risks associated with our supply chain, including the ongoing and potentially future lockdowns in China, 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

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capabilities, and our service organization 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, 2021. Uncertainties related to COVID-19 and the resulting impact to the global economy continue in most regions of the world and market conditions can change quickly. The longer-term effects on our business will be impacted by the global economy and any recession implications in different regions of the world.

Recent Developments in Ukraine

In 2021, approximately 1% of our net sales were in Russia and Ukraine, and we have an immaterial amount of assets and liabilities in both countries as of June 30, 2022. We also do not have manufacturing in Russia or Ukraine.

We remain in constant contact with our employees in Ukraine and have provided financial assistance and supplies as they seek safety. We also have suspended all shipments to Russia since the beginning of the invasion of Ukraine in February 2022. In addition, the U.S., the European Union, and certain other countries imposed economic sanctions on Russian financial institutions, businesses in Russia, and on Russian interests and individuals, and the Russian government is implementing sanctions and regulations in response.

While it is difficult to estimate the impact of the ongoing invasion on the global economy, including increased inflation, higher energy and transportation costs and potential energy shortages, the invasion of Ukraine could adversely impact our financial results and presents several risks to our business as further described in Part II, Item 1A, “Risk Factors” of this Quarterly Report. Uncertainties related to this conflict and the resulting impact to the global economy and market conditions can change quickly.

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, 2022 and 2021 (amounts in thousands).

	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
	(unaudited)		%	(unaudited)		%	(unaudited)		%	(unaudited)		%
Net sales	$	978,387	100.0	$	924,351	100.0	$	1,876,178	100.0	$	1,728,741	100.0
Cost of sales	406,726		41.6	387,447		41.9	784,932		41.8	720,141		41.7
Gross profit	571,661		58.4	536,904		58.1	1,091,246		58.2	1,008,600		58.3
Research and development	44,023		4.5	42,603		4.6	87,051		4.6	81,875		4.7
Selling, general and administrative	242,206		24.8	239,045		25.9	477,518		25.5	460,797		26.7
Amortization	16,365		1.6	16,218		1.8	32,969		1.8	30,102		1.7
Interest expense	12,765		1.3	10,439		1.1	24,103		1.3	19,910		1.2
Restructuring charges	1,770		0.2	876		0.1	5,781		0.3	2,069		0.1
Other charges (income), net	(2,160)		(0.2)	(2,661)		(0.3)	(5,869)		(0.3)	(1,951)		(0.1)
Earnings before taxes	256,692		26.2	230,384		24.9	469,693		25.0	415,798		24.0
Provision for taxes	44,622		4.5	45,621		4.9	83,622		4.4	81,372		4.7
Net earnings	$	212,070	21.7	$	184,763	20.0	$	386,071	20.6	$	334,426	19.3

Net sales

Net sales were $978.4 million and $924.4 million for the three months ended June 30, 2022, and 2021, respectively, and $1.9 billion and $1.7 billion for the six months ended June 30, 2022 and 2021, respectively. This represents an increase of 6% and 9% in U.S. dollars for the three and six months ended June 30, 2022, respectively. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 10% and 12% for the three and six months ended June 30, 2022, respectively. Net sales benefited approximately 1% from the PendoTECH

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acquisition for the six months ended June 30, 2022. We experienced broad-based growth with robust customer demand in most businesses and regions and excellent execution. We continue to benefit from our best-in-class sales and marketing programs, innovative product portfolio, and investments in our field service organization. However, uncertainties exist in the macro environment and global economy including the impact of COVID-19, related lockdowns in China, and the impact from the invasion of Ukraine. Furthermore, we face continuing challenges in the global supply chain and inflationary cost increases, and market conditions may change quickly.

Net sales by geographic destination for the three months ended June 30, 2022 in U.S. dollars increased 11% in the Americas and 10% in Asia/Rest of World and decreased 7% in Europe. In local currencies, our net sales by geographic destination increased 12% in the Americas, 4% in Europe, and 14% in Asia/Rest of World. Our net sales by geographic destination for the six months ended June 30, 2022 in U.S. dollars increased 14% in the Americas and 12% in Asia/Rest of World and decreased 2% in Europe. Net sales by geographic destination for the six months ended June 30, 2022 in local currencies increased 14% in the Americas, 7% in Europe, and 15% in Asia/Rest of World. Net sales in the Americas and in Europe both benefited approximately 1% from the PendoTECH acquisition for the six months ended June 30, 2022. Net sales growth in Asia/Rest of World in local currency includes 14% and 15% growth in China during the three and six months ended June 30, 2022, respectively. A discussion of sales by operating segment is included below.

As described in Note 18 to our consolidated financial statements for the year ended December 31, 2021, our net sales comprise product sales of precision instruments and related services. Service revenues are primarily derived from repair and other services, including regulatory compliance qualification, calibration, certification, preventative maintenance and spare parts.

Net sales of products increased 6% in U.S. dollars and 10% in local currencies for the three months ended June 30, 2022 and increased 9% in U.S. dollars and 12% in local currencies for the six months ended June 30, 2022, compared to the corresponding periods in 2021. Net sales of products benefited approximately 1% from the PendoTECH acquisition for the six months ended June 30, 2022. Service revenue (including spare parts) increased by 6% in U.S. dollars and 11% in local currencies for the three months ended June 30, 2022 and increased 7% in U.S. dollars and 11% in local currencies for the six months ended June 30, 2022, compared to the corresponding periods in 2021.

Net sales of our laboratory products and services, which represented approximately 56% of our total net sales, increased 8% in U.S. dollars and 13% in local currencies for the three months ended June 30, 2022, and increased 11% in U.S. dollars and 15% in local currencies for the six months ended June 30, 2022. The local currency increase in net sales of our laboratory-related products for the three and six months ended June 30, 2022 includes very strong growth in most product categories. Net sales of our laboratory products also benefited approximately 1% from the PendoTECH acquisition for the six months ended June 30, 2022.

Net sales of our industrial products and services, which represented approximately 39% of our total net sales, increased 4% in U.S. dollars and 9% in local currencies for the three months ended June 30, 2022, and increased 7% in U.S. dollars and 10% in local currencies for the six months ended June 30, 2022. The local currency increase in net sales of our industrial-related products for the three and six months ended June 30, 2022 includes very strong growth in our core industrial business with particular strength in China.

Net sales in our food retailing products and services, which represented approximately 5% of our total net sales, decreased 4% in U.S. dollars and increased 3% in local currencies for the three months ended June 30, 2022, and decreased 11% in U.S. dollars and 6% in local currencies for the six months ended June 30, 2022. Food retailing for the three months ended June 30, 2022 increased in the Americas and Europe, offset in part by reduced sales in China. The local currency decrease in net sales in our food retailing products for the six months ended June 30, 2022 was negatively impacted by weak market dynamics, especially in China, offset in part by growth in the Americas.

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Gross profit

Gross profit as a percentage of net sales was 58.4% and 58.1% for the three months ended June 30, 2022 and 2021, respectively, and 58.2% and 58.3% for the six months ended June 30, 2022 and 2021, respectively.

Gross profit as a percentage of net sales for products was 60.5% and 60.1% for the three months ended June 30, 2022 and 2021, respectively, and 59.8% and 60.4% for the six months ended June 30, 2022 and 2021.

Gross profit as a percentage of net sales for services (including spare parts) was 50.2% and 50.3% for the three months ended June 30, 2022 and 2021, respectively, and 51.8% and 50.5% for the six months ended June 30, 2022 and 2021, respectively.

The increase in gross profit as a percentage of net sales for the three months ended June 30, 2022 primarily reflects favorable price realization and increased sales volume, offset in part by higher material costs. Gross profit as a percentage of sales for the six months ended June 30, 2022 was negatively impacted by increased material and transportation costs.

Research and development and selling, general and administrative expenses

Research and development expenses as a percentage of net sales was 4.5% and 4.6% for the three months ended June 30, 2022 and 2021, respectively, and was 4.6% and 4.7% for the six months ended June 30, 2022 and 2021, respectively. Research and development expenses increased 3% in U.S. dollars and 8% in local currencies for the three months ended June 30, 2022, and increased 6% in U.S. dollars and 9% in local currencies for the six months ended June 30, 2022, respectively, compared to the corresponding periods in 2021. The local currency increase primarily relates to increased project activity.

Selling, general and administrative expenses as a percentage of net sales were 24.8% and 25.9% for the three months ended June 30, 2022 and 2021, respectively, and were 25.5% and 26.7% for the six months ended June 30, 2022 and 2021, respectively. Selling, general and administrative expenses increased 1% in U.S. dollars and 6% in local currencies for the three months ended June 30, 2022, and increased 4% in U.S. dollars and 7% in local currencies for the six months ended June 30, 2022. The local currency increase includes investments in sales and marketing.

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

Amortization expense was $16.4 million and $16.2 million for the three months ended June 30, 2022 and 2021, respectively, and $33.0 million and $30.1 million for the six months ended June 30, 2022 and 2021, respectively.

Interest expense was $12.8 million and $10.4 million for the three months ended June 30, 2022 and 2021, respectively, and $24.1 million and $19.9 million for the six months ended June 30, 2022 and 2021, respectively.

Restructuring charges were $1.8 million and $0.9 million for the three months ended June 30, 2022 and 2021, respectively, and $5.8 million and $2.1 million for the six months ended June 30, 2022. Restructuring expenses are primarily comprised of employee-related costs.

Other charges (income), net includes non-service pension costs (benefits), net (gains) losses from foreign currency transactions and hedging activities, interest income and other items. Non-service pension benefits were $4.2 million and $2.5 million for the three months ended June 30, 2022 and 2021, respectively, and $8.5 million and $5.0 million and for the six months ended June 30, 2022 and 2021, respectively. Other charges (income), net also included $0.5 million and $2.8 million of acquisition costs for the six months ended June 30, 2022 and 2021, respectively.

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Our reported tax rate was 17.4% and 19.8% during the three months ended June 30, 2022 and 2021, respectively, and 17.8% and 19.6% during the six months ended June 30, 2022 and 2021, respectively. The provision for taxes is based upon using our projected annual effective tax rate of 19% and 19.5% before non-recurring discrete tax items for the periods ended June 30, 2022 and 2021, 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 18 to our consolidated financial statements for the year ended December 31, 2021.

U.S. Operations (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2022		2021		%	2022		2021		%
Total net sales	$	401,459	$	361,817	11%	$	766,854	$	670,561	14%
Net sales to external customers	$	361,145	$	323,310	12%	$	686,966	$	595,269	15%
Segment profit	$	92,796	$	79,272	17%	$	167,982	$	142,943	18%

Total net sales increased 11% and 14% for the three and six months ended June 30, 2022, respectively, compared with the corresponding periods in 2021. Net sales to external customers increased 12% for the three months and 15% for the six months ended June 30, 2022, compared with the corresponding period in 2021. Net sales to external customers for the three and six months ended June 30, 2022 includes very strong growth in most product categories. Net sales to external customers in our U.S. Operations also benefited approximately 2% from the PendoTECH acquisition for the six months ended June 30, 2022.

Segment profit increased $13.5 million and $25.0 million for the three and six months ended June 30, 2022, respectively, compared to the corresponding periods in 2021. Segment profit during the three and six months ended June 30, 2022 includes higher net sales volume and benefits from our margin expansion initiatives, offset in part by higher material and transportation costs.

Swiss Operations (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2022		2021		%1)	2022		2021		%1)
Total net sales	$	252,511	$	242,018	4%	$	489,615	$	465,764	5%
Net sales to external customers	$	42,062	$	40,836	3%	$	85,331	$	80,117	7%
Segment profit	$	72,012	$	69,516	4%	$	143,334	$	134,395	7%

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

Total net sales increased 4% in U.S. dollars and 10% in local currency for the three months ended June 30, 2022, and increased 5% in U.S. dollars and 9% in local currency for the six months ended June 30, 2022, respectively, compared to the corresponding periods in 2021. Net sales to external customers increased 3% in U.S. dollars and 7% in local currency for the three months ended June 30, 2022 and increased 7% in U.S. dollars and 9% in local currency for the six months ended June 30, 2022, compared to the corresponding periods in 2021. The increase in local currency net sales to external customers for the three and six months ended June 30, 2022 includes strong growth in laboratory-related products.

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Segment profit increased $2.5 million and $8.9 million the three and six months ended June 30, 2022, compared to the corresponding periods in 2021. Segment profit during the three and six months ended June 30, 2022 includes higher net sales volume and benefits from our margin expansion initiatives, offset in part by higher transportation and material costs and unfavorable foreign currency translation.

Western European Operations (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2022		2021		%1)	2022		2021		%1)
Total net sales	$	237,738	$	257,595	(8)%	$	480,751	$	502,200	(4)%
Net sales to external customers	$	190,264	$	201,722	(6)%	$	383,149	$	394,072	(3)%
Segment profit	$	35,233	$	38,476	(8)%	$	74,013	$	76,342	(3)%

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

Total net sales decreased 8% in U.S. dollars and increased 4% in local currencies for the three months ended June 30, 2022 and decreased 4% in U.S. dollars and increased 5% in local currencies for the six months ended June 30, 2022, compared to the corresponding periods in 2021. Net sales to external customers decreased 6% in U.S. dollars and increased 7% in local currencies for the three months ended June 30, 2022, and decreased 3% in U.S. dollars and increased 7% in local currencies for the six months ended June 30, 2022, compared to the corresponding periods in 2021. The increase in local currency net sales to external customers for the three and six months ended June 30, 2022 includes solid growth in most product categories, with particularly strong growth in laboratory products. Net sales to external customers for the six months ended June 30, 2022 includes a decline in food retailing.

Segment profit decreased $3.2 million and $2.3 million for the three and six month periods ended June 30, 2022, respectively, compared to the corresponding periods in 2021. Segment profit decreased during the three and six months ended June 30, 2022 primarily due to unfavorable currency translation and higher transportation and material costs, offset in part by higher sales volume and benefits from our margin expansion initiatives.

Chinese Operations (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2022		2021		%1)	2022		2021		%1)
Total net sales	$	304,932	$	278,050	10%	$	568,077	$	503,202	13%
Net sales to external customers	$	229,809	$	205,521	12%	$	412,515	$	361,595	14%
Segment profit	$	105,456	$	94,663	11%	$	190,424	$	166,687	14%

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

Total net sales increased 10% in U.S. dollars and 12% in local currency for the three months ended June 30, 2022 and increased 13% in both U.S. dollars and in local currency for the six months ended June 30, 2022, compared to the corresponding periods in 2021. Net sales to external customers increased 12% in U.S. dollars and 14% in local currency by origin for the three months ended June 30, 2022 and increased 14% in both U.S. dollars and in local currency during the six months ended June 30, 2022, compared to the corresponding periods in 2021. Net sales to external customers during the three and six months ended June 30, 2022 includes especially strong growth in laboratory and core industrial products, offset in part by a significant decline in food retailing. However, uncertainties exist, especially relating to potential additional COVID-19 lockdowns, and market conditions may change quickly.

Segment profit increased $10.8 million and $23.7 million for the three and six month periods ended June 30, 2022, respectively, compared to the corresponding periods in 2021. The increase in segment profit for the three and six months ended June 30, 2022 primarily reflects

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increased sales volume and benefits from our margin expansion initiatives, offset in part by higher transportation and material costs and unfavorable currency translation.

Other (amounts in thousands)

	Three months ended June 30,					Six months ended June 30,
	2022		2021		%1)	2022		2021		%1)
Total net sales	$	155,816	$	154,237	1%	$	309,888	$	300,059	3%
Net sales to external customers	$	155,107	$	152,962	1%	$	308,217	$	297,688	4%
Segment profit	$	22,243	$	21,414	4%	$	42,695	$	41,586	3%

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

Net sales to external customers increased 1% in U.S. dollars and 9% in local currencies for the three months ended June 30, 2022 and increased 4% in U.S. dollars and 10% in local currencies for the six months ended June 30, 2022, compared to the corresponding periods in 2021. The increase in net sales to external customers for the three and six months ended June 30, 2022 includes strong growth in most product categories.

Segment profit increased $0.8 million and $1.1 million for the three and six months ended June 30, 2022, respectively, compared to the corresponding periods in 2021. The increase in segment profit for the three and six months ended June 30, 2022 is primarily related to increased sales volume, offset by unfavorable foreign currency translation and higher transportation and material costs.

Liquidity and Capital Resources

Liquidity is our ability to generate sufficient cash flows from operating activities to meet our obligations and commitments. In addition, liquidity includes available borrowings under our Credit Agreement, the ability to obtain appropriate financing and our cash and cash equivalent balances. Currently, our liquidity needs are primarily driven by working capital requirements, capital expenditures, share repurchases and acquisitions. Global market conditions can be uncertain, and our ability to generate cash flow could be reduced by a deterioration in global markets.

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

Cash provided by operating activities totaled $310.0 million during the six months ended June 30, 2022, compared to $404.4 million in the corresponding period in 2021. The decrease for the six months ended June 30, 2022 is primarily related to higher cash incentive payments related to our strong previous year performance, as well as increased inventory levels.

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 $62.4 million for the six months ended June 30, 2022 compared to $47.4 million in the corresponding period in 2021.

In September 2021, we entered into an agreement with the U.S. Department of Defense to increase domestic production capacity of pipette tips and enhance manufacturing automation and logistics. As of June 30, 2022, we have obtained $25.0 million of the $35.8 million of total funding to be received through 2023, which will offset associated capital expenditures. During the six months ended June 30, 2022, we incurred approximately $24.9 million of capital expenditures relating to this funding agreement.

We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness. During the six months ended June 30, 2022, $10.0 million of contingent consideration was paid relating to the PendoTECH acquisition of which $7.9 million is

- 30 -

included in financing activities for the amount accrued at the acquisition date and $2.1 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP.

Cash flows used in financing activities are primarily comprised of share repurchases. In accordance with our share repurchase program, we spent $550.0 million and $475.0 million on the repurchase of 408,901 shares and 390,538 shares, during the six months ended June 30, 2022 and 2021, respectively.

    Senior Notes and Credit Facility Agreement

Our debt consisted of the following at June 30, 2022:

	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
2.83% $125 million twelve-year Senior Notes due July 22, 2033	125,000		—		125,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
2.81% $150 million fifteen-year Senior Note due March 17, 2037	150,000		—		150,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		131,933		131,933
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		142,487		142,487
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		131,933		131,933
Debt issuance costs, net	(2,334)		(1,553)		(3,887)
Total Senior Notes	747,666		404,800		1,152,466
$1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	514,491		201,509		716,000
Other local arrangements	3,229		56,337		59,566
Total debt	1,265,386		662,646		1,928,032
Less: current portion	(50,358)		(56,216)		(106,574)
Total long-term debt	$	1,215,028	$	606,430	$	1,821,458

    

As of June 30, 2022, approximately $528.0 million of additional borrowings was available under our Credit Agreement, and we maintained $109.4 million of cash and cash equivalents.

Changes in exchange rates between the currencies in which we generate cash flows and the currencies in which our borrowings are denominated affect our liquidity. In addition, because we borrow in a variety of currencies, our debt balances fluctuate due to changes in exchange rates. Further, we do not have any downgrade triggers relating to ratings from rating agencies that would accelerate the maturity dates of our debt. We were in compliance with our debt covenants as of June 30, 2022.

In December 2021, we entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. We issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022, which will mature in March 2037, and we will issue $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022, which will mature in September 2037. We will use the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.

- 31 -

Other Local Arrangements

In April 2018, two of our non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2022.

Share Repurchase Program

We have $1.5 billion of remaining availability for our share repurchase program as of June 30, 2022. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.

We have purchased 30.6 million shares since the inception of the program through June 30, 2022. During the six months ended June 30, 2022 and 2021, we spent $550.0 million and $475.0 million on the repurchase of 408,901 and 390,538 shares at an average price per share of $1,345.05 and $1,216.25, respectively. We also reissued 72,408 shares and 35,636 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2022 and 2021, respectively.

Effect of Currency on Results of Operations

Our earnings are affected by changes in exchange rates. We are most sensitive to changes in the exchange rates between the Swiss franc, euro, Chinese renminbi, and U.S. dollar. We have more Swiss franc expenses than we do Swiss franc sales because we develop and manufacture products in Switzerland that we sell globally, and have a number of corporate functions located in Switzerland. When the Swiss franc strengthens against our other trading currencies, particularly the U.S. dollar and euro, our earnings decrease. We also have significantly more sales in the euro than we do expenses. When the euro weakens against the U.S. dollar and Swiss franc, our earnings also decrease. We estimate a 1% strengthening of the Swiss franc against the euro would reduce our earnings before tax by approximately $1.9 million to $2.1 million annually.

We also conduct business in many geographies throughout the world, including Asia Pacific, the United Kingdom, Eastern Europe, Latin America, and Canada. Fluctuations in these currency exchange rates against the U.S. dollar can also affect our operating results. The most significant of these currency exposures is the Chinese renminbi. The impact on our earnings before tax of the Chinese renminbi weakening 1% against the U.S. dollar is a reduction of approximately $3.3 million to $3.5 million annually.

In addition to the effects of exchange rate movements on operating profits, our debt levels can fluctuate due to changes in exchange rates, particularly between the U.S. dollar, the Swiss franc and the euro. Based on our outstanding debt at June 30, 2022, 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 $35.0 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 and recent developments in Ukraine. 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.”

- 32 -

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 and recent developments in Ukraine 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 and recent developments in Ukraine. See in particular “Factors Affecting Our Future Operating Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2021 and other reports filed with the SEC from time to time.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

As of June 30, 2022, 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, 2021.

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, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.Legal Proceedings. None

Item 1A.Risk Factors.

For the three and six months ended June 30, 2022 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, 2021, and as updated in the Company's Form 10-Q for the period ended March 31, 2022.

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

Issuer Purchases of Equity Securities

	(a)	(b)		(c)	(d)
	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value (in thousands) of Shares that may yet be Purchased under the Program
April 1 to April 30, 2022	64,183	$	1,329.13	64,183	$	1,698,120
May 1 to May 31, 2022	79,492	$	1,252.33	79,492	$	1,598,568
June 1 to June 30, 2022	74,633	$	1,207.74	74,633	$	1,508,429
Total	218,308	$	1,259.67	218,308	$	1,508,429

The Company has $1.5 billion of remaining availability for its share repurchase program as of June 30, 2022. We have purchased 30.6 million shares since the inception of the program through June 30, 2022.

During the six months ended June 30, 2022 and 2021, we spent $550.0 million and $475.0 million on the repurchase of 408,901 and 390,538 shares at an average price per share of $1,345.05 and $1,216.25, respectively. We also reissued 72,408 shares and 35,636 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2022 and 2021, respectively.

Item 3.Defaults Upon Senior Securities. None

Item 5.    Other information. None

Item 6.    Exhibits. See Exhibit Index.

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EXHIBIT INDEX

Exhibit No.		Description
	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

- 35 -

SIGNATURE

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

		Mettler-Toledo International Inc.
Date:	July 29, 2022	By:	/s/ Shawn P. Vadala
			Shawn P. Vadala
			Chief Financial Officer

- 36 -

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 29, 2022

/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 29, 2022

/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, 2022 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 29, 2022

/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, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	22,506,610
Entity Central Index Key	0001037646
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false

XML

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues	$ 978,387	$ 924,351	$ 1,876,178	$ 1,728,741
Gross profit	571,661	536,904	1,091,246	1,008,600
Research and development	44,023	42,603	87,051	81,875
Selling, general and administrative	242,206	239,045	477,518	460,797
Amortization	16,365	16,218	32,969	30,102
Interest expense	12,765	10,439	24,103	19,910
Restructuring Charges	1,770	876	5,781	2,069
Other charges (income), net	(2,160)	(2,661)	(5,869)	(1,951)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	256,692	230,384	469,693	415,798
Provision for taxes	44,622	45,621	83,622	81,372
Net earnings	$ 212,070	$ 184,763	$ 386,071	$ 334,426
Basic earnings per common share:
Net earnings	$ 9.39	$ 7.97	$ 17.02	$ 14.37
Weighted average number of common shares	22,593,375	23,191,155	22,680,353	23,277,636
Diluted earnings per common share:
Net earnings	$ 9.29	$ 7.85	$ 16.84	$ 14.17
Weighted average number of common and common equivalent shares	22,821,666	23,521,793	22,928,933	23,603,805
Comprehensive Income, Net of Tax (Note 9)	$ 180,579	$ 193,915	$ 358,930	$ 366,759
Product [Member]
Revenues	780,244	736,486	1,486,859	1,363,401
Cost of Goods and Services Sold	308,019	294,053	597,108	539,323
Service [Member]
Revenues	198,143	187,865	389,319	365,340
Cost of Goods and Services Sold	$ 98,707	$ 93,394	$ 187,824	$ 180,818

XML

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 109,449	$ 98,564
Trade accounts receivable, less allowances	626,593	647,335
Inventories	463,321	414,543
Other current assets and prepaid expenses	125,338	108,916
Total current assets	1,324,701	1,269,358
Property, plant and equipment, net	760,856	799,365
Goodwill	643,449	648,622
Other intangible assets, net	298,362	307,450
Deferred tax assets, net	36,999	39,496
Other non-current assets	272,063	262,507
Total assets	3,336,430	3,326,798
Current liabilities:
Trade accounts payable	267,523	272,911
Accrued and other liabilities	203,319	208,811
Accrued compensation and related items	163,650	236,265
Deferred Revenue	215,133	192,648
Taxes payable	162,382	134,769
Short-term borrowings and current maturities of long-term debt	106,574	101,134
Total current liabilities	1,118,581	1,146,538
Long-term debt	1,821,458	1,580,808
Deferred tax liabilities, net	68,578	62,230
Other non-current liabilities	320,551	365,801
Total liabilities	3,329,168	3,155,377
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	837,690	825,974
Treasury stock at cost (20,991,448 shares at September 30, 2020 and 20,660,694 shares at December 31, 2019)	(6,791,454)	(6,259,049)
Retained earnings	6,242,943	5,859,272
Accumulated other comprehensive loss	(282,365)	(255,224)
Total shareholders' equity	7,262	171,421
Total liabilities and shareholders' equity	$ 3,336,430	$ 3,326,798

XML

Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss, Current	$ 22,132	$ 22,176
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	125,000,000	125,000,000
Common Stock, Shares, Issued	44,786,011	44,786,011
Common Stock, Shares, Outstanding	22,506,610	22,843,103
Treasury Stock, Shares	22,279,401	21,942,908

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, 2020	$ 282,675	$ 448	$ 805,140	$ (5,283,584)	$ 5,095,596	$ (334,925)
Beginning balance, shares at Dec. 31, 2020		23,471,841
Stock Issued During Period, Value, Treasury Stock Reissued			(1,239)	(4,682)	(872)
Exercise of stock options and restricted stock units, shares		22,388
Treasury Stock, Value, Acquired, Cost Method				(262,500)
Repurchases of common stock, shares		(224,808)
Adjustment to Additional Paid in Capital, Share-Based Compensation			4,575
Net earnings					149,663
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent						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		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		23,116,939
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		23,116,939
Beginning balance at Dec. 31, 2021	$ 171,421	$ 448	825,974	(6,259,049)	5,859,272	(255,224)
Beginning balance, shares at Dec. 31, 2021	22,843,103	22,843,103
Stock Issued During Period, Value, Treasury Stock Reissued	$ (5,289)		(1,020)	(6,669)	(2,400)
Exercise of stock options and restricted stock units, shares		27,795
Treasury Stock, Value, Acquired, Cost Method	(275,000)			(275,000)
Repurchases of common stock, shares		(190,593)
Adjustment to Additional Paid in Capital, Share-Based Compensation	4,509		4,509
Net earnings	174,001				174,001
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	4,350					4,350
Ending balance at Mar. 31, 2022	84,570	$ 448	831,503	(6,527,380)	6,030,873	(250,874)
Ending balance, shares at Mar. 31, 2022		22,680,305
Beginning balance at Dec. 31, 2021	$ 171,421	$ 448	825,974	(6,259,049)	5,859,272	(255,224)
Beginning balance, shares at Dec. 31, 2021	22,843,103	22,843,103
Exercise of stock options and restricted stock units, shares	72,408
Treasury Stock, Value, Acquired, Cost Method	$ (550,000)
Repurchases of common stock, shares	(408,901)
Net earnings	$ 386,071
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(27,141)
Ending balance at Jun. 30, 2022	$ 7,262	$ 448	837,690	(6,791,454)	6,242,943	(282,365)
Ending balance, shares at Jun. 30, 2022	22,506,610	22,506,610
Beginning balance at Mar. 31, 2022	$ 84,570	$ 448	831,503	(6,527,380)	6,030,873	(250,874)
Beginning balance, shares at Mar. 31, 2022		22,680,305
Stock Issued During Period, Value, Treasury Stock Reissued	(12,421)		(1,496)	(10,925)	0
Exercise of stock options and restricted stock units, shares		44,613
Treasury Stock, Value, Acquired, Cost Method	(274,999)			(274,999)
Repurchases of common stock, shares		(218,308)
Adjustment to Additional Paid in Capital, Share-Based Compensation	4,691		4,691
Net earnings	212,070				212,070
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(31,491)					(31,491)
Ending balance at Jun. 30, 2022	$ 7,262	$ 448	$ 837,690	$ (6,791,454)	$ 6,242,943	$ (282,365)
Ending balance, shares at Jun. 30, 2022	22,506,610	22,506,610

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Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net earnings	$ 386,071,000	$ 334,426,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	23,327,000	22,261,000
Amortization	32,969,000	30,102,000
Deferred tax benefit	(3,237,000)	(7,423,000)
Share-based compensation	9,200,000	9,156,000
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	(4,235,000)	(9,551,000)
Inventories	(70,353,000)	(52,794,000)
Other current assets	(15,629,000)	(3,893,000)
Trade accounts payable	4,656,000	34,045,000
Taxes payable	31,390,000	33,598,000
Increase (Decrease) in Other Operating Assets and Liabilities, Net	(84,166,000)	14,485,000
Net cash provided by operating activities	309,993,000	404,412,000
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	118,000	3,248,000
Purchase of property, plant and equipment	(62,391,000)	(47,363,000)
Proceeds from government funding	25,013,000
Acquisitions	(10,765,000)	(185,534,000)
Payments for (Proceeds from) Derivative Instrument, Investing Activities	7,372,000	3,604,000
Net cash used in investing activities	(40,653,000)	(226,045,000)
Cash flows from financing activities:
Proceeds from borrowings	1,239,813,000	1,204,996,000
Repayments of borrowings	(952,559,000)	(866,153,000)
Proceeds from stock option exercises	17,710,000	7,833,000
Repurchases of common stock	(549,999,000)	(474,999,000)
Payment for Contingent Consideration Liability, Financing Activities	7,912,000
Proceeds from (Payments for) Other Financing Activities	(382,000)	(2,288,000)
Net cash used in financing activities	(253,329,000)	(130,611,000)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	(5,126,000)	242,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	10,885,000	47,998,000
Beginning of period	98,564,000	94,254,000
End of period	109,449,000	142,252,000
Cash and cash equivalents:	$ 10,885,000	$ 47,998,000

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Basis of Presentation

6 Months Ended

Jun. 30, 2022

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, 2021.

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, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.

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, 2022 and through the date of this report. Actual results may differ from those estimates due to the uncertainty around the global economy, the magnitude and duration of the COVID-19 pandemic, the invasion of Ukraine, 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, 2022

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, 2022		December 31, 2021
Raw materials and parts	$	220,958	$	184,624
Work-in-progress	79,311		76,019
Finished goods	163,052		153,900
	$	463,321	$	414,543

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, 2022						December 31, 2021
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	284,831	$	(85,934)	$	198,897	$	282,470	$	(79,782)	$	202,688
Proven technology and patents	111,652		(59,102)		$	52,550	115,680		(56,305)		59,375
Tradenames (finite life)	7,421		(3,084)		$	4,337	8,206		(3,731)		4,475
Tradenames (indefinite life)	35,826		—		$	35,826	35,949		—		35,949
Other	13,024		(6,272)		$	6,752	10,641		(5,678)		4,963
	$	452,754	$	(154,392)	$	298,362	$	452,946	$	(145,496)	$	307,450

The Company recognized amortization expense associated with the above intangible assets of $6.6 million and $6.2 million for the three months ended June 30, 2022 and 2021, respectively, and $13.4 million and $10.2 million for the six months ended June 30, 2022 and 2021, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $25.8 million for 2022, $25.0 million for 2023, $22.9 million for 2024, $22.0 million for 2025, $19.8 million for 2026, and $18.4 million for 2027. Purchased intangible amortization was $6.4 million, $4.9 million after tax, and $5.9 million, $4.5 million after tax, for the three months ended June 30, 2022 and 2021, respectively, and $13.0 million, $10.1 million after tax, and $9.7 million, $7.3 million after tax, for the six months ended June 30, 2022 and 2021, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $9.7 million and $10.0 million for the three months ended June 30, 2022 and 2021, respectively, and $19.4 million and $19.8 million for the six months ended June 30, 2022 and 2021, 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 $4.7 million and $9.2 million of share-based compensation expense for the three and six months ended June 30, 2022, respectively, compared to $4.6 million and $9.2 million for the corresponding periods in 2021.

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 4 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 10 of the Annual Report Form 10-K, 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, 2022

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, 2022 and 2021 follows:

For the three months ended June 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	279,438	$	33,291	$	136,962	$	213,131	$	117,422	$	780,244
Service Revenue:
Point in time	64,589		6,504		31,957		10,708		30,541		144,299
Over time	17,118		2,267		21,345		5,970		7,144		53,844
Total	$	361,145	$	42,062	$	190,264	$	229,809	$	155,107	$	978,387

For the 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 six months ended June 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	528,245	$	67,201	$	274,971	$	381,120	$	235,322	$	1,486,859
Service Revenue:
Point in time	124,743		13,671		68,179		21,035		59,143		286,771
Over time	33,978		4,459		39,999		10,360		13,752		102,548
Total	$	686,966	$	85,331	$	383,149	$	412,515	$	308,217	$	1,876,178

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

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

	Three Months Ended				Six Months Ended
	2022		2021		2022		2021
Americas	$	393,707	$	353,415	$	746,396	$	656,754
Europe	242,738		260,190		492,522		501,566
Asia / Rest of World	341,942		310,746		637,260		570,421
Total	$	978,387	$	924,351	$	1,876,178	$	1,728,741

The Company's global revenue mix by product category is comprised of laboratory (56% of sales), industrial (39% of sales) and retail (5% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A 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
	2022		2021		2022		2021
Laboratory	$	545,925	$	506,106	$	1,059,475	$	950,732
Industrial	384,173		368,013		727,911		678,791
Retail	48,289		50,232		88,792		99,218
Total	$	978,387	$	924,351	$	1,876,178	$	1,728,741

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, 2022 and December 31, 2021 was $35.3 million and $32.1 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, 2022 and 2021 are as follows:

	2022		2021
Beginning balances as of January 1	$	192,648	$	149,106
Customer pre-payments/deferred revenue	377,052		323,654
Revenue recognized	(345,070)		(278,817)
Foreign currency translation	(9,497)		(1,744)
Ending balance as of June 30	$	215,133	$	192,199

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, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

FINANCIAL INSTRUMENTS

The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate and cross currency swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate and cross currency swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portion of the cash flow hedges, also see Note 5 and Note 9 to the interim consolidated financial statements. As also described in Note 7, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiary.

Cash Flow Hedges

In November 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.64%. The swap matures in November 2023.

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

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

In June 2019, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.82%. The swap 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 matured in February 2022.

    The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2022 and December 31, 2021, respectively. A derivative gain of $6.0 million based upon interest rates and foreign currency rates at June 30, 2022, 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, 2022.

Other DerivativesThe 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, 2022 and December 31, 2021, respectively, and disclosed in Note 5. The Company recognized in other charges (income) related to these instruments, a net loss of $10.0 million and net gain of $0.8 million during the three months ended June 30, 2022 and 2021, respectively, and a net loss of $8.5 million and a net gain of $13.2 million during the six months ended June 30, 2022 and 2021, respectively. The gains and losses are primarily offset by the underlying transaction gains and losses on the related intercompany balances. At June 30, 2022 and December 31, 2021, these contracts had a notional value of $736.8 million and $1.0 billion, respectively.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

At June 30, 2022 and December 31, 2021, the Company had derivative assets totaling $16.5 million and $6.0 million respectively, and derivative liabilities totaling $14.5 million and $10.3 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, 2022 and December 31, 2021.

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 below.

	June 30, 2022		December 31, 2021		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	5,503	$	3,927	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	11,022		2,119		Other non-current assets
Total derivative assets	$	16,525	$	6,046
Foreign currency forward contracts not designated as hedging instruments	$	12,787	$	4,510	Accrued and other liabilities
Cash Flow Hedges:
Interest rate swap agreements	—		352		Accrued and other liabilities
Cross currency swap agreement	1,687		—		Accrued and other liabilities
Cross currency swap agreement	—		5,482		Other non-current liabilities
Total derivative liabilities	$	14,474	$	10,344

The Company had $19.2 million and $18.5 million of cash equivalents at June 30, 2022 and December 31, 2021, 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 $149.5 million as of June 30, 2022. 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, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company's reported tax rate was 17.4% and 19.8% during the three months ended June 30, 2022 and 2021, respectively and 17.8% and 19.6% during the six months ended June 30, 2022 and 2021, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.0% and 19.5% before non-recurring discrete tax items during 2022 and 2021, 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, 2022

Debt Disclosure [Abstract]

DEBT

DEBT

Debt consisted of the following at June 30, 2022:

	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
2.83% $125 million twelve-year Senior Notes due July 22, 2033	125,000		—		125,000
3.19% $50 million fifteen-year Senior Notes due January 24, 2035	50,000		—		50,000
2.81% $150 million fifteen-year Senior Note due March 17, 2037	150,000		—		150,000
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030	—		131,933		131,933
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034	—		142,487		142,487
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036	—		131,933		131,933
Debt issuance costs, net	(2,334)		(1,553)		(3,887)
Total Senior Notes	747,666		404,800		1,152,466
$1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points	514,491		201,509		716,000
Other local arrangements	3,229		56,337		59,566
Total debt	1,265,386		662,646		1,928,032
Less: current portion	(50,358)		(56,216)		(106,574)
Total long-term debt	$	1,215,028	$	606,430	$	1,821,458

As of June 30, 2022, the Company had $528.0 million of additional borrowings available under its Credit Agreement, and the Company maintained $109.4 million of cash and cash equivalents.

In December 2021, the Company entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022 and will issue $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022. The Senior Notes will be senior unsecured obligations of the Company. The 2.81% Senior Notes mature in March 2037 and the 2.91% Senior Notes mature in September 2037. Interest on the 2.81% and 2.91% Senior Notes will be payable semi-annually in March and September each year. Interest on the 2.81% Senior Notes will begin in September 2022 and interest on the 2.91% will begin in March 2023. The terms of the Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report Form 10-K. The Company will use the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.

The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized gain of $19.1 million and an unrealized loss of $5.8 million for the three months ended June 30, 2022 and 2021, respectively, and an unrealized gain of $30.4 million and an unrealized loss of $11.8 million for the six month periods ended June 30, 2022 and 2021, respectively.

The Company has a gain of $35.9 million recorded in accumulated other comprehensive income (loss) as of June 30, 2022.

Other Local Arrangements

In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2022.

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Share Repurchase Program and Treasury Stock	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
SHARE REPURCHASE PROGRAM AND TREASURY STOCK	SHARE REPURCHASE PROGRAM AND TREASURY STOCKThe Company has $1.5 billion of remaining availability for its share repurchase program as of June 30, 2022. 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 30.6 million shares since the inception of the program in 2004 through June 30, 2022. During the six months ended June 30, 2022 and 2021, the Company spent $550.0 million and $475.0 million on the repurchase of 408,901 shares and 390,538 shares at an average price per share of $1,345.05 and $1,216.25, respectively. The Company also reissued 72,408 shares and 35,636 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2022 and 2021, respectively.

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Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2022

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
	2022		2021		2022		2021
Net earnings	$	212,070	$	184,763	$	386,071	$	334,426
Other comprehensive income (loss), net of tax	(31,491)		9,152		(27,141)		32,333
Comprehensive income, net of tax	$	180,579	$	193,915	$	358,930	$	366,759

    The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2022 and 2021:

	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, 2021	$	(19,566)	$	2	$	(235,660)	$	(255,224)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		11,343		—		11,343
Foreign currency translation adjustment	(46,982)		—		10,003		(36,979)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(8,268)		6,763		(1,505)
Net change in other comprehensive income (loss), net of tax	(46,982)		3,075		16,766		(27,141)
Balance at June 30, 2022	$	(66,548)	$	3,077	$	(218,894)	$	(282,365)

	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)

    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,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	—	$	543	Interest expense
Cross currency swap agreement	(5,735)		2,876		(a)
Total before taxes	(5,735)		3,419
Provision for taxes	(1,090)		684		Provision for taxes
Total, net of taxes	$	(4,645)	$	2,735
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	4,222	$	6,482	(b)
Provision for taxes	908		1,367		Provision for taxes
Total, net of taxes	$	3,314	$	5,115

(a) The cross currency swap reflects an unrealized gain of $5.0 million for the three months ended June 30, 2022 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 $0.7 million recorded in interest expense for the three months ended June 30, 2022.

(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three months ended June 30, 2022 and 2021.

	Six Months Ended
	June 30,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	352	$	1,074	Interest expense
Cross currency swap agreement	(10,531)		(6,832)		(a)
Total before taxes	(10,179)		(5,758)
Provision for taxes	(1,911)		(1,026)		Provision for taxes
Total, net of taxes	$	(8,268)	$	(4,732)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	8,615	$	13,011	(b)
Provision for taxes	1,852		2,744		Provision for taxes
Total, net of taxes	$	6,763	$	10,267

(a) The cross currency swap reflects an unrealized gain of $9.4 million for the six months ended June 30, 2022 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 $1.1 million recorded in interest expense for the six months ended June 30, 2022.

(b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the six months ended June 30, 2022 and 2021.

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

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:

	2022	2021
Three months ended	228,291	330,638
Six months ended	248,580	326,169

Outstanding options and restricted stock units to purchase or receive 39,156 shares of common stock for the three month period ended June 30, 2022 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. For the three months ended June 30, 2021, there were no-anti-dilutive outstanding options or restricted stock units. Options and restricted stock units to purchase or receive 38,465 and 23,620 shares for the six month period ended June 30, 2022 and 2021, 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, 2022

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
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost, net	$	416	$	374	$	4,775	$	4,907	$	—	$	—	$	5,191	$	5,281
Interest cost on projected benefit obligations	674		549		1,492		858		3		2		2,169		1,409
Expected return on plan assets	(1,547)		(1,494)		(9,023)		(8,904)		—		—		(10,570)		(10,398)
Recognition of prior service cost	—		—		(1,045)		(465)		(19)		(19)		(1,064)		(484)
Recognition of actuarial losses/(gains)	585		729		4,709		6,246		(8)		(9)		5,286		6,966
Net periodic pension cost/(credit)	$	128	$	158	$	908	$	2,642	$	(24)	$	(26)	$	1,012	$	2,774

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
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost, net	$	832	$	748	$	9,765	$	9,852	$	—	$	—	$	10,597	$	10,600
Interest cost on projected benefit obligations	1,348		1,098		3,051		1,708		6		4		4,405		2,810
Expected return on plan assets	(3,094)		(2,988)		(18,447)		(17,875)		—		—		(21,541)		(20,863)
Recognition of prior service cost	—		—		(2,141)		(936)		(37)		(38)		(2,178)		(974)
Recognition of actuarial losses/(gains)	1,169		1,458		9,639		12,545		(15)		(18)		10,793		13,985
Net periodic pension cost/(credit)	$	255	$	316	$	1,867	$	5,294	$	(46)	$	(52)	$	2,076	$	5,558

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, the Company expects to make employer contributions of approximately $28.2 million to its non-U.S. pension plans and employer contributions of approximately $0.1 million to its U.S. post-retirement medical plan during the year ended December 31, 2022. 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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Other Charges (Income), Net	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021 were $4.2 million and $2.5 million, respectively, and $8.5 million and $5.0 million for the six months ended June 30, 2022 and 2021, respectively.

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Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING

13.    SEGMENT REPORTING

As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2021, 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		2022
June 30, 2022	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	361,145	$	40,314	$	401,459	$	92,796	$	514,057
Swiss Operations	42,062		210,449		252,511		72,012		22,634
Western European Operations	190,264		47,474		237,738		35,233		92,215
Chinese Operations	229,809		75,123		304,932		105,456		665
Other (a)	155,107		709		155,816		22,243		13,878
Eliminations and Corporate (b)	—		(374,069)		(374,069)		(42,308)		—
Total	$	978,387	$	—	$	978,387	$	285,432	$	643,449

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2022	Customers		Segments		Sales		Profit
U.S. Operations	$	686,966	$	79,887	$	766,854	$	167,982
Swiss Operations	85,331		404,284		489,615		143,334
Western European Operations	383,149		97,601		480,751		74,013
Chinese Operations	412,515		155,562		568,077		190,424
Other (a)	308,217		1,673		309,888		42,695
Eliminations and Corporate (b)	—		(739,007)		(739,007)		(91,771)
Total	$	1,876,178	$	—	$	1,876,178	$	526,677

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

(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

	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.

    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
	2022		2021		2022		2021
Earnings before taxes	$	256,692	$	230,384	$	469,693	$	415,798
Amortization	16,365		16,218		32,969		30,102
Interest expense	12,765		10,439		24,103		19,910
Restructuring charges	1,770		876		5,781		2,069
Other income, net	(2,160)		(2,661)		(5,869)		(1,951)
Segment profit	$	285,432	$	255,256	$	526,677	$	465,928

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Contingencies	6 Months Ended
	Jun. 30, 2022
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, 2022

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, 2022		December 31, 2021
Raw materials and parts	$	220,958	$	184,624
Work-in-progress	79,311		76,019
Finished goods	163,052		153,900
	$	463,321	$	414,543

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, 2022						December 31, 2021
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	284,831	$	(85,934)	$	198,897	$	282,470	$	(79,782)	$	202,688
Proven technology and patents	111,652		(59,102)		$	52,550	115,680		(56,305)		59,375
Tradenames (finite life)	7,421		(3,084)		$	4,337	8,206		(3,731)		4,475
Tradenames (indefinite life)	35,826		—		$	35,826	35,949		—		35,949
Other	13,024		(6,272)		$	6,752	10,641		(5,678)		4,963
	$	452,754	$	(154,392)	$	298,362	$	452,946	$	(145,496)	$	307,450

The Company recognized amortization expense associated with the above intangible assets of $6.6 million and $6.2 million for the three months ended June 30, 2022 and 2021, respectively, and $13.4 million and $10.2 million for the six months ended June 30, 2022 and 2021, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $25.8 million for 2022, $25.0 million for 2023, $22.9 million for 2024, $22.0 million for 2025, $19.8 million for 2026, and $18.4 million for 2027. Purchased intangible amortization was $6.4 million, $4.9 million after tax, and $5.9 million, $4.5 million after tax, for the three months ended June 30, 2022 and 2021, respectively, and $13.0 million, $10.1 million after tax, and $9.7 million, $7.3 million after tax, for the six months ended June 30, 2022 and 2021, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $9.7 million and $10.0 million for the three months ended June 30, 2022 and 2021, respectively, and $19.4 million and $19.8 million for the six months ended June 30, 2022 and 2021, 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 $4.7 million and $9.2 million of share-based compensation expense for the three and six months ended June 30, 2022, respectively, compared to $4.6 million and $9.2 million for the corresponding periods in 2021.

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 4 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 10 of the Annual Report Form 10-K, 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, 2022

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	June 30, 2022		December 31, 2021
Raw materials and parts	$	220,958	$	184,624
Work-in-progress	79,311		76,019
Finished goods	163,052		153,900
	$	463,321	$	414,543

Components of other intangible assets

Other intangible assets consisted of the following:

	June 30, 2022						December 31, 2021
	Gross Amount		Accumulated Amortization		Intangibles, Net		Gross Amount		Accumulated Amortization		Intangibles, Net
Customer relationships	$	284,831	$	(85,934)	$	198,897	$	282,470	$	(79,782)	$	202,688
Proven technology and patents	111,652		(59,102)		$	52,550	115,680		(56,305)		59,375
Tradenames (finite life)	7,421		(3,084)		$	4,337	8,206		(3,731)		4,475
Tradenames (indefinite life)	35,826		—		$	35,826	35,949		—		35,949
Other	13,024		(6,272)		$	6,752	10,641		(5,678)		4,963
	$	452,754	$	(154,392)	$	298,362	$	452,946	$	(145,496)	$	307,450

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Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

For the three months ended June 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	279,438	$	33,291	$	136,962	$	213,131	$	117,422	$	780,244
Service Revenue:
Point in time	64,589		6,504		31,957		10,708		30,541		144,299
Over time	17,118		2,267		21,345		5,970		7,144		53,844
Total	$	361,145	$	42,062	$	190,264	$	229,809	$	155,107	$	978,387

For the 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 six months ended June 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	528,245	$	67,201	$	274,971	$	381,120	$	235,322	$	1,486,859
Service Revenue:
Point in time	124,743		13,671		68,179		21,035		59,143		286,771
Over time	33,978		4,459		39,999		10,360		13,752		102,548
Total	$	686,966	$	85,331	$	383,149	$	412,515	$	308,217	$	1,876,178

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

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

	Three Months Ended				Six Months Ended
	2022		2021		2022		2021
Americas	$	393,707	$	353,415	$	746,396	$	656,754
Europe	242,738		260,190		492,522		501,566
Asia / Rest of World	341,942		310,746		637,260		570,421
Total	$	978,387	$	924,351	$	1,876,178	$	1,728,741

The Company's global revenue mix by product category is comprised of laboratory (56% of sales), industrial (39% of sales) and retail (5% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A 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
	2022		2021		2022		2021
Laboratory	$	545,925	$	506,106	$	1,059,475	$	950,732
Industrial	384,173		368,013		727,911		678,791
Retail	48,289		50,232		88,792		99,218
Total	$	978,387	$	924,351	$	1,876,178	$	1,728,741

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

	2022		2021
Beginning balances as of January 1	$	192,648	$	149,106
Customer pre-payments/deferred revenue	377,052		323,654
Revenue recognized	(345,070)		(278,817)
Foreign currency translation	(9,497)		(1,744)
Ending balance as of June 30	$	215,133	$	192,199

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

	June 30, 2022		December 31, 2021		Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments	$	5,503	$	3,927	Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement	11,022		2,119		Other non-current assets
Total derivative assets	$	16,525	$	6,046
Foreign currency forward contracts not designated as hedging instruments	$	12,787	$	4,510	Accrued and other liabilities
Cash Flow Hedges:
Interest rate swap agreements	—		352		Accrued and other liabilities
Cross currency swap agreement	1,687		—		Accrued and other liabilities
Cross currency swap agreement	—		5,482		Other non-current liabilities
Total derivative liabilities	$	14,474	$	10,344

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Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt consisted of the following at June 30, 2022:

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Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021:

	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, 2021	$	(19,566)	$	2	$	(235,660)	$	(255,224)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) cash flow hedging arrangements	—		11,343		—		11,343
Foreign currency translation adjustment	(46,982)		—		10,003		(36,979)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—		(8,268)		6,763		(1,505)
Net change in other comprehensive income (loss), net of tax	(46,982)		3,075		16,766		(27,141)
Balance at June 30, 2022	$	(66,548)	$	3,077	$	(218,894)	$	(282,365)

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,
	2022		2021		Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	—	$	543	Interest expense
Cross currency swap agreement	(5,735)		2,876		(a)
Total before taxes	(5,735)		3,419
Provision for taxes	(1,090)		684		Provision for taxes
Total, net of taxes	$	(4,645)	$	2,735
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes	$	4,222	$	6,482	(b)
Provision for taxes	908		1,367		Provision for taxes
Total, net of taxes	$	3,314	$	5,115

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

.

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Net Periodic Benefit Cost (Tables)

6 Months Ended

Jun. 30, 2022

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
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost, net	$	416	$	374	$	4,775	$	4,907	$	—	$	—	$	5,191	$	5,281
Interest cost on projected benefit obligations	674		549		1,492		858		3		2		2,169		1,409
Expected return on plan assets	(1,547)		(1,494)		(9,023)		(8,904)		—		—		(10,570)		(10,398)
Recognition of prior service cost	—		—		(1,045)		(465)		(19)		(19)		(1,064)		(484)
Recognition of actuarial losses/(gains)	585		729		4,709		6,246		(8)		(9)		5,286		6,966
Net periodic pension cost/(credit)	$	128	$	158	$	908	$	2,642	$	(24)	$	(26)	$	1,012	$	2,774

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
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost, net	$	832	$	748	$	9,765	$	9,852	$	—	$	—	$	10,597	$	10,600
Interest cost on projected benefit obligations	1,348		1,098		3,051		1,708		6		4		4,405		2,810
Expected return on plan assets	(3,094)		(2,988)		(18,447)		(17,875)		—		—		(21,541)		(20,863)
Recognition of prior service cost	—		—		(2,141)		(936)		(37)		(38)		(2,178)		(974)
Recognition of actuarial losses/(gains)	1,169		1,458		9,639		12,545		(15)		(18)		10,793		13,985
Net periodic pension cost/(credit)	$	255	$	316	$	1,867	$	5,294	$	(46)	$	(52)	$	2,076	$	5,558

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

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		2022
June 30, 2022	Customers		Segments		Sales		Profit		Goodwill
U.S. Operations	$	361,145	$	40,314	$	401,459	$	92,796	$	514,057
Swiss Operations	42,062		210,449		252,511		72,012		22,634
Western European Operations	190,264		47,474		237,738		35,233		92,215
Chinese Operations	229,809		75,123		304,932		105,456		665
Other (a)	155,107		709		155,816		22,243		13,878
Eliminations and Corporate (b)	—		(374,069)		(374,069)		(42,308)		—
Total	$	978,387	$	—	$	978,387	$	285,432	$	643,449

	Net Sales to		Net Sales to
For the six months ended	External		Other		Total Net		Segment
June 30, 2022	Customers		Segments		Sales		Profit
U.S. Operations	$	686,966	$	79,887	$	766,854	$	167,982
Swiss Operations	85,331		404,284		489,615		143,334
Western European Operations	383,149		97,601		480,751		74,013
Chinese Operations	412,515		155,562		568,077		190,424
Other (a)	308,217		1,673		309,888		42,695
Eliminations and Corporate (b)	—		(739,007)		(739,007)		(91,771)
Total	$	1,876,178	$	—	$	1,876,178	$	526,677

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

(b)Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

	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.

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
	2022		2021		2022		2021
Earnings before taxes	$	256,692	$	230,384	$	469,693	$	415,798
Amortization	16,365		16,218		32,969		30,102
Interest expense	12,765		10,439		24,103		19,910
Restructuring charges	1,770		876		5,781		2,069
Other income, net	(2,160)		(2,661)		(5,869)		(1,951)
Segment profit	$	285,432	$	255,256	$	526,677	$	465,928

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Components of inventory
Raw materials and parts	$ 220,958	$ 184,624
Work-in-progress	79,311	76,019
Finished goods	163,052	153,900
Total Inventory, Net	$ 463,321	$ 414,543

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Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 452,754	$ 452,946
Accumulated Amortization	(154,392)	(145,496)
Intangible Assets, Net (Excluding Goodwill)	298,362	307,450
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount, Tradename (indefinite life)	35,826	35,949
Intangible Assets, Net (Excluding Goodwill)	35,826	35,949
Customer Relationships [Member]
Intangible Assets [Line Items]
Gross amount	284,831	282,470
Accumulated Amortization	(85,934)	(79,782)
Intangible Assets, Net (Excluding Goodwill)	198,897	202,688
Proven technology and patents [Member]
Intangible Assets [Line Items]
Gross amount	111,652	115,680
Accumulated Amortization	(59,102)	(56,305)
Intangible Assets, Net (Excluding Goodwill)	52,550	59,375
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount	7,421	8,206
Accumulated Amortization	(3,084)	(3,731)
Intangible Assets, Net (Excluding Goodwill)	4,337	4,475
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Gross amount	13,024	10,641
Accumulated Amortization	(6,272)	(5,678)
Intangible Assets, Net (Excluding Goodwill)	$ 6,752	$ 4,963

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Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary of Significant Accounting Policies (Textuals) [Abstract]
Amortization expense	$ 6.6	$ 6.2	$ 13.4	$ 10.2
Future Amortization Expense Current Year			25.8
Aggregate amortization expense for 2020	25.0		25.0
Aggregate amortization expense for 2021	22.9		22.9
Aggregate amortization expense for 2023	22.0		22.0
Aggregate amortization expense for 2024	19.8		19.8
Aggregate amortization expense for 2025	18.4		18.4
Purchased Intangible Amortization, Gross	6.4	5.9	13.0	9.7
Purchased intangible amortization, net of tax	4.9	4.5	10.1	7.3
Amortization expense associated with capitalized software	9.7	10.0	19.4	19.8
Share - based compensation expense	$ 4.7	$ 4.6	$ 9.2	$ 9.2

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Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 978,387	$ 924,351	$ 1,876,178	$ 1,728,741
Contract with Customer, Asset, after Allowance for Credit Loss	35,300		35,300		$ 32,100
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	393,707	353,415	746,396	656,754
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	242,738	260,190	492,522	501,566
Asia [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	341,942	310,746	637,260	570,421
Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	780,244	736,486	1,486,859	1,363,401
Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	144,299	140,460	286,771	271,791
Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 53,844	47,405	$ 102,548	93,549
Laboratory products and services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	56.00%		56.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 545,925	506,106	$ 1,059,475	950,732
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	$ 384,173	368,013	$ 727,911	678,791
Retail products and services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	5.00%		5.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 48,289	50,232	$ 88,792	99,218
US Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	361,145	323,310	686,966	595,269
US Operations [Member] | Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	279,438	252,668	528,245	457,859
US Operations [Member] | Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	64,589	54,493	124,743	106,084
US Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	17,118	16,149	33,978	31,326
Swiss Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	42,062	40,836	85,331	80,117
Swiss Operations [Member] | Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	33,291	32,018	67,201	62,185
Swiss Operations [Member] | Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	6,504	6,534	13,671	13,425
Swiss Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,267	2,284	4,459	4,507
Western European Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	190,264	201,722	383,149	394,072
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	136,962	145,687	274,971	282,586
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	31,957	37,089	68,179	72,719
Western European Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	21,345	18,946	39,999	38,767
Chinese Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	229,809	205,521	412,515	361,595
Chinese Operations [Member] | Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	213,131	188,803	381,120	332,128
Chinese Operations [Member] | Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,708	12,633	21,035	21,975
Chinese Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	5,970	4,085	10,360	7,492
Other Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	155,107	152,962	308,217	297,688
Other Operations [Member] | Product [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	117,422	117,310	235,322	228,643
Other Operations [Member] | Service [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	30,541	29,711	59,143	57,588
Other Operations [Member] | Service [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 7,144	$ 5,941	$ 13,752	$ 11,457

XML

Revenue from Contracts with Customers 2 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 215,133		$ 192,648	$ 192,199	$ 149,106
Contract with Customer, Asset, after Allowance for Credit Loss	35,300		$ 32,100
Customer prepayments and deferred revenue	377,052	$ 323,654
Contract with Customer, Liability, Revenue Recognized	(345,070)	(278,817)
Temporary Equity, Foreign Currency Translation Adjustments	$ (9,497)	$ (1,744)

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Financial Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ 6,000,000
Designated as Hedging Instrument [Member] | June 2019 4 YR Cross Currency Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000,000		$ 50,000,000
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]
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	0		0
Designated as Hedging Instrument [Member] | February 2019 Cross Currency Swap [Member]
Derivative [Line Items]
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	0		0
Designated as Hedging Instrument [Member] | 2017 Cross Currency Swap [Member]
Derivative [Line Items]
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	0		0
Designated as Hedging Instrument [Member] | 2.25% $100 Million Interest Rate Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 100,000,000		$ 100,000,000
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	$ 50,000,000		$ 50,000,000
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	$ 50,000,000		$ 50,000,000
Derivative, Fixed Interest Rate	0.66%		0.66%
Designated as Hedging Instrument [Member] | November 2021 2 YR Cross Currency Swap
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000,000		$ 50,000,000
Derivative, Fixed Interest Rate	0.64%		0.64%
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 10,000,000	$ 800,000	$ 8,500,000	$ 13,200,000
Derivative, Notional Amount	$ 736,800		$ 736,800		$ 1,000,000,000

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Mar. 24, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign Currency Cash Flow Hedge Short Term	$ 1,687	$ 0
Cash Equivalents, at Carrying Value	19,200	18,500
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Liability			$ 10,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	16,525	6,046
Derivative Liability	14,474	10,344
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	5,503	3,927
Foreign Currency Cash Flow Hedge Asset at Fair Value	11,022	2,119
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	12,787	4,510
Interest Rate Swap Short Term	0	352
Foreign Currency Cash Flow Hedge Liability at Fair Value	0	$ 5,482
Change in Carrying Value Verse Fair Value of Long Term Debt	$ 149,500

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Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 Rate	Jun. 30, 2021 Rate	Jun. 30, 2022 Rate	Jun. 30, 2021 Rate
Effective Income Tax Rate Reconciliation, Percent	17.40%	19.80%	17.80%	19.60%
Annual Effective Tax Rate before recurring discrete tax items			19.00%	19.50%

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Debt (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) Rate	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Rate	Jun. 30, 2021 USD ($)	Jun. 30, 2022 EUR (€) Rate	Dec. 31, 2021 USD ($)
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 1,152,466		$ 1,152,466
Unamortized Debt Issuance Expense	(3,887)		(3,887)
Line of Credit Facility, Fair Value of Amount Outstanding	716,000		716,000
Total debt	1,928,032		1,928,032
Debt, Current	(106,574)		(106,574)
Long-term Debt	1,821,458		1,821,458
Line of Credit Facility, Remaining Borrowing Capacity	528,000		528,000
Cash and Cash Equivalents, at Carrying Value	109,449		109,449			$ 98,564
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	19,100	$ 5,800	30,400	$ 11,800
Cumulative (gain) loss in other other comprehensive income related to the change in a net investment hedge.	35,900		35,900
Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	747,666		747,666
Unamortized Debt Issuance Expense	(2,334)		(2,334)
Line of Credit Facility, Fair Value of Amount Outstanding	514,491		514,491
Total debt	1,265,386		1,265,386
Debt, Current	(50,358)		(50,358)
Long-term Debt	1,215,028		1,215,028
Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	404,800		404,800
Unamortized Debt Issuance Expense	(1,553)		(1,553)
Line of Credit Facility, Fair Value of Amount Outstanding	201,509		201,509
Total debt	662,646		662,646
Debt, Current	(56,216)		(56,216)
Long-term Debt	$ 606,430		$ 606,430
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	$ 131,933		$ 131,933
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	$ 131,933		$ 131,933
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	$ 142,487		$ 142,487
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	$ 142,487		$ 142,487
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	59,566		59,566
Other local arrangements [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	3,229		3,229
Other local arrangements [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	$ 56,337		$ 56,337
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	131,933		131,933
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	$ 131,933		$ 131,933
2.83% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	2.83%		2.83%		2.83%
Debt Instrument, Maturity Date			Jul. 22, 2033
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 125,000		$ 125,000
Debt Instrument, Term			12 years
2.83% Senior Notes | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	125,000		$ 125,000
2.83% Senior Notes | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
2.81% Senior Note
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	2.81%		2.81%		2.81%
Debt Instrument, Maturity Date			Mar. 27, 2037
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 150,000		$ 150,000
Debt Instrument, Term			15 years
2.81% Senior Note | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	150,000		$ 150,000
2.81% Senior Note | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0

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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, 2022	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2021
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]
Remaining Amount to Repurchase under the program	$ 1,500,000				$ 1,500,000
Shares Purchased Under Share Repurchase Program	30,600,000				30,600,000
Treasury Stock, Value, Acquired, Cost Method	$ 274,999	$ 275,000	$ 212,499	$ 262,500	$ 550,000	$ 475,000
Number of shares repurchased					(408,901)	(390,538)
Average price of share repurchased, per share					$ 1,345.05	$ 1,216.25
Exercise of stock options and restricted stock units, shares reissued					72,408	35,636

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Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accumulated Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ (19,566)	$ (31,101)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(46,982)	11,717
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Other Comprehensive Income (Loss), Net of Tax	(46,982)	11,717
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(66,548)	(19,384)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	2	(1,479)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	11,343	5,934
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	(8,268)	(4,732)
Other Comprehensive Income (Loss), Net of Tax	3,075	1,202
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	3,077	(277)
Accumulated Defined Benefit Plans Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(235,660)	(302,345)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	10,003	9,147
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	6,763	10,267
Other Comprehensive Income (Loss), Net of Tax	16,766	19,414
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(218,894)	(282,931)
AOCI Attributable to Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(255,224)	(334,925)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	11,343	5,934
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(36,979)	20,864
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(1,505)	5,535
Other Comprehensive Income (Loss), Net of Tax	(27,141)	32,333
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ (282,365)	$ (302,592)

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Accumulated Other Comprehensive Income (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	$ 5,735	$ (3,419)	$ 10,179	$ 5,758
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(1,090)	684	(1,911)	(1,026)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	4,645	(2,735)	8,268	4,732
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent	4,222	6,482	8,615	13,011
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent	908	1,367	1,852	2,744
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	3,314	5,115	6,763	10,267
Interest Rate Swap [Member]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	0	543	352	1,074
Cross Currency Swap [Member]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	(5,735)	$ 2,876	(10,531)	$ (6,832)
Foreign Currency Transaction Gain (Loss), Unrealized	5,000		9,400
Interest Income, Other	$ 700		$ 1,100

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Accumulated Other Comprehensive Income (Details 3) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2021
Net earnings	$ 212,070	$ 174,001	$ 184,763	$ 149,663	$ 386,071	$ 334,426
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(31,491)	$ 4,350	9,152	$ 23,181	(27,141)	32,333
Comprehensive Income, Net of Tax (Note 9)	$ 180,579		$ 193,915		$ 358,930	$ 366,759

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Earnings Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Weighted Average Number of Shares Outstanding, Diluted, Total	228,291	330,638	248,580	326,169
Antidilutive Shares Outstanding
Weighted Average Number of Shares Outstanding, Antidilutive, Total	39,156		38,465	23,620

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Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	$ 5,191	$ 5,281	$ 10,597	$ 10,600
Interest cost on projected benefit obligations	2,169	1,409	4,405	2,810
Expected return on plan assets	(10,570)	(10,398)	(21,541)	(20,863)
Recognition of prior service cost	(1,064)	(484)	(2,178)	(974)
Recognition of actuarial losses/(gains)	5,286	6,966	10,793	13,985
Net periodic pension cost/(credit)	1,012	2,774	2,076	5,558
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	416	374	832	748
Interest cost on projected benefit obligations	674	549	1,348	1,098
Expected return on plan assets	(1,547)	(1,494)	(3,094)	(2,988)
Recognition of prior service cost	0	0	0	0
Recognition of actuarial losses/(gains)	585	729	1,169	1,458
Net periodic pension cost/(credit)	128	158	255	316
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	4,775	4,907	9,765	9,852
Interest cost on projected benefit obligations	1,492	858	3,051	1,708
Expected return on plan assets	(9,023)	(8,904)	(18,447)	(17,875)
Recognition of prior service cost	(1,045)	(465)	(2,141)	(936)
Recognition of actuarial losses/(gains)	4,709	6,246	9,639	12,545
Net periodic pension cost/(credit)	908	2,642	1,867	5,294
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year, Description	28,200		28,200
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost, net	0	0	0	0
Interest cost on projected benefit obligations	3	2	6	4
Expected return on plan assets	0	0	0	0
Recognition of prior service cost	(19)	(19)	(37)	(38)
Recognition of actuarial losses/(gains)	(8)	(9)	(15)	(18)
Net periodic pension cost/(credit)	(24)	$ (26)	(46)	$ (52)
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year, Description	$ 100		$ 100

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Other Charges , Net Other Charges, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income and Expenses [Abstract]
Non-service pension costs (benefits)	$ 4.2	$ 2.5	$ 8.5	$ 5.0
Business Combination, Acquisition Related Costs			$ 0.5

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Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2020
Operations of the Company's operating segments
Net Sales to External Customers	$ 978,387	$ 924,351	$ 1,876,178	$ 1,728,741
Revenue Transactions With Other Operating Segments	0	0	0	0
Net Sales	978,387	924,351	1,876,178	1,728,741
Segment Profit	285,432	255,256	526,677	465,928
Goodwill	643,449		643,449		$ 648,622	$ 642,186
Swiss Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	42,062	40,836	85,331	80,117
Revenue Transactions With Other Operating Segments	210,449	201,182	404,284	385,647
Net Sales	252,511	242,018	489,615	465,764
Segment profit	72,012	69,516	143,334	134,395
Goodwill	22,634		22,634			23,553
Western European Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	190,264	201,722	383,149	394,072
Revenue Transactions With Other Operating Segments	47,474	55,873	97,601	108,128
Net Sales	237,738	257,595	480,751	502,200
Segment profit	35,233	38,476	74,013	76,342
Goodwill	92,215		92,215			93,133
Chinese Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	229,809	205,521	412,515	361,595
Revenue Transactions With Other Operating Segments	75,123	72,529	155,562	141,607
Net Sales	304,932	278,050	568,077	503,202
Segment profit	105,456	94,663	190,424	166,687
Goodwill	665		665			697
Other Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	155,107	152,962	308,217	297,688
Revenue Transactions With Other Operating Segments	709	1,275	1,673	2,371
Net Sales	155,816	154,237	309,888	300,059
Segment profit	22,243	21,414	42,695	41,586
Goodwill	13,878		13,878			15,203
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	(374,069)	(369,366)	(739,007)	(713,045)
Net Sales	(374,069)	(369,366)	(739,007)	(713,045)
Segment profit	(42,308)	(48,085)	(91,771)	(96,025)
Goodwill	0		0			0
US Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	361,145	323,310	686,966	595,269
Revenue Transactions With Other Operating Segments	40,314	38,507	79,887	75,292
Net Sales	401,459	361,817	766,854	670,561
Segment profit	92,796	$ 79,272	167,982	$ 142,943
Goodwill	$ 514,057		$ 514,057			$ 509,600

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Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of earnings before taxes to segment profit
Amortization	$ 16,365	$ 16,218	$ 32,969	$ 30,102
Interest expense	12,765	10,439	24,103	19,910
Restructuring Charges	1,770	876	5,781	2,069
Other charges (income), net	(2,160)	(2,661)	(5,869)	(1,951)
Segment Profit Information	285,432	255,256	526,677	465,928
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	$ 256,692	$ 230,384	$ 469,693	$ 415,798

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Segment Reporting (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 1,770	$ 876	$ 5,781	$ 2,069

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Label	Element	Value
Stock Issued During Period, Value, Treasury Stock Reissued	us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued	$ 5,049,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	$ 4,575,000