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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 | |
---|---|---|---|---|---|---|---|---|
-1.15 | -0.09% | 1,250.80 | 1,253.799 | 1,223.22 | 1,245.39 | 202,839 | 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
|
MTD
|
New York Stock Exchange
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PAGE
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Item 1.
|
Financial Statements
|
|
September 30,
2019 |
|
September 30,
2018 |
||||
Net sales
|
|
|
|
||||
Products
|
$
|
586,756
|
|
|
$
|
576,340
|
|
Service
|
167,110
|
|
|
158,506
|
|
||
Total net sales
|
753,866
|
|
|
734,846
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
233,369
|
|
|
232,851
|
|
||
Service
|
85,441
|
|
|
82,741
|
|
||
Gross profit
|
435,056
|
|
|
419,254
|
|
||
Research and development
|
36,015
|
|
|
34,838
|
|
||
Selling, general and administrative
|
202,826
|
|
|
202,451
|
|
||
Amortization
|
12,329
|
|
|
11,856
|
|
||
Interest expense
|
9,800
|
|
|
9,003
|
|
||
Restructuring charges
|
6,732
|
|
|
2,222
|
|
||
Other charges (income), net
|
(2,005
|
)
|
|
(1,479
|
)
|
||
Earnings before taxes
|
169,359
|
|
|
160,363
|
|
||
Provision for taxes
|
39,964
|
|
|
33,710
|
|
||
Net earnings
|
$
|
129,395
|
|
|
$
|
126,653
|
|
|
|
|
|
|
|||
Basic earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
5.28
|
|
|
$
|
5.04
|
|
Weighted average number of common shares
|
24,487,268
|
|
|
25,126,061
|
|
||
|
|
|
|
||||
Diluted earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
5.20
|
|
|
$
|
4.93
|
|
Weighted average number of common and common equivalent shares
|
24,880,179
|
|
|
25,683,365
|
|
||
|
|
|
|
||||
Comprehensive income, net of tax (Note 10)
|
$
|
115,842
|
|
|
$
|
108,845
|
|
|
September 30,
2019 |
|
September 30,
2018 |
||||
Net sales
|
|
|
|
||||
Products
|
$
|
1,677,030
|
|
|
$
|
1,649,762
|
|
Service
|
487,654
|
|
|
467,901
|
|
||
Total net sales
|
2,164,684
|
|
|
2,117,663
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
670,401
|
|
|
657,167
|
|
||
Service
|
251,370
|
|
|
253,684
|
|
||
Gross profit
|
1,242,913
|
|
|
1,206,812
|
|
||
Research and development
|
108,650
|
|
|
104,866
|
|
||
Selling, general and administrative
|
612,466
|
|
|
611,149
|
|
||
Amortization
|
36,877
|
|
|
35,561
|
|
||
Interest expense
|
27,776
|
|
|
25,671
|
|
||
Restructuring charges
|
11,146
|
|
|
13,956
|
|
||
Other charges (income), net
|
(4,253
|
)
|
|
(5,795
|
)
|
||
Earnings before taxes
|
450,251
|
|
|
421,404
|
|
||
Provision for taxes
|
81,891
|
|
|
89,979
|
|
||
Net earnings
|
$
|
368,360
|
|
|
$
|
331,425
|
|
|
|
|
|
||||
Basic earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
14.93
|
|
|
$
|
13.10
|
|
Weighted average number of common shares
|
24,677,546
|
|
|
25,296,680
|
|
||
|
|
|
|
||||
Diluted earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
14.67
|
|
|
$
|
12.81
|
|
Weighted average number of common and common equivalent shares
|
25,103,173
|
|
|
25,877,979
|
|
||
|
|
|
|
||||
Comprehensive income, net of tax (Note 10)
|
$
|
355,788
|
|
|
$
|
313,302
|
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
120,534
|
|
|
$
|
178,110
|
|
Trade accounts receivable, less allowances of $16,370 at September 30, 2019
|
|
|
|
||||
and $15,469 at December 31, 2018
|
503,247
|
|
|
535,528
|
|
||
Inventories
|
280,978
|
|
|
268,821
|
|
||
Other current assets and prepaid expenses
|
59,049
|
|
|
63,401
|
|
||
Total current assets
|
963,808
|
|
|
1,045,860
|
|
||
Property, plant and equipment, net
|
722,592
|
|
|
717,526
|
|
||
Goodwill
|
531,224
|
|
|
534,780
|
|
||
Other intangible assets, net
|
209,371
|
|
|
217,308
|
|
||
Deferred tax assets, net
|
34,599
|
|
|
35,066
|
|
||
Other non-current assets
|
174,275
|
|
|
68,307
|
|
||
Total assets
|
$
|
2,635,869
|
|
|
$
|
2,618,847
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Trade accounts payable
|
$
|
148,220
|
|
|
$
|
196,641
|
|
Accrued and other liabilities
|
158,009
|
|
|
156,449
|
|
||
Accrued compensation and related items
|
147,299
|
|
|
152,516
|
|
||
Deferred revenue and customer prepayments
|
126,925
|
|
|
105,381
|
|
||
Taxes payable
|
90,225
|
|
|
73,777
|
|
||
Short-term borrowings and current maturities of long-term debt
|
48,577
|
|
|
49,670
|
|
||
Total current liabilities
|
719,255
|
|
|
734,434
|
|
||
Long-term debt
|
1,124,279
|
|
|
985,021
|
|
||
Deferred tax liabilities, net
|
39,954
|
|
|
48,818
|
|
||
Other non-current liabilities
|
314,080
|
|
|
260,511
|
|
||
Total liabilities
|
2,197,568
|
|
|
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 24,354,201 and
|
|
|
|
||||
24,921,963 shares at September 30, 2019 and December 31, 2018, respectively
|
448
|
|
|
448
|
|
||
Additional paid-in capital
|
778,868
|
|
|
764,717
|
|
||
Treasury stock at cost (20,430,810 shares at September 30, 2019, and 19,864,048 shares at December 31, 2018)
|
(4,335,747
|
)
|
|
(3,814,604
|
)
|
||
Retained earnings
|
4,309,718
|
|
|
3,941,916
|
|
||
Accumulated other comprehensive loss
|
(314,986
|
)
|
|
(302,414
|
)
|
||
Total shareholders’ equity
|
438,301
|
|
|
590,063
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,635,869
|
|
|
$
|
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
|
|
Exercise of stock options and restricted stock units
|
33,521
|
|
|
—
|
|
|
—
|
|
|
5,241
|
|
|
(424
|
)
|
|
—
|
|
|
4,817
|
|
||||||
Repurchases of common stock
|
(202,321
|
)
|
|
—
|
|
|
—
|
|
|
(118,750
|
)
|
|
—
|
|
|
—
|
|
|
(118,750
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,269
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,269
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126,653
|
|
|
—
|
|
|
126,653
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,808
|
)
|
|
(17,808
|
)
|
||||||
Balance at September 30, 2018
|
25,045,028
|
|
|
$
|
448
|
|
|
$
|
759,643
|
|
|
$
|
(3,708,805
|
)
|
|
$
|
3,763,858
|
|
|
$
|
(283,529
|
)
|
|
$
|
531,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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
|
|
Exercise of stock options and restricted stock units
|
246
|
|
|
—
|
|
|
117
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
160
|
|
||||||
Repurchases of common stock
|
(255,277
|
)
|
|
—
|
|
|
—
|
|
|
(186,250
|
)
|
|
—
|
|
|
—
|
|
|
(186,250
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,463
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,463
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129,395
|
|
|
—
|
|
|
129,395
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,553
|
)
|
|
(13,553
|
)
|
||||||
Balance at September 30, 2019
|
24,354,201
|
|
|
$
|
448
|
|
|
$
|
778,868
|
|
|
$
|
(4,335,747
|
)
|
|
$
|
4,309,718
|
|
|
$
|
(314,986
|
)
|
|
$
|
438,301
|
|
|
September 30,
2019 |
|
September 30,
2018 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
368,360
|
|
|
$
|
331,425
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
29,348
|
|
|
27,889
|
|
||
Amortization
|
36,877
|
|
|
35,561
|
|
||
Deferred tax benefit
|
(17,963
|
)
|
|
(11,901
|
)
|
||
Share-based compensation
|
13,283
|
|
|
12,505
|
|
||
Other
|
(28
|
)
|
|
(2,706
|
)
|
||
Increase (decrease) in cash resulting from changes in:
|
|
|
|
||||
Trade accounts receivable, net
|
23,096
|
|
|
26,017
|
|
||
Inventories
|
(17,494
|
)
|
|
(26,224
|
)
|
||
Other current assets
|
(7,713
|
)
|
|
863
|
|
||
Trade accounts payable
|
(45,659
|
)
|
|
(7,753
|
)
|
||
Taxes payable
|
16,658
|
|
|
13,482
|
|
||
Accruals and other
|
2,976
|
|
|
(32,725
|
)
|
||
Net cash provided by operating activities
|
401,741
|
|
|
366,433
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sale of property, plant and equipment
|
1,248
|
|
|
7,809
|
|
||
Purchase of property, plant and equipment
|
(71,627
|
)
|
|
(96,665
|
)
|
||
Acquisitions
|
(2,004
|
)
|
|
(4,962
|
)
|
||
Net hedging settlements on intercompany loans
|
(4,099
|
)
|
|
(780
|
)
|
||
Net cash used in investing activities
|
(76,482
|
)
|
|
(94,598
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings
|
807,711
|
|
|
772,274
|
|
||
Repayments of borrowings
|
(660,795
|
)
|
|
(703,704
|
)
|
||
Proceeds from stock option exercises
|
37,916
|
|
|
14,777
|
|
||
Repurchases of common stock
|
(558,749
|
)
|
|
(356,249
|
)
|
||
Acquisition contingent consideration payment
|
(10,000
|
)
|
|
—
|
|
||
Other financing activities
|
1,753
|
|
|
(1,664
|
)
|
||
Net cash used in financing activities
|
(382,164
|
)
|
|
(274,566
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(671
|
)
|
|
(8,508
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(57,576
|
)
|
|
(11,239
|
)
|
||
Cash and cash equivalents:
|
|
|
|
||||
Beginning of period
|
178,110
|
|
|
148,687
|
|
||
End of period
|
$
|
120,534
|
|
|
$
|
137,448
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
Raw materials and parts
|
$
|
128,371
|
|
|
$
|
122,945
|
|
Work-in-progress
|
45,843
|
|
|
47,098
|
|
||
Finished goods
|
106,764
|
|
|
98,778
|
|
||
|
$
|
280,978
|
|
|
$
|
268,821
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Intangibles, Net
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Intangibles, Net
|
||||||||||||
Customer relationships
|
$
|
197,467
|
|
|
$
|
(56,508
|
)
|
|
$
|
140,959
|
|
|
$
|
197,942
|
|
|
$
|
(49,887
|
)
|
|
$
|
148,055
|
|
Proven technology and patents
|
75,482
|
|
|
(46,076
|
)
|
|
29,406
|
|
|
73,880
|
|
|
(42,750
|
)
|
|
31,130
|
|
||||||
Tradenames (finite life)
|
4,482
|
|
|
(2,981
|
)
|
|
1,501
|
|
|
4,504
|
|
|
(2,874
|
)
|
|
1,630
|
|
||||||
Tradenames (indefinite life)
|
35,442
|
|
|
—
|
|
|
35,442
|
|
|
35,500
|
|
|
—
|
|
|
35,500
|
|
||||||
Other
|
5,455
|
|
|
(3,392
|
)
|
|
2,063
|
|
|
3,684
|
|
|
(2,691
|
)
|
|
993
|
|
||||||
|
$
|
318,328
|
|
|
$
|
(108,957
|
)
|
|
$
|
209,371
|
|
|
$
|
315,510
|
|
|
$
|
(98,202
|
)
|
|
$
|
217,308
|
|
3.
|
REVENUE
|
For the three months ended September 30, 2019
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
203,291
|
|
|
$
|
26,114
|
|
|
$
|
120,510
|
|
|
$
|
129,163
|
|
|
$
|
107,678
|
|
|
$
|
586,756
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
53,035
|
|
|
5,191
|
|
|
31,852
|
|
|
10,111
|
|
|
27,665
|
|
|
127,854
|
|
||||||
Over time
|
12,712
|
|
|
2,110
|
|
|
16,290
|
|
|
3,018
|
|
|
5,126
|
|
|
39,256
|
|
||||||
Total
|
$
|
269,038
|
|
|
$
|
33,415
|
|
|
$
|
168,652
|
|
|
$
|
142,292
|
|
|
$
|
140,469
|
|
|
$
|
753,866
|
|
For the three months ended September 30, 2018
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
195,554
|
|
|
$
|
24,791
|
|
|
$
|
124,412
|
|
|
$
|
127,050
|
|
|
$
|
104,533
|
|
|
$
|
576,340
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
48,910
|
|
|
4,663
|
|
|
29,365
|
|
|
10,200
|
|
|
25,645
|
|
|
118,783
|
|
||||||
Over time
|
10,915
|
|
|
2,009
|
|
|
19,393
|
|
|
2,848
|
|
|
4,558
|
|
|
39,723
|
|
||||||
Total
|
$
|
255,379
|
|
|
$
|
31,463
|
|
|
$
|
173,170
|
|
|
$
|
140,098
|
|
|
$
|
134,736
|
|
|
$
|
734,846
|
|
For the nine months ended September 30, 2019
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
580,155
|
|
|
$
|
77,142
|
|
|
$
|
352,260
|
|
|
$
|
364,620
|
|
|
$
|
302,853
|
|
|
$
|
1,677,030
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
156,221
|
|
|
15,176
|
|
|
97,182
|
|
|
27,363
|
|
|
80,324
|
|
|
376,266
|
|
||||||
Over time
|
35,202
|
|
|
6,032
|
|
|
48,798
|
|
|
8,490
|
|
|
12,866
|
|
|
111,388
|
|
||||||
Total
|
$
|
771,578
|
|
|
$
|
98,350
|
|
|
$
|
498,240
|
|
|
$
|
400,473
|
|
|
$
|
396,043
|
|
|
$
|
2,164,684
|
|
For the nine months ended September 30, 2018
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
559,566
|
|
|
$
|
75,520
|
|
|
$
|
365,680
|
|
|
$
|
351,052
|
|
|
$
|
297,944
|
|
|
$
|
1,649,762
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
146,515
|
|
|
14,410
|
|
|
92,331
|
|
|
28,212
|
|
|
74,853
|
|
|
356,321
|
|
||||||
Over time
|
30,517
|
|
|
6,152
|
|
|
54,303
|
|
|
8,037
|
|
|
12,571
|
|
|
111,580
|
|
||||||
Total
|
$
|
736,598
|
|
|
$
|
96,082
|
|
|
$
|
512,314
|
|
|
$
|
387,301
|
|
|
$
|
385,368
|
|
|
$
|
2,117,663
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Americas
|
$
|
298,304
|
|
|
$
|
280,512
|
|
|
$
|
849,282
|
|
|
$
|
807,119
|
|
Europe
|
212,736
|
|
|
216,956
|
|
|
629,600
|
|
|
643,514
|
|
||||
Asia / Rest of World
|
242,826
|
|
|
237,378
|
|
|
685,802
|
|
|
667,030
|
|
||||
Total
|
$
|
753,866
|
|
|
$
|
734,846
|
|
|
$
|
2,164,684
|
|
|
$
|
2,117,663
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Laboratory
|
$
|
388,441
|
|
|
$
|
368,967
|
|
|
$
|
1,127,833
|
|
|
$
|
1,075,853
|
|
Industrial
|
315,337
|
|
|
305,248
|
|
|
889,716
|
|
|
873,181
|
|
||||
Retail
|
50,088
|
|
|
60,631
|
|
|
147,135
|
|
|
168,629
|
|
||||
Total
|
$
|
753,866
|
|
|
$
|
734,846
|
|
|
$
|
2,164,684
|
|
|
$
|
2,117,663
|
|
|
|
2019
|
|
2018
|
||||
Beginning balances as of January 1
|
|
$
|
105,381
|
|
|
$
|
107,166
|
|
Customer pre-payments/deferred revenue
|
|
466,617
|
|
|
469,173
|
|
||
Revenue recognized
|
|
(442,904
|
)
|
|
(450,312
|
)
|
||
Foreign currency translation
|
|
(2,169
|
)
|
|
(2,501
|
)
|
||
Ending balance as of September 30
|
|
$
|
126,925
|
|
|
$
|
123,526
|
|
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
|
|
|
September 30, 2019
|
|
December 31, 2018
|
|
Balance Sheet Location
|
||||
Foreign currency forward contracts not designated as hedging instruments
|
|
$
|
558
|
|
|
$
|
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
|
|
$
|
558
|
|
|
$
|
3,233
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency forward contracts not designated as hedging instruments
|
|
$
|
2,254
|
|
|
$
|
1,059
|
|
|
Accrued and other liabilities
|
Cash Flow Hedges:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
2,444
|
|
|
27
|
|
|
Other non-current liabilities
|
||
Cross currency swap agreement
|
|
885
|
|
|
—
|
|
|
Other non-current liabilities
|
||
Total derivative liabilities
|
|
$
|
5,583
|
|
|
$
|
1,086
|
|
|
|
|
September 30, 2019
|
||||||||||
|
U.S. Dollar
|
|
Other Principal Trading Currencies
|
|
Total
|
||||||
3.67% $50 million Senior Notes due December 17, 2022
|
$
|
50,000
|
|
|
$
|
—
|
|
|
$
|
50,000
|
|
4.10% $50 million Senior Notes due September 19, 2023
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
3.84% $125 million Senior Notes due September 19, 2024
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
4.24% $125 million Senior Notes due June 25, 2025
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
3.91% $75 million Senior Notes due June 25 2029
|
75,000
|
|
|
—
|
|
|
75,000
|
|
|||
1.47% EUR 125 million Senior Notes due June 17, 2030
|
—
|
|
|
136,747
|
|
|
136,747
|
|
|||
Debt issuance costs, net
|
(1,111
|
)
|
|
(307
|
)
|
|
(1,418
|
)
|
|||
Total Senior Notes
|
423,889
|
|
|
136,440
|
|
|
560,329
|
|
|||
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points
|
485,016
|
|
|
78,934
|
|
|
563,950
|
|
|||
Other local arrangements
|
1,058
|
|
|
47,519
|
|
|
48,577
|
|
|||
Total debt
|
909,963
|
|
|
262,893
|
|
|
1,172,856
|
|
|||
Less: current portion
|
(1,058
|
)
|
|
(47,519
|
)
|
|
(48,577
|
)
|
|||
Total long-term debt
|
$
|
908,905
|
|
|
$
|
215,374
|
|
|
$
|
1,124,279
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net earnings
|
$
|
129,395
|
|
|
$
|
126,653
|
|
|
$
|
368,360
|
|
|
$
|
331,425
|
|
Other comprehensive income (loss), net of tax
|
(13,553
|
)
|
|
(17,808
|
)
|
|
(12,572
|
)
|
|
(18,123
|
)
|
||||
Comprehensive income, net of tax
|
$
|
115,842
|
|
|
$
|
108,845
|
|
|
$
|
355,788
|
|
|
$
|
313,302
|
|
|
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
|
—
|
|
|
1,170
|
|
|
—
|
|
|
1,170
|
|
||||
Foreign currency translation adjustment
|
(21,854
|
)
|
|
—
|
|
|
2,677
|
|
|
(19,177
|
)
|
||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax
|
—
|
|
|
(3,586
|
)
|
|
9,021
|
|
|
5,435
|
|
||||
Net change in other comprehensive income (loss), net of tax
|
(21,854
|
)
|
|
(2,416
|
)
|
|
11,698
|
|
|
(12,572
|
)
|
||||
Balance at September 30, 2019
|
$
|
(85,767
|
)
|
|
$
|
(1,714
|
)
|
|
$
|
(227,505
|
)
|
|
$
|
(314,986
|
)
|
|
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
|
—
|
|
|
6,523
|
|
|
—
|
|
|
6,523
|
|
||||
Foreign currency translation adjustment
|
(32,206
|
)
|
|
—
|
|
|
(749
|
)
|
|
(32,955
|
)
|
||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax
|
—
|
|
|
(2,528
|
)
|
|
10,837
|
|
|
8,309
|
|
||||
Net change in other comprehensive income (loss), net of tax
|
(32,206
|
)
|
|
3,995
|
|
|
10,088
|
|
|
(18,123
|
)
|
||||
Balance at September 30, 2018
|
$
|
(63,546
|
)
|
|
$
|
2,914
|
|
|
$
|
(222,897
|
)
|
|
$
|
(283,529
|
)
|
|
|
Three Months Ended September 30,
|
|
|
||||||
|
|
2019
|
|
2018
|
|
Location of Amounts Recognized in Earnings
|
||||
Effective portion of (gains) / losses on cash flow hedging arrangements:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
$
|
31
|
|
|
$
|
97
|
|
|
Interest expense
|
Cross currency swap agreement
|
|
(3,621
|
)
|
|
(3,559
|
)
|
|
(a)
|
||
Total before taxes
|
|
(3,590
|
)
|
|
(3,462
|
)
|
|
|
||
Provision for taxes
|
|
(275
|
)
|
|
(252
|
)
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
(3,315
|
)
|
|
$
|
(3,210
|
)
|
|
|
|
|
|
|
|
|
|
||||
Recognition of defined benefit pension and post-retirement items:
|
|
|
|
|
|
|
||||
Recognition of actuarial losses and prior service cost, before taxes
|
|
$
|
3,890
|
|
|
$
|
4,651
|
|
|
(b)
|
Provision for taxes
|
|
874
|
|
|
1,064
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
3,016
|
|
|
$
|
3,587
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||
|
|
2019
|
|
2018
|
|
Location of Amounts Recognized in Earnings
|
||||
Effective portion of (gains) / losses on cash flow hedging arrangements:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
$
|
(82
|
)
|
|
$
|
531
|
|
|
Interest expense
|
Cross currency swap agreement
|
|
(3,823
|
)
|
|
(3,171
|
)
|
|
(a)
|
||
Total before taxes
|
|
(3,905
|
)
|
|
(2,640
|
)
|
|
|
||
Provision for taxes
|
|
(319
|
)
|
|
(112
|
)
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
(3,586
|
)
|
|
$
|
(2,528
|
)
|
|
|
|
|
|
|
|
|
|
||||
Recognition of defined benefit pension and post-retirement items:
|
|
|
|
|
|
|
||||
Recognition of actuarial losses and prior service cost, before taxes
|
|
$
|
11,639
|
|
|
$
|
14,150
|
|
|
(b)
|
Provision for taxes
|
|
2,618
|
|
|
3,313
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
9,021
|
|
|
$
|
10,837
|
|
|
|
|
|
2019
|
|
2018
|
||
Three months ended
|
|
392,911
|
|
|
557,304
|
|
Nine months ended
|
|
425,627
|
|
|
581,299
|
|
|
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
|
|
|
$
|
273
|
|
|
$
|
3,788
|
|
|
$
|
3,752
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
4,054
|
|
|
4,025
|
|
||
Interest cost on projected benefit obligations
|
1,146
|
|
|
1,060
|
|
|
2,547
|
|
|
2,180
|
|
|
16
|
|
|
16
|
|
|
3,709
|
|
|
3,256
|
|
||||||||
Expected return on plan assets
|
(1,472
|
)
|
|
(1,733
|
)
|
|
(7,342
|
)
|
|
(7,733
|
)
|
|
—
|
|
|
—
|
|
|
(8,814
|
)
|
|
(9,466
|
)
|
||||||||
Recognition of prior service cost
|
—
|
|
|
—
|
|
|
(1,679
|
)
|
|
(1,727
|
)
|
|
—
|
|
|
(93
|
)
|
|
(1,679
|
)
|
|
(1,820
|
)
|
||||||||
Recognition of actuarial losses/(gains)
|
593
|
|
|
1,451
|
|
|
5,149
|
|
|
5,331
|
|
|
(173
|
)
|
|
(311
|
)
|
|
5,569
|
|
|
6,471
|
|
||||||||
Net periodic pension cost/(credit)
|
$
|
533
|
|
|
$
|
1,051
|
|
|
$
|
2,463
|
|
|
$
|
1,803
|
|
|
$
|
(157
|
)
|
|
$
|
(388
|
)
|
|
$
|
2,839
|
|
|
$
|
2,466
|
|
|
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
|
$
|
797
|
|
|
$
|
817
|
|
|
$
|
11,290
|
|
|
$
|
11,416
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
12,087
|
|
|
12,233
|
|
||
Interest cost on projected benefit obligations
|
3,438
|
|
|
3,182
|
|
|
7,595
|
|
|
6,534
|
|
|
48
|
|
|
48
|
|
|
11,081
|
|
|
9,764
|
|
||||||||
Expected return on plan assets
|
(4,415
|
)
|
|
(5,197
|
)
|
|
(21,846
|
)
|
|
(23,408
|
)
|
|
—
|
|
|
—
|
|
|
(26,261
|
)
|
|
(28,605
|
)
|
||||||||
Recognition of prior service cost
|
—
|
|
|
—
|
|
|
(5,033
|
)
|
|
(5,248
|
)
|
|
—
|
|
|
(279
|
)
|
|
(5,033
|
)
|
|
(5,527
|
)
|
||||||||
Recognition of actuarial losses/(gains)
|
1,780
|
|
|
4,353
|
|
|
15,410
|
|
|
16,261
|
|
|
(518
|
)
|
|
(937
|
)
|
|
16,672
|
|
|
19,677
|
|
||||||||
Net periodic pension cost/(credit)
|
$
|
1,600
|
|
|
$
|
3,155
|
|
|
$
|
7,416
|
|
|
$
|
5,555
|
|
|
$
|
(470
|
)
|
|
$
|
(1,168
|
)
|
|
$
|
8,546
|
|
|
$
|
7,542
|
|
|
|
Total
|
||
Balance at December 31, 2018
|
|
$
|
7,972
|
|
Restructuring charges
|
|
11,146
|
|
|
Cash payments and utilization
|
|
(9,450
|
)
|
|
Impact of foreign currency
|
|
(243
|
)
|
|
Balance at September 30, 2019
|
|
$
|
9,425
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
As of September 30,
|
||||||||||
For the three months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
2019
|
||||||||||
September 30, 2019
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
Goodwill
|
||||||||||
U.S. Operations
|
$
|
269,038
|
|
|
$
|
28,075
|
|
|
$
|
297,113
|
|
|
$
|
54,628
|
|
|
$
|
410,021
|
|
Swiss Operations
|
33,415
|
|
|
160,736
|
|
|
194,151
|
|
|
54,226
|
|
|
21,803
|
|
|||||
Western European Operations
|
168,652
|
|
|
42,794
|
|
|
211,446
|
|
|
29,888
|
|
|
83,971
|
|
|||||
Chinese Operations
|
142,292
|
|
|
60,710
|
|
|
203,002
|
|
|
72,745
|
|
|
615
|
|
|||||
Other (a)
|
140,469
|
|
|
1,513
|
|
|
141,982
|
|
|
17,938
|
|
|
14,814
|
|
|||||
Eliminations and Corporate (b)
|
—
|
|
|
(293,828
|
)
|
|
(293,828
|
)
|
|
(33,210
|
)
|
|
—
|
|
|||||
Total
|
$
|
753,866
|
|
|
$
|
—
|
|
|
$
|
753,866
|
|
|
$
|
196,215
|
|
|
$
|
531,224
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
|
||||||||
For the nine months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
|
||||||||
September 30, 2019
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
|
||||||||
U.S. Operations
|
$
|
771,578
|
|
|
$
|
80,791
|
|
|
$
|
852,369
|
|
|
$
|
146,599
|
|
|
|
Swiss Operations
|
98,350
|
|
|
466,398
|
|
|
564,748
|
|
|
156,361
|
|
|
|
||||
Western European Operations
|
498,240
|
|
|
126,050
|
|
|
624,290
|
|
|
77,842
|
|
|
|
||||
Chinese Operations
|
400,473
|
|
|
170,135
|
|
|
570,608
|
|
|
197,718
|
|
|
|
||||
Other (a)
|
396,043
|
|
|
4,108
|
|
|
400,151
|
|
|
45,425
|
|
|
|
||||
Eliminations and Corporate (b)
|
—
|
|
|
(847,482
|
)
|
|
(847,482
|
)
|
|
(102,148
|
)
|
|
|
||||
Total
|
$
|
2,164,684
|
|
|
$
|
—
|
|
|
$
|
2,164,684
|
|
|
$
|
521,797
|
|
|
|
(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 September 30,
|
||||||||||
For the three months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
2018
|
||||||||||
September 30, 2018
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
Goodwill
|
||||||||||
U.S. Operations
|
$
|
255,379
|
|
|
$
|
25,050
|
|
|
$
|
280,429
|
|
|
$
|
41,890
|
|
|
$
|
410,022
|
|
Swiss Operations
|
31,463
|
|
|
148,418
|
|
|
179,881
|
|
|
44,542
|
|
|
22,404
|
|
|||||
Western European Operations
|
173,170
|
|
|
41,923
|
|
|
215,093
|
|
|
30,046
|
|
|
89,915
|
|
|||||
Chinese Operations
|
140,098
|
|
|
64,079
|
|
|
204,177
|
|
|
75,762
|
|
|
644
|
|
|||||
Other (a)
|
134,736
|
|
|
1,334
|
|
|
136,070
|
|
|
19,179
|
|
|
14,877
|
|
|||||
Eliminations and Corporate (b)
|
—
|
|
|
(280,804
|
)
|
|
(280,804
|
)
|
|
(29,454
|
)
|
|
—
|
|
|||||
Total
|
$
|
734,846
|
|
|
$
|
—
|
|
|
$
|
734,846
|
|
|
$
|
181,965
|
|
|
$
|
537,862
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
|
||||||||
For the nine months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
|
||||||||
September 30, 2018
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
|
||||||||
U.S. Operations
|
$
|
736,598
|
|
|
$
|
72,203
|
|
|
$
|
808,801
|
|
|
$
|
118,141
|
|
|
|
Swiss Operations
|
96,082
|
|
|
440,959
|
|
|
537,041
|
|
|
138,254
|
|
|
|
||||
Western European Operations
|
512,314
|
|
|
128,076
|
|
|
640,390
|
|
|
75,661
|
|
|
|
||||
Chinese Operations
|
387,301
|
|
|
183,074
|
|
|
570,375
|
|
|
201,199
|
|
|
|
||||
Other (a)
|
385,368
|
|
|
4,436
|
|
|
389,804
|
|
|
50,702
|
|
|
|
||||
Eliminations and Corporate (b)
|
—
|
|
|
(828,748
|
)
|
|
(828,748
|
)
|
|
(93,160
|
)
|
|
|
||||
Total
|
$
|
2,117,663
|
|
|
$
|
—
|
|
|
$
|
2,117,663
|
|
|
$
|
490,797
|
|
|
|
(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
|
|
Nine Months Ended
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Earnings before taxes
|
$
|
169,359
|
|
|
$
|
160,363
|
|
|
$
|
450,251
|
|
|
$
|
421,404
|
|
Amortization
|
12,329
|
|
|
11,856
|
|
|
36,877
|
|
|
35,561
|
|
||||
Interest expense
|
9,800
|
|
|
9,003
|
|
|
27,776
|
|
|
25,671
|
|
||||
Restructuring charges
|
6,732
|
|
|
2,222
|
|
|
11,146
|
|
|
13,956
|
|
||||
Other charges (income), net
|
(2,005
|
)
|
|
(1,479
|
)
|
|
(4,253
|
)
|
|
(5,795
|
)
|
||||
Segment profit
|
$
|
196,215
|
|
|
$
|
181,965
|
|
|
$
|
521,797
|
|
|
$
|
490,797
|
|
16.
|
LEASES
|
|
2019
|
|
Balance Sheet Location
|
||
Right-of-use assets, net
|
$
|
88,201
|
|
|
Other non-current assets
|
|
|
|
|
||
Current lease liability
|
$
|
26,861
|
|
|
Accrued and other liabilities
|
Non-current lease liability
|
62,043
|
|
Other non-current liabilities
|
||
Total operating lease liability
|
$
|
88,904
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
Operating lease expense
|
|
$
|
8,004
|
|
|
$
|
24,634
|
|
Variable lease expense
|
|
1,118
|
|
|
2,746
|
|
||
Short-term lease expense
|
|
196
|
|
|
1,016
|
|
||
Total lease expense
|
|
$
|
9,318
|
|
|
$
|
28,396
|
|
|
|
|
|
|
||||
Weighted average remaining lease term
|
|
|
|
6.5 years
|
|
|||
Weighted average discount rate
|
|
|
|
3.0
|
%
|
2020
|
|
$
|
29,151
|
|
2021
|
|
21,637
|
|
|
2022
|
|
13,102
|
|
|
2023
|
|
8,548
|
|
|
2024
|
|
4,949
|
|
|
Thereafter
|
|
21,748
|
|
|
Total lease payments
|
|
99,135
|
|
|
Less imputed interest
|
|
(10,231
|
)
|
|
Total operating lease liability
|
|
$
|
88,904
|
|
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 September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
||||||||||||
Net sales
|
$
|
753,866
|
|
|
100.0
|
|
|
$
|
734,846
|
|
|
100.0
|
|
|
$
|
2,164,684
|
|
|
100.0
|
|
|
$
|
2,117,663
|
|
|
100.0
|
|
Cost of sales
|
318,810
|
|
|
42.3
|
|
|
315,592
|
|
|
42.9
|
|
|
921,771
|
|
|
42.6
|
|
|
910,851
|
|
|
43.0
|
|
||||
Gross profit
|
435,056
|
|
|
57.7
|
|
|
419,254
|
|
|
57.1
|
|
|
1,242,913
|
|
|
57.4
|
|
|
1,206,812
|
|
|
57.0
|
|
||||
Research and development
|
36,015
|
|
|
4.8
|
|
|
34,838
|
|
|
4.7
|
|
|
108,650
|
|
|
5.0
|
|
|
104,866
|
|
|
5.0
|
|
||||
Selling, general and administrative
|
202,826
|
|
|
26.9
|
|
|
202,451
|
|
|
27.6
|
|
|
612,466
|
|
|
28.3
|
|
|
611,149
|
|
|
28.9
|
|
||||
Amortization
|
12,329
|
|
|
1.6
|
|
|
11,856
|
|
|
1.6
|
|
|
36,877
|
|
|
1.7
|
|
|
35,561
|
|
|
1.7
|
|
||||
Interest expense
|
9,800
|
|
|
1.3
|
|
|
9,003
|
|
|
1.2
|
|
|
27,776
|
|
|
1.3
|
|
|
25,671
|
|
|
1.2
|
|
||||
Restructuring charges
|
6,732
|
|
|
0.9
|
|
|
2,222
|
|
|
0.3
|
|
|
11,146
|
|
|
0.5
|
|
|
13,956
|
|
|
0.6
|
|
||||
Other charges (income), net
|
(2,005
|
)
|
|
(0.3
|
)
|
|
(1,479
|
)
|
|
(0.1
|
)
|
|
(4,253
|
)
|
|
(0.2
|
)
|
|
(5,795
|
)
|
|
(0.3
|
)
|
||||
Earnings before taxes
|
169,359
|
|
|
22.5
|
|
|
160,363
|
|
|
21.8
|
|
|
450,251
|
|
|
20.8
|
|
|
421,404
|
|
|
19.9
|
|
||||
Provision for taxes
|
39,964
|
|
|
5.3
|
|
|
33,710
|
|
|
4.6
|
|
|
81,891
|
|
|
3.8
|
|
|
89,979
|
|
|
4.2
|
|
||||
Net earnings
|
$
|
129,395
|
|
|
17.2
|
|
|
$
|
126,653
|
|
|
17.2
|
|
|
$
|
368,360
|
|
|
17.0
|
|
|
$
|
331,425
|
|
|
15.7
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%
|
|
2019
|
|
2018
|
|
%
|
||||||||||
Total net sales
|
$
|
297,113
|
|
|
$
|
280,429
|
|
|
6
|
%
|
|
$
|
852,369
|
|
|
$
|
808,801
|
|
|
5
|
%
|
Net sales to external customers
|
$
|
269,038
|
|
|
$
|
255,379
|
|
|
5
|
%
|
|
$
|
771,578
|
|
|
$
|
736,598
|
|
|
5
|
%
|
Segment profit
|
$
|
54,628
|
|
|
$
|
41,890
|
|
|
30
|
%
|
|
$
|
146,599
|
|
|
$
|
118,141
|
|
|
24
|
%
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%1)
|
|
2019
|
|
2018
|
|
%1)
|
||||||||||
Total net sales
|
$
|
194,151
|
|
|
$
|
179,881
|
|
|
8
|
%
|
|
$
|
564,748
|
|
|
$
|
537,041
|
|
|
5
|
%
|
Net sales to external customers
|
$
|
33,415
|
|
|
$
|
31,463
|
|
|
6
|
%
|
|
$
|
98,350
|
|
|
$
|
96,082
|
|
|
2
|
%
|
Segment profit
|
$
|
54,226
|
|
|
$
|
44,542
|
|
|
22
|
%
|
|
$
|
156,361
|
|
|
$
|
138,254
|
|
|
13
|
%
|
1)
|
Represents U.S. dollar growth (decline) for net sales and segment profit.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%1)
|
|
2019
|
|
2018
|
|
%1)
|
||||||||||
Total net sales
|
$
|
211,446
|
|
|
$
|
215,093
|
|
|
(2
|
)%
|
|
$
|
624,290
|
|
|
$
|
640,390
|
|
|
(3
|
)%
|
Net sales to external customers
|
$
|
168,652
|
|
|
$
|
173,170
|
|
|
(3
|
)%
|
|
$
|
498,240
|
|
|
$
|
512,314
|
|
|
(3
|
)%
|
Segment profit
|
$
|
29,888
|
|
|
$
|
30,046
|
|
|
(1
|
)%
|
|
$
|
77,842
|
|
|
$
|
75,661
|
|
|
3
|
%
|
1)
|
Represents U.S. dollar growth (decline) for net sales and segment profit.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%1)
|
|
2019
|
|
2018
|
|
%1)
|
||||||||||
Total net sales
|
$
|
203,002
|
|
|
$
|
204,177
|
|
|
(1
|
)%
|
|
$
|
570,608
|
|
|
$
|
570,375
|
|
|
0
|
%
|
Net sales to external customers
|
$
|
142,292
|
|
|
$
|
140,098
|
|
|
2
|
%
|
|
$
|
400,473
|
|
|
$
|
387,301
|
|
|
3
|
%
|
Segment profit
|
$
|
72,745
|
|
|
$
|
75,762
|
|
|
(4
|
)%
|
|
$
|
197,718
|
|
|
$
|
201,199
|
|
|
(2
|
)%
|
1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
%1)
|
|
2019
|
|
2018
|
|
%1)
|
||||||||||
Total net sales
|
$
|
141,982
|
|
|
$
|
136,070
|
|
|
4
|
%
|
|
$
|
400,151
|
|
|
$
|
389,804
|
|
|
3
|
%
|
Net sales to external customers
|
$
|
140,469
|
|
|
$
|
134,736
|
|
|
4
|
%
|
|
$
|
396,043
|
|
|
$
|
385,368
|
|
|
3
|
%
|
Segment profit
|
$
|
17,938
|
|
|
$
|
19,179
|
|
|
(6
|
)%
|
|
$
|
45,425
|
|
|
$
|
50,702
|
|
|
(10
|
)%
|
1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
September 30, 2019
|
||||||||||
|
U.S. Dollar
|
|
Other Principal Trading Currencies
|
|
Total
|
||||||
3.67% $50 million Senior Notes due December 17, 2022
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
4.10% $50 million Senior Notes due September 19, 2023
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
3.84% $125 million Senior Notes due September 19, 2024
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
4.24% $125 million Senior Notes due June 25, 2025
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
3.91% $75 million Senior Notes due June 25 2029
|
75,000
|
|
|
—
|
|
|
75,000
|
|
|||
1.47% EUR 125 million Senior Notes due June 17, 2030
|
—
|
|
|
136,747
|
|
|
136,747
|
|
|||
Debt issuance costs, net
|
(1,111
|
)
|
|
(307
|
)
|
|
(1,418
|
)
|
|||
Total Senior Notes
|
423,889
|
|
|
136,440
|
|
|
560,329
|
|
|||
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points
|
485,016
|
|
|
78,934
|
|
|
563,950
|
|
|||
Other local arrangements
|
1,058
|
|
|
47,519
|
|
|
48,577
|
|
|||
Total debt
|
909,963
|
|
|
262,893
|
|
|
1,172,856
|
|
|||
Less: current portion
|
(1,058
|
)
|
|
(47,519
|
)
|
|
(48,577
|
)
|
|||
Total long-term debt
|
$
|
908,905
|
|
|
$
|
215,374
|
|
|
$
|
1,124,279
|
|
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 |
||||||||
July 1 to July 31, 2019
|
73,681
|
|
$
|
828.63
|
|
73,681
|
|
$
|
1,674,868
|
|
|
August 1 to August 31, 2019
|
96,058
|
|
$
|
688.00
|
|
96,058
|
|
$
|
1,608,778
|
|
|
September 1 to September 30, 2019
|
85,538
|
|
$
|
690.95
|
|
85,538
|
|
$
|
1,549,674
|
|
|
Total
|
255,277
|
|
$
|
729.58
|
|
255,277
|
|
$
|
1,549,674
|
|
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:
|
November 8, 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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