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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mettler Toledo International Inc | NYSE:MTD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.07 | 0.17% | 1,251.95 | 1,272.99 | 1,251.36 | 1,270.65 | 95,338 | 22:30:00 |
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Delaware
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13-3668641
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(State or other jurisdiction of
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(I.R.S Employer Identification No.)
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incorporation or organization)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, $0.01 par value
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MTD
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New York Stock Exchange
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PAGE
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Item 1.
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Financial Statements
|
|
June 30,
2019 |
|
June 30,
2018 |
||||
Net sales
|
|
|
|
||||
Products
|
$
|
565,927
|
|
|
$
|
562,476
|
|
Service
|
165,439
|
|
|
159,520
|
|
||
Total net sales
|
731,366
|
|
|
721,996
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
226,816
|
|
|
221,729
|
|
||
Service
|
85,012
|
|
|
87,642
|
|
||
Gross profit
|
419,538
|
|
|
412,625
|
|
||
Research and development
|
36,582
|
|
|
35,315
|
|
||
Selling, general and administrative
|
205,215
|
|
|
208,024
|
|
||
Amortization
|
12,326
|
|
|
11,970
|
|
||
Interest expense
|
8,882
|
|
|
8,309
|
|
||
Restructuring charges
|
2,891
|
|
|
7,321
|
|
||
Other charges (income), net
|
(1,574
|
)
|
|
(1,916
|
)
|
||
Earnings before taxes
|
155,216
|
|
|
143,602
|
|
||
Provision for taxes
|
28,056
|
|
|
32,134
|
|
||
Net earnings
|
$
|
127,160
|
|
|
$
|
111,468
|
|
|
|
|
|
|
|||
Basic earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
5.15
|
|
|
$
|
4.41
|
|
Weighted average number of common shares
|
24,698,032
|
|
|
25,299,414
|
|
||
|
|
|
|
||||
Diluted earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
5.06
|
|
|
$
|
4.31
|
|
Weighted average number of common and common equivalent shares
|
25,118,352
|
|
|
25,867,383
|
|
||
|
|
|
|
||||
Comprehensive income, net of tax (Note 10)
|
$
|
115,481
|
|
|
$
|
82,263
|
|
|
June 30,
2019 |
|
June 30,
2018 |
||||
Net sales
|
|
|
|
||||
Products
|
$
|
1,090,274
|
|
|
$
|
1,073,422
|
|
Service
|
320,544
|
|
|
309,395
|
|
||
Total net sales
|
1,410,818
|
|
|
1,382,817
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
437,032
|
|
|
424,316
|
|
||
Service
|
165,929
|
|
|
170,943
|
|
||
Gross profit
|
807,857
|
|
|
787,558
|
|
||
Research and development
|
72,635
|
|
|
70,028
|
|
||
Selling, general and administrative
|
409,640
|
|
|
408,698
|
|
||
Amortization
|
24,548
|
|
|
23,705
|
|
||
Interest expense
|
17,976
|
|
|
16,668
|
|
||
Restructuring charges
|
4,414
|
|
|
11,734
|
|
||
Other charges (income), net
|
(2,248
|
)
|
|
(4,316
|
)
|
||
Earnings before taxes
|
280,892
|
|
|
261,041
|
|
||
Provision for taxes
|
41,927
|
|
|
56,269
|
|
||
Net earnings
|
$
|
238,965
|
|
|
$
|
204,772
|
|
|
|
|
|
||||
Basic earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
9.65
|
|
|
$
|
8.07
|
|
Weighted average number of common shares
|
24,774,262
|
|
|
25,383,402
|
|
||
|
|
|
|
||||
Diluted earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
9.48
|
|
|
$
|
7.88
|
|
Weighted average number of common and common equivalent shares
|
25,217,359
|
|
|
25,979,508
|
|
||
|
|
|
|
||||
Comprehensive income, net of tax (Note 10)
|
$
|
239,946
|
|
|
$
|
204,457
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
124,439
|
|
|
$
|
178,110
|
|
Trade accounts receivable, less allowances of $16,835 at June 30, 2019
|
|
|
|
||||
and $15,469 at December 31, 2018
|
498,723
|
|
|
535,528
|
|
||
Inventories
|
286,347
|
|
|
268,821
|
|
||
Other current assets and prepaid expenses
|
71,937
|
|
|
63,401
|
|
||
Total current assets
|
981,446
|
|
|
1,045,860
|
|
||
Property, plant and equipment, net
|
728,007
|
|
|
717,526
|
|
||
Goodwill
|
534,557
|
|
|
534,780
|
|
||
Other intangible assets, net
|
211,211
|
|
|
217,308
|
|
||
Deferred tax assets, net
|
35,722
|
|
|
35,066
|
|
||
Other non-current assets
|
169,915
|
|
|
68,307
|
|
||
Total assets
|
$
|
2,660,858
|
|
|
$
|
2,618,847
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Trade accounts payable
|
$
|
160,584
|
|
|
$
|
196,641
|
|
Accrued and other liabilities
|
162,777
|
|
|
156,449
|
|
||
Accrued compensation and related items
|
129,202
|
|
|
152,516
|
|
||
Deferred revenue and customer prepayments
|
128,704
|
|
|
105,381
|
|
||
Taxes payable
|
74,066
|
|
|
73,777
|
|
||
Short-term borrowings and current maturities of long-term debt
|
51,918
|
|
|
49,670
|
|
||
Total current liabilities
|
707,251
|
|
|
734,434
|
|
||
Long-term debt
|
1,087,874
|
|
|
985,021
|
|
||
Deferred tax liabilities, net
|
40,282
|
|
|
48,818
|
|
||
Other non-current liabilities
|
321,365
|
|
|
260,511
|
|
||
Total liabilities
|
2,156,772
|
|
|
2,028,784
|
|
||
Commitments and contingencies (Note 17)
|
|
|
|
|
|
||
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 24,609,232 and
|
|
|
|
||||
24,921,963 shares at June 30, 2019 and December 31, 2018, respectively
|
448
|
|
|
448
|
|
||
Additional paid-in capital
|
774,288
|
|
|
764,717
|
|
||
Treasury stock at cost (20,176,779 shares at June 30, 2019, and 19,864,048 shares at December 31, 2018)
|
(4,149,540
|
)
|
|
(3,814,604
|
)
|
||
Retained earnings
|
4,180,323
|
|
|
3,941,916
|
|
||
Accumulated other comprehensive loss
|
(301,433
|
)
|
|
(302,414
|
)
|
||
Total shareholders’ equity
|
504,086
|
|
|
590,063
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,660,858
|
|
|
$
|
2,618,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
Additional Paid-in Capital
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|||||||||||||
|
Common Stock
|
|
|
Treasury Stock
|
|
Retained Earnings
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
Total
|
|||||||||||||||||
Balance at December 31, 2017
|
25,541,393
|
|
|
$
|
448
|
|
|
$
|
747,138
|
|
|
$
|
(3,368,182
|
)
|
|
$
|
3,433,282
|
|
|
$
|
(265,406
|
)
|
|
$
|
547,280
|
|
Exercise of stock options and restricted stock units
|
39,362
|
|
|
—
|
|
|
—
|
|
|
5,900
|
|
|
(231
|
)
|
|
—
|
|
|
5,669
|
|
||||||
Repurchases of common stock
|
(187,880
|
)
|
|
—
|
|
|
—
|
|
|
(118,750
|
)
|
|
—
|
|
|
—
|
|
|
(118,750
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,354
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,354
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,304
|
|
|
—
|
|
|
93,304
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,890
|
|
|
28,890
|
|
||||||
Balance at March 31, 2018
|
25,392,875
|
|
|
$
|
448
|
|
|
$
|
751,492
|
|
|
$
|
(3,481,032
|
)
|
|
$
|
3,526,355
|
|
|
$
|
(236,516
|
)
|
|
$
|
560,747
|
|
Exercise of stock options and restricted stock units
|
29,291
|
|
|
—
|
|
|
—
|
|
|
4,485
|
|
|
(194
|
)
|
|
—
|
|
|
4,291
|
|
||||||
Repurchases of common stock
|
(208,338
|
)
|
|
—
|
|
|
—
|
|
|
(118,749
|
)
|
|
—
|
|
|
—
|
|
|
(118,749
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
3,882
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,882
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111,468
|
|
|
—
|
|
|
111,468
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,205
|
)
|
|
(29,205
|
)
|
||||||
Balance at June 30, 2018
|
25,213,828
|
|
|
$
|
448
|
|
|
$
|
755,374
|
|
|
$
|
(3,595,296
|
)
|
|
$
|
3,637,629
|
|
|
$
|
(265,721
|
)
|
|
$
|
532,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2018
|
24,921,963
|
|
|
$
|
448
|
|
|
$
|
764,717
|
|
|
$
|
(3,814,604
|
)
|
|
$
|
3,941,916
|
|
|
$
|
(302,414
|
)
|
|
$
|
590,063
|
|
Exercise of stock options and restricted stock units
|
171,752
|
|
|
—
|
|
|
751
|
|
|
28,257
|
|
|
(18
|
)
|
|
—
|
|
|
28,990
|
|
||||||
Repurchases of common stock
|
(290,429
|
)
|
|
—
|
|
|
—
|
|
|
(186,250
|
)
|
|
—
|
|
|
—
|
|
|
(186,250
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,482
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111,805
|
|
|
—
|
|
|
111,805
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,660
|
|
|
12,660
|
|
||||||
Balance at March 31, 2019
|
24,803,286
|
|
|
$
|
448
|
|
|
$
|
769,950
|
|
|
$
|
(3,972,597
|
)
|
|
$
|
4,053,703
|
|
|
$
|
(289,754
|
)
|
|
$
|
561,750
|
|
Exercise of stock options and restricted stock units
|
54,843
|
|
|
—
|
|
|
—
|
|
|
9,307
|
|
|
(540
|
)
|
|
—
|
|
|
8,767
|
|
||||||
Repurchases of common stock
|
(248,897
|
)
|
|
—
|
|
|
—
|
|
|
(186,250
|
)
|
|
—
|
|
|
—
|
|
|
(186,250
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,338
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,338
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127,160
|
|
|
—
|
|
|
127,160
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,679
|
)
|
|
(11,679
|
)
|
||||||
Balance at June 30, 2019
|
24,609,232
|
|
|
$
|
448
|
|
|
$
|
774,288
|
|
|
$
|
(4,149,540
|
)
|
|
$
|
4,180,323
|
|
|
$
|
(301,433
|
)
|
|
$
|
504,086
|
|
|
June 30,
2019 |
|
June 30,
2018 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
238,965
|
|
|
$
|
204,772
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
19,390
|
|
|
18,606
|
|
||
Amortization
|
24,548
|
|
|
23,705
|
|
||
Deferred tax benefit
|
(14,881
|
)
|
|
(10,109
|
)
|
||
Share-based compensation
|
8,820
|
|
|
8,236
|
|
||
Other
|
(30
|
)
|
|
(1,200
|
)
|
||
Increase (decrease) in cash resulting from changes in:
|
|
|
|
||||
Trade accounts receivable, net
|
36,674
|
|
|
34,509
|
|
||
Inventories
|
(16,848
|
)
|
|
(19,959
|
)
|
||
Other current assets
|
(9,748
|
)
|
|
844
|
|
||
Trade accounts payable
|
(36,216
|
)
|
|
5,425
|
|
||
Taxes payable
|
(487
|
)
|
|
1,268
|
|
||
Accruals and other
|
(24,322
|
)
|
|
(49,338
|
)
|
||
Net cash provided by operating activities
|
225,865
|
|
|
216,759
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sale of property, plant and equipment
|
1,216
|
|
|
4,530
|
|
||
Purchase of property, plant and equipment
|
(44,699
|
)
|
|
(61,586
|
)
|
||
Acquisitions
|
(504
|
)
|
|
(500
|
)
|
||
Net hedging settlements on intercompany loans
|
(1,226
|
)
|
|
7,042
|
|
||
Net cash used in investing activities
|
(45,213
|
)
|
|
(50,514
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings
|
638,830
|
|
|
603,180
|
|
||
Repayments of borrowings
|
(532,729
|
)
|
|
(502,524
|
)
|
||
Proceeds from stock option exercises
|
37,757
|
|
|
9,960
|
|
||
Repurchases of common stock
|
(372,500
|
)
|
|
(237,499
|
)
|
||
Acquisition contingent consideration payment
|
(10,000
|
)
|
|
—
|
|
||
Other financing activities
|
1,753
|
|
|
(1,635
|
)
|
||
Net cash used in financing activities
|
(236,889
|
)
|
|
(128,518
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
2,566
|
|
|
(3,224
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(53,671
|
)
|
|
34,503
|
|
||
Cash and cash equivalents:
|
|
|
|
||||
Beginning of period
|
178,110
|
|
|
148,687
|
|
||
End of period
|
$
|
124,439
|
|
|
$
|
183,190
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Raw materials and parts
|
$
|
128,624
|
|
|
$
|
122,945
|
|
Work-in-progress
|
48,294
|
|
|
47,098
|
|
||
Finished goods
|
109,429
|
|
|
98,778
|
|
||
|
$
|
286,347
|
|
|
$
|
268,821
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Intangibles, Net
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Intangibles, Net
|
||||||||||||
Customer relationships
|
$
|
197,827
|
|
|
$
|
(54,520
|
)
|
|
$
|
143,307
|
|
|
$
|
197,942
|
|
|
$
|
(49,887
|
)
|
|
$
|
148,055
|
|
Proven technology and patents
|
74,924
|
|
|
(44,873
|
)
|
|
30,051
|
|
|
73,880
|
|
|
(42,750
|
)
|
|
31,130
|
|
||||||
Tradenames (finite life)
|
4,598
|
|
|
(2,963
|
)
|
|
1,635
|
|
|
4,504
|
|
|
(2,874
|
)
|
|
1,630
|
|
||||||
Tradenames (indefinite life)
|
35,491
|
|
|
—
|
|
|
35,491
|
|
|
35,500
|
|
|
—
|
|
|
35,500
|
|
||||||
Other
|
3,718
|
|
|
(2,991
|
)
|
|
727
|
|
|
3,684
|
|
|
(2,691
|
)
|
|
993
|
|
||||||
|
$
|
316,558
|
|
|
$
|
(105,347
|
)
|
|
$
|
211,211
|
|
|
$
|
315,510
|
|
|
$
|
(98,202
|
)
|
|
$
|
217,308
|
|
3.
|
REVENUE
|
For the three months ended June 30, 2019
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
202,608
|
|
|
$
|
24,362
|
|
|
$
|
115,195
|
|
|
$
|
124,042
|
|
|
$
|
99,720
|
|
|
$
|
565,927
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
53,054
|
|
|
5,035
|
|
|
32,553
|
|
|
9,548
|
|
|
27,800
|
|
|
127,990
|
|
||||||
Over time
|
12,227
|
|
|
1,961
|
|
|
15,933
|
|
|
2,869
|
|
|
4,459
|
|
|
37,449
|
|
||||||
Total
|
$
|
267,889
|
|
|
$
|
31,358
|
|
|
$
|
163,681
|
|
|
$
|
136,459
|
|
|
$
|
131,979
|
|
|
$
|
731,366
|
|
For the three months ended June 30, 2018
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
191,511
|
|
|
$
|
25,163
|
|
|
$
|
124,336
|
|
|
$
|
119,709
|
|
|
$
|
101,757
|
|
|
$
|
562,476
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
49,985
|
|
|
4,919
|
|
|
33,081
|
|
|
10,885
|
|
|
24,969
|
|
|
123,839
|
|
||||||
Over time
|
9,978
|
|
|
2,072
|
|
|
16,355
|
|
|
2,678
|
|
|
4,598
|
|
|
35,681
|
|
||||||
Total
|
$
|
251,474
|
|
|
$
|
32,154
|
|
|
$
|
173,772
|
|
|
$
|
133,272
|
|
|
$
|
131,324
|
|
|
$
|
721,996
|
|
For the six months ended June 30, 2019
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
376,864
|
|
|
$
|
51,027
|
|
|
$
|
231,751
|
|
|
$
|
235,457
|
|
|
$
|
195,175
|
|
|
$
|
1,090,274
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
102,707
|
|
|
9,985
|
|
|
65,328
|
|
|
17,252
|
|
|
52,660
|
|
|
247,932
|
|
||||||
Over time
|
22,969
|
|
|
3,923
|
|
|
32,508
|
|
|
5,472
|
|
|
7,740
|
|
|
72,612
|
|
||||||
Total
|
$
|
502,540
|
|
|
$
|
64,935
|
|
|
$
|
329,587
|
|
|
$
|
258,181
|
|
|
$
|
255,575
|
|
|
$
|
1,410,818
|
|
For the six months ended June 30, 2018
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
364,012
|
|
|
$
|
50,728
|
|
|
$
|
241,268
|
|
|
$
|
224,002
|
|
|
$
|
193,412
|
|
|
$
|
1,073,422
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
97,605
|
|
|
9,748
|
|
|
62,966
|
|
|
18,012
|
|
|
49,208
|
|
|
237,539
|
|
||||||
Over time
|
19,602
|
|
|
4,143
|
|
|
34,910
|
|
|
5,188
|
|
|
8,013
|
|
|
71,856
|
|
||||||
Total
|
$
|
481,219
|
|
|
$
|
64,619
|
|
|
$
|
339,144
|
|
|
$
|
247,202
|
|
|
$
|
250,633
|
|
|
$
|
1,382,817
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Americas
|
$
|
292,345
|
|
|
$
|
274,328
|
|
|
$
|
550,978
|
|
|
$
|
526,607
|
|
Europe
|
207,309
|
|
|
220,718
|
|
|
416,864
|
|
|
426,558
|
|
||||
Asia / Rest of World
|
231,712
|
|
|
226,950
|
|
|
442,976
|
|
|
429,652
|
|
||||
Total
|
$
|
731,366
|
|
|
$
|
721,996
|
|
|
$
|
1,410,818
|
|
|
$
|
1,382,817
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Laboratory
|
$
|
379,659
|
|
|
$
|
361,726
|
|
|
$
|
739,392
|
|
|
$
|
706,885
|
|
Industrial
|
303,059
|
|
|
305,277
|
|
|
574,379
|
|
|
567,933
|
|
||||
Retail
|
48,648
|
|
|
54,993
|
|
|
97,047
|
|
|
107,999
|
|
||||
Total
|
$
|
731,366
|
|
|
$
|
721,996
|
|
|
$
|
1,410,818
|
|
|
$
|
1,382,817
|
|
|
|
2019
|
|
2018
|
||||
Beginning balances as of December 31
|
|
$
|
105,381
|
|
|
$
|
107,166
|
|
Customer pre-payments/deferred revenue
|
|
306,667
|
|
|
282,446
|
|
||
Revenue recognized
|
|
(283,508
|
)
|
|
(260,280
|
)
|
||
Foreign currency translation
|
|
164
|
|
|
(2,497
|
)
|
||
Ending balance as of June 30
|
|
$
|
128,704
|
|
|
$
|
126,835
|
|
4.
|
ACQUISITIONS
|
Level 1:
|
Quoted prices in active markets for identical assets and liabilities
|
Level 2:
|
Observable inputs other than quoted prices in active markets for identical assets and liabilities
|
Level 3:
|
Unobservable inputs
|
|
|
June 30, 2019
|
|
December 31, 2018
|
|
Balance Sheet Location
|
||||
Foreign currency forward contracts not designated as hedging instruments
|
|
$
|
1,674
|
|
|
$
|
1,534
|
|
|
Other current assets and prepaid expenses
|
Cash Flow Hedges:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
—
|
|
|
545
|
|
|
Other non-current assets
|
||
Cross currency swap agreement
|
|
—
|
|
|
1,154
|
|
|
Other current assets and prepaid expenses
|
||
Total derivative assets
|
|
$
|
1,674
|
|
|
$
|
3,233
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency forward contracts not designated as hedging instruments
|
|
$
|
3,325
|
|
|
$
|
1,059
|
|
|
Accrued and other liabilities
|
Cash Flow Hedges:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
2,200
|
|
|
27
|
|
|
Other non-current liabilities
|
||
Cross currency swap agreement
|
|
4,415
|
|
|
—
|
|
|
Other non-current liabilities
|
||
Total derivative liabilities
|
|
$
|
9,940
|
|
|
$
|
1,086
|
|
|
|
|
June 30, 2019
|
||||||||||
|
U.S. Dollar
|
|
Other Principal Trading Currencies
|
|
Total
|
||||||
$50 million Senior Notes, interest 3.67%, due December 17, 2022
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$50 million Senior Notes, interest 4.10%, due September 19, 2023
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$125 million Senior Notes, interest 3.84%, due September 19, 2024
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
$125 million Senior Notes, interest 4.24%, due June 25, 2025
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
$75 million Senior Notes, interest 3.91%, due June 25 2029
|
75,000
|
|
|
—
|
|
|
75,000
|
|
|||
EUR 125 million Senior Notes, interest 1.47%, due June 17, 2030
|
—
|
|
|
142,078
|
|
|
142,078
|
|
|||
Debt issuance costs, net
|
(1,163
|
)
|
|
(314
|
)
|
|
(1,477
|
)
|
|||
Total Senior Notes
|
423,837
|
|
|
141,764
|
|
|
565,601
|
|
|||
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points
|
455,065
|
|
|
67,208
|
|
|
522,273
|
|
|||
Other local arrangements
|
1,160
|
|
|
50,758
|
|
|
51,918
|
|
|||
Total debt
|
880,062
|
|
|
259,730
|
|
|
1,139,792
|
|
|||
Less: current portion
|
(1,160
|
)
|
|
(50,758
|
)
|
|
(51,918
|
)
|
|||
Total long-term debt
|
$
|
878,902
|
|
|
$
|
208,972
|
|
|
$
|
1,087,874
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net earnings
|
$
|
127,160
|
|
|
$
|
111,468
|
|
|
$
|
238,965
|
|
|
$
|
204,772
|
|
Other comprehensive income (loss), net of tax
|
(11,679
|
)
|
|
(29,205
|
)
|
|
981
|
|
|
(315
|
)
|
||||
Comprehensive income, net of tax
|
$
|
115,481
|
|
|
$
|
82,263
|
|
|
$
|
239,946
|
|
|
$
|
204,457
|
|
|
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, 2018
|
$
|
(63,913
|
)
|
|
$
|
702
|
|
|
$
|
(239,203
|
)
|
|
$
|
(302,414
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) cash flow hedging arrangements
|
—
|
|
|
(2,957
|
)
|
|
—
|
|
|
(2,957
|
)
|
||||
Foreign currency translation adjustment
|
(685
|
)
|
|
—
|
|
|
(1,114
|
)
|
|
(1,799
|
)
|
||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax
|
—
|
|
|
(268
|
)
|
|
6,005
|
|
|
5,737
|
|
||||
Net change in other comprehensive income (loss), net of tax
|
(685
|
)
|
|
(3,225
|
)
|
|
4,891
|
|
|
981
|
|
||||
Balance at June 30, 2019
|
$
|
(64,598
|
)
|
|
$
|
(2,523
|
)
|
|
$
|
(234,312
|
)
|
|
$
|
(301,433
|
)
|
|
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, 2017
|
$
|
(31,340
|
)
|
|
$
|
(1,081
|
)
|
|
$
|
(232,985
|
)
|
|
$
|
(265,406
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) cash flow hedging arrangements
|
—
|
|
|
1,782
|
|
|
—
|
|
|
1,782
|
|
||||
Foreign currency translation adjustment
|
(13,894
|
)
|
|
—
|
|
|
3,865
|
|
|
(10,029
|
)
|
||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax
|
—
|
|
|
682
|
|
|
7,250
|
|
|
7,932
|
|
||||
Net change in other comprehensive income (loss), net of tax
|
(13,894
|
)
|
|
2,464
|
|
|
11,115
|
|
|
(315
|
)
|
||||
Balance at June 30, 2018
|
$
|
(45,234
|
)
|
|
$
|
1,383
|
|
|
$
|
(221,870
|
)
|
|
$
|
(265,721
|
)
|
|
|
Three months ended June 30,
|
|
|
||||||
|
|
2019
|
|
2018
|
|
Location of Amounts Recognized in Earnings
|
||||
Effective portion of (gains) / losses on cash flow hedging arrangements:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
$
|
(50
|
)
|
|
$
|
158
|
|
|
Interest expense
|
Cross currency swap agreement
|
|
1,455
|
|
|
4,098
|
|
|
(a)
|
||
Total before taxes
|
|
1,405
|
|
|
4,256
|
|
|
|
||
Provision for taxes
|
|
100
|
|
|
360
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
1,305
|
|
|
$
|
3,896
|
|
|
|
|
|
|
|
|
|
|
||||
Recognition of defined benefit pension and post-retirement items:
|
|
|
|
|
|
|
||||
Recognition of actuarial losses and prior service cost, before taxes
|
|
$
|
3,860
|
|
|
$
|
4,687
|
|
|
(b)
|
Provision for taxes
|
|
869
|
|
|
1,123
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
2,991
|
|
|
$
|
3,564
|
|
|
|
|
|
Six months ended June 30,
|
|
|
||||||
|
|
2019
|
|
2018
|
|
Location of Amounts Recognized in Earnings
|
||||
Effective portion of (gains) / losses on cash flow hedging arrangements:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
$
|
(113
|
)
|
|
$
|
435
|
|
|
Interest expense
|
Cross currency swap agreement
|
|
(199
|
)
|
|
387
|
|
|
(a)
|
||
Total before taxes
|
|
(312
|
)
|
|
822
|
|
|
|
||
Provision for taxes
|
|
(44
|
)
|
|
140
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
(268
|
)
|
|
$
|
682
|
|
|
|
|
|
|
|
|
|
|
||||
Recognition of defined benefit pension and post-retirement items:
|
|
|
|
|
|
|
||||
Recognition of actuarial losses and prior service cost, before taxes
|
|
$
|
7,749
|
|
|
$
|
9,498
|
|
|
(b)
|
Provision for taxes
|
|
1,744
|
|
|
2,248
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
6,005
|
|
|
$
|
7,250
|
|
|
|
|
|
2019
|
|
2018
|
||
Three months ended
|
|
420,320
|
|
|
567,969
|
|
Six months ended
|
|
443,097
|
|
|
596,106
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other U.S. Post-retirement Benefits
|
|
Total
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Service cost, net
|
$
|
266
|
|
|
$
|
272
|
|
|
$
|
3,799
|
|
|
$
|
3,744
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
4,065
|
|
|
4,016
|
|
||
Interest cost on projected benefit obligations
|
1,146
|
|
|
1,061
|
|
|
2,520
|
|
|
2,131
|
|
|
16
|
|
|
16
|
|
|
3,682
|
|
|
3,208
|
|
||||||||
Expected return on plan assets
|
(1,472
|
)
|
|
(1,732
|
)
|
|
(7,218
|
)
|
|
(7,688
|
)
|
|
—
|
|
|
—
|
|
|
(8,705
|
)
|
|
(9,420
|
)
|
||||||||
Recognition of prior service cost
|
—
|
|
|
—
|
|
|
(1,637
|
)
|
|
(1,727
|
)
|
|
—
|
|
|
(93
|
)
|
|
(1,622
|
)
|
|
(1,820
|
)
|
||||||||
Recognition of actuarial losses/(gains)
|
593
|
|
|
1,451
|
|
|
5,062
|
|
|
5,369
|
|
|
(173
|
)
|
|
(313
|
)
|
|
5,482
|
|
|
6,507
|
|
||||||||
Net periodic pension cost/(credit)
|
$
|
533
|
|
|
$
|
1,052
|
|
|
$
|
2,526
|
|
|
$
|
1,829
|
|
|
$
|
(157
|
)
|
|
$
|
(390
|
)
|
|
$
|
2,902
|
|
|
$
|
2,491
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other U.S. Post-retirement Benefits
|
|
Total
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
Service cost, net
|
$
|
532
|
|
|
$
|
544
|
|
|
$
|
7,500
|
|
|
$
|
7,664
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
8,032
|
|
|
8,208
|
|
||
Interest cost on projected benefit obligations
|
2,292
|
|
|
2,122
|
|
|
5,063
|
|
|
4,354
|
|
|
32
|
|
|
32
|
|
|
7,387
|
|
|
6,508
|
|
||||||||
Expected return on plan assets
|
(2,944
|
)
|
|
(3,464
|
)
|
|
(14,519
|
)
|
|
(15,675
|
)
|
|
—
|
|
|
—
|
|
|
(17,463
|
)
|
|
(19,139
|
)
|
||||||||
Recognition of prior service cost
|
—
|
|
|
—
|
|
|
(3,339
|
)
|
|
(3,521
|
)
|
|
—
|
|
|
(186
|
)
|
|
(3,339
|
)
|
|
(3,707
|
)
|
||||||||
Recognition of actuarial losses/(gains)
|
1,187
|
|
|
2,902
|
|
|
10,247
|
|
|
10,929
|
|
|
(346
|
)
|
|
(626
|
)
|
|
11,088
|
|
|
13,205
|
|
||||||||
Net periodic pension cost/(credit)
|
$
|
1,067
|
|
|
$
|
2,104
|
|
|
$
|
4,952
|
|
|
$
|
3,751
|
|
|
$
|
(314
|
)
|
|
$
|
(780
|
)
|
|
$
|
5,705
|
|
|
$
|
5,075
|
|
|
|
Total
|
||
Balance at December 31, 2018
|
|
$
|
7,972
|
|
Restructuring charges
|
|
4,414
|
|
|
Cash payments and utilization
|
|
(6,846
|
)
|
|
Impact of foreign currency
|
|
(6
|
)
|
|
Balance at June 30, 2019
|
|
$
|
5,534
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
As of June 30,
|
||||||||||
For the three months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
2019
|
||||||||||
June 30, 2019
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
Goodwill
|
||||||||||
U.S. Operations
|
$
|
267,889
|
|
|
$
|
26,571
|
|
|
$
|
294,460
|
|
|
$
|
53,986
|
|
|
$
|
410,021
|
|
Swiss Operations
|
31,358
|
|
|
151,931
|
|
|
183,289
|
|
|
48,613
|
|
|
22,157
|
|
|||||
Western European Operations
|
163,681
|
|
|
39,212
|
|
|
202,893
|
|
|
22,229
|
|
|
86,749
|
|
|||||
Chinese Operations
|
136,459
|
|
|
52,568
|
|
|
189,027
|
|
|
65,489
|
|
|
643
|
|
|||||
Other (a)
|
131,979
|
|
|
1,334
|
|
|
133,313
|
|
|
14,300
|
|
|
14,987
|
|
|||||
Eliminations and Corporate (b)
|
—
|
|
|
(271,616
|
)
|
|
(271,616
|
)
|
|
(26,876
|
)
|
|
—
|
|
|||||
Total
|
$
|
731,366
|
|
|
$
|
—
|
|
|
$
|
731,366
|
|
|
$
|
177,741
|
|
|
$
|
534,557
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
|
||||||||
For the six months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
|
||||||||
June 30, 2019
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
|
||||||||
U.S. Operations
|
$
|
502,540
|
|
|
$
|
52,716
|
|
|
$
|
555,256
|
|
|
$
|
91,971
|
|
|
|
Swiss Operations
|
64,935
|
|
|
305,662
|
|
|
370,597
|
|
|
102,135
|
|
|
|
||||
Western European Operations
|
329,587
|
|
|
83,257
|
|
|
412,844
|
|
|
47,954
|
|
|
|
||||
Chinese Operations
|
258,181
|
|
|
109,425
|
|
|
367,606
|
|
|
124,973
|
|
|
|
||||
Other (a)
|
255,575
|
|
|
2,595
|
|
|
258,170
|
|
|
27,487
|
|
|
|
||||
Eliminations and Corporate (b)
|
—
|
|
|
(553,655
|
)
|
|
(553,655
|
)
|
|
(68,938
|
)
|
|
|
||||
Total
|
$
|
1,410,818
|
|
|
$
|
—
|
|
|
$
|
1,410,818
|
|
|
$
|
325,582
|
|
|
|
(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
|
|
2018
|
||||||||||
June 30, 2018
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
Goodwill
|
||||||||||
U.S. Operations
|
$
|
251,474
|
|
|
$
|
23,487
|
|
|
$
|
274,961
|
|
|
$
|
42,006
|
|
|
$
|
409,470
|
|
Swiss Operations
|
32,154
|
|
|
148,959
|
|
|
181,113
|
|
|
47,737
|
|
|
21,787
|
|
|||||
Western European Operations
|
173,772
|
|
|
45,141
|
|
|
218,913
|
|
|
27,333
|
|
|
89,412
|
|
|||||
Chinese Operations
|
133,272
|
|
|
58,588
|
|
|
191,860
|
|
|
65,884
|
|
|
678
|
|
|||||
Other (a)
|
131,324
|
|
|
1,463
|
|
|
132,787
|
|
|
17,642
|
|
|
15,060
|
|
|||||
Eliminations and Corporate (b)
|
—
|
|
|
(277,638
|
)
|
|
(277,638
|
)
|
|
(31,316
|
)
|
|
—
|
|
|||||
Total
|
$
|
721,996
|
|
|
$
|
—
|
|
|
$
|
721,996
|
|
|
$
|
169,286
|
|
|
$
|
536,407
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
|
||||||||
For the six months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
|
||||||||
June 30, 2018
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
|
||||||||
U.S. Operations
|
$
|
481,219
|
|
|
$
|
47,153
|
|
|
$
|
528,372
|
|
|
$
|
76,251
|
|
|
|
Swiss Operations
|
64,619
|
|
|
292,541
|
|
|
357,160
|
|
|
93,712
|
|
|
|
||||
Western European Operations
|
339,144
|
|
|
86,153
|
|
|
425,297
|
|
|
45,615
|
|
|
|
||||
Chinese Operations
|
247,202
|
|
|
118,995
|
|
|
366,197
|
|
|
125,437
|
|
|
|
||||
Other (a)
|
250,633
|
|
|
3,103
|
|
|
253,736
|
|
|
31,523
|
|
|
|
||||
Eliminations and Corporate (b)
|
—
|
|
|
(547,945
|
)
|
|
(547,945
|
)
|
|
(63,706
|
)
|
|
|
||||
Total
|
$
|
1,382,817
|
|
|
$
|
—
|
|
|
$
|
1,382,817
|
|
|
$
|
308,832
|
|
|
|
(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.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Earnings before taxes
|
$
|
155,216
|
|
|
$
|
143,602
|
|
|
$
|
280,892
|
|
|
$
|
261,041
|
|
Amortization
|
12,326
|
|
|
11,970
|
|
|
24,548
|
|
|
23,705
|
|
||||
Interest expense
|
8,882
|
|
|
8,309
|
|
|
17,976
|
|
|
16,668
|
|
||||
Restructuring charges
|
2,891
|
|
|
7,321
|
|
|
4,414
|
|
|
11,734
|
|
||||
Other charges (income), net
|
(1,574
|
)
|
|
(1,916
|
)
|
|
(2,248
|
)
|
|
(4,316
|
)
|
||||
Segment profit
|
$
|
177,741
|
|
|
$
|
169,286
|
|
|
$
|
325,582
|
|
|
$
|
308,832
|
|
16.
|
LEASES
|
|
2019
|
|
Balance Sheet Location
|
||
Right-of-use assets, net
|
$
|
88,143
|
|
|
Other non-current assets
|
|
|
|
|
||
Current lease liability
|
$
|
26,410
|
|
|
Accrued and other liabilities
|
Non-current lease liability
|
62,320
|
|
Other non-current liabilities
|
||
Total operating lease liability
|
$
|
88,730
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
||||
Operating lease expense
|
|
$
|
8,412
|
|
|
$
|
16,630
|
|
Variable lease expense
|
|
746
|
|
|
1,628
|
|
||
Short-term lease expense
|
|
429
|
|
|
820
|
|
||
Total lease expense
|
|
$
|
9,587
|
|
|
$
|
19,078
|
|
|
|
|
|
|
||||
Weighted average remaining lease term
|
|
|
|
6.6 years
|
|
|||
Weighted average discount rate
|
|
|
|
2.9
|
%
|
2020
|
|
$
|
28,641
|
|
2021
|
|
21,429
|
|
|
2022
|
|
13,325
|
|
|
2023
|
|
8,493
|
|
|
2024
|
|
5,008
|
|
|
Thereafter
|
|
22,131
|
|
|
Total lease payments
|
|
99,027
|
|
|
Less imputed interest
|
|
(10,297
|
)
|
|
Total operating lease liability
|
|
$
|
88,730
|
|
2019
|
|
$
|
32,113
|
|
2020
|
|
23,771
|
|
|
2021
|
|
16,986
|
|
|
2022
|
|
9,855
|
|
|
2023
|
|
7,435
|
|
|
Thereafter
|
|
5,081
|
|
|
Total lease payments
|
|
$
|
95,241
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
||||||||||||
Net sales
|
$
|
731,366
|
|
|
100.0
|
|
|
$
|
721,996
|
|
|
100.0
|
|
|
$
|
1,410,818
|
|
|
100.0
|
|
|
$
|
1,382,817
|
|
|
100.0
|
|
Cost of sales
|
311,828
|
|
|
42.6
|
|
|
309,371
|
|
|
42.8
|
|
|
602,961
|
|
|
42.7
|
|
|
595,259
|
|
|
43.0
|
|
||||
Gross profit
|
419,538
|
|
|
57.4
|
|
|
412,625
|
|
|
57.2
|
|
|
807,857
|
|
|
57.3
|
|
|
787,558
|
|
|
57.0
|
|
||||
Research and development
|
36,582
|
|
|
5.0
|
|
|
35,315
|
|
|
4.9
|
|
|
72,635
|
|
|
5.1
|
|
|
70,028
|
|
|
5.1
|
|
||||
Selling, general and administrative
|
205,215
|
|
|
28.1
|
|
|
208,024
|
|
|
28.8
|
|
|
409,640
|
|
|
29.0
|
|
|
408,698
|
|
|
29.6
|
|
||||
Amortization
|
12,326
|
|
|
1.7
|
|
|
11,970
|
|
|
1.7
|
|
|
24,548
|
|
|
1.7
|
|
|
23,705
|
|
|
1.7
|
|
||||
Interest expense
|
8,882
|
|
|
1.2
|
|
|
8,309
|
|
|
1.2
|
|
|
17,976
|
|
|
1.4
|
|
|
16,668
|
|
|
1.2
|
|
||||
Restructuring charges
|
2,891
|
|
|
0.4
|
|
|
7,321
|
|
|
1.0
|
|
|
4,414
|
|
|
0.3
|
|
|
11,734
|
|
|
0.8
|
|
||||
Other charges (income), net
|
(1,574
|
)
|
|
(0.2
|
)
|
|
(1,916
|
)
|
|
(0.3
|
)
|
|
(2,248
|
)
|
|
(0.1
|
)
|
|
(4,316
|
)
|
|
(0.3
|
)
|
||||
Earnings before taxes
|
155,216
|
|
|
21.2
|
|
|
143,602
|
|
|
19.9
|
|
|
280,892
|
|
|
19.9
|
|
|
261,041
|
|
|
18.9
|
|
||||
Provision for taxes
|
28,056
|
|
|
3.8
|
|
|
32,134
|
|
|
4.5
|
|
|
41,927
|
|
|
5.7
|
|
|
56,269
|
|
|
4.1
|
|
||||
Net earnings
|
$
|
127,160
|
|
|
17.4
|
|
|
$
|
111,468
|
|
|
15.4
|
|
|
$
|
238,965
|
|
|
16.9
|
|
|
$
|
204,772
|
|
|
14.8
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%
|
|
2019
|
|
2018
|
|
%
|
||||||||||
Total net sales
|
$
|
294,460
|
|
|
$
|
274,961
|
|
|
7
|
%
|
|
$
|
555,256
|
|
|
$
|
528,372
|
|
|
5
|
%
|
Net sales to external customers
|
$
|
267,889
|
|
|
$
|
251,474
|
|
|
7
|
%
|
|
$
|
502,540
|
|
|
$
|
481,219
|
|
|
4
|
%
|
Segment profit
|
$
|
53,986
|
|
|
$
|
42,006
|
|
|
29
|
%
|
|
$
|
91,971
|
|
|
$
|
76,251
|
|
|
21
|
%
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%
1)
|
|
2019
|
|
2018
|
|
%
1)
|
||||||||||
Total net sales
|
$
|
183,289
|
|
|
$
|
181,113
|
|
|
1
|
%
|
|
$
|
370,597
|
|
|
$
|
357,160
|
|
|
4
|
%
|
Net sales to external customers
|
$
|
31,358
|
|
|
$
|
32,154
|
|
|
(2
|
)%
|
|
$
|
64,935
|
|
|
$
|
64,619
|
|
|
—
|
%
|
Segment profit
|
$
|
48,613
|
|
|
$
|
47,737
|
|
|
2
|
%
|
|
$
|
102,135
|
|
|
$
|
93,712
|
|
|
9
|
%
|
1)
|
Represents U.S. dollar growth (decline) for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%
1)
|
|
2019
|
|
2018
|
|
%
1)
|
||||||||||
Total net sales
|
$
|
202,893
|
|
|
$
|
218,913
|
|
|
(7
|
)%
|
|
$
|
412,844
|
|
|
$
|
425,297
|
|
|
(3
|
)%
|
Net sales to external customers
|
$
|
163,681
|
|
|
$
|
173,772
|
|
|
(6
|
)%
|
|
$
|
329,587
|
|
|
$
|
339,144
|
|
|
(3
|
)%
|
Segment profit
|
$
|
22,229
|
|
|
$
|
27,333
|
|
|
(19
|
)%
|
|
$
|
47,954
|
|
|
$
|
45,615
|
|
|
5
|
%
|
1)
|
Represents U.S. dollar growth (decline) for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%
1)
|
|
2019
|
|
2018
|
|
%
1)
|
||||||||||
Total net sales
|
$
|
189,027
|
|
|
$
|
191,860
|
|
|
(1
|
)%
|
|
$
|
367,606
|
|
|
$
|
366,197
|
|
|
0
|
%
|
Net sales to external customers
|
$
|
136,459
|
|
|
$
|
133,272
|
|
|
2
|
%
|
|
$
|
258,181
|
|
|
$
|
247,202
|
|
|
4
|
%
|
Segment profit
|
$
|
65,489
|
|
|
$
|
65,884
|
|
|
(1
|
)%
|
|
$
|
124,973
|
|
|
$
|
125,437
|
|
|
—
|
%
|
1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%
1)
|
|
2019
|
|
2018
|
|
%
1)
|
||||||||||
Total net sales
|
$
|
133,313
|
|
|
$
|
132,787
|
|
|
0
|
%
|
|
$
|
258,170
|
|
|
$
|
253,736
|
|
|
2
|
%
|
Net sales to external customers
|
$
|
131,979
|
|
|
$
|
131,324
|
|
|
0
|
%
|
|
$
|
255,575
|
|
|
$
|
250,633
|
|
|
2
|
%
|
Segment profit
|
$
|
14,300
|
|
|
$
|
17,642
|
|
|
(19
|
)%
|
|
$
|
27,487
|
|
|
$
|
31,523
|
|
|
(13
|
)%
|
1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
June 30, 2019
|
||||||||||
|
U.S. Dollar
|
|
Other Principal Trading Currencies
|
|
Total
|
||||||
$50 million Senior Notes, interest 3.67%, due December 17, 2022
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$50 million Senior Notes, interest 4.10%, due September 19, 2023
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$125 million Senior Notes, interest 3.84%, due September 19, 2024
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
$125 million Senior Notes, interest 4.24%, due June 25, 2025
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
$75 million Senior Notes, interest 3.91%, due June 25 2029
|
75,000
|
|
|
—
|
|
|
75,000
|
|
|||
EUR 125 million Senior Notes, interest 1.47%, due June 17, 2030
|
—
|
|
|
142,078
|
|
|
142,078
|
|
|||
Debt issuance costs, net
|
(1,163
|
)
|
|
(314
|
)
|
|
(1,477
|
)
|
|||
Total Senior Notes
|
423,837
|
|
|
141,764
|
|
|
565,601
|
|
|||
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points
|
455,065
|
|
|
67,208
|
|
|
522,273
|
|
|||
Other local arrangements
|
1,160
|
|
|
50,758
|
|
|
51,918
|
|
|||
Total debt
|
880,062
|
|
|
259,730
|
|
|
1,139,792
|
|
|||
Less: current portion
|
(1,160
|
)
|
|
(50,758
|
)
|
|
(51,918
|
)
|
|||
Total long-term debt
|
$
|
878,902
|
|
|
$
|
208,972
|
|
|
$
|
1,087,874
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings.
None
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
|
(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, 2019
|
80,446
|
|
$
|
733.06
|
|
80,446
|
|
$
|
1,863,200
|
|
|
May 1 to May 31, 2019
|
93,333
|
|
$
|
731.57
|
|
93,333
|
|
$
|
1,794,918
|
|
|
June 1 to June 30, 2019
|
75,118
|
|
$
|
785.34
|
|
75,118
|
|
$
|
1,735,924
|
|
|
Total
|
248,897
|
|
$
|
748.28
|
|
248,897
|
|
$
|
1,735,924
|
|
Item 3.
|
Defaults Upon Senior Securities.
None
|
Item 5.
|
Other information.
None
|
Item 6.
|
Exhibits.
See Exhibit Index below.
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
101.INS*
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
|
|
|
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
Mettler-Toledo International Inc.
|
|||
Date:
|
August 2, 2019
|
|
By:
|
/s/ Shawn P. Vadala
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shawn P. Vadala
|
|
|
|
|
|
|
Chief Financial Officer
|
|
1 Year Mettler Toledo Chart |
1 Month Mettler Toledo Chart |
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