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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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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020, OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ________________
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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
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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
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|
June 30,
2020 |
|
June 30,
2019 |
||||
Net sales
|
|
|
|
||||
Products
|
$
|
537,113
|
|
|
$
|
565,927
|
|
Service
|
153,560
|
|
|
165,439
|
|
||
Total net sales
|
690,673
|
|
|
731,366
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
217,008
|
|
|
226,816
|
|
||
Service
|
75,695
|
|
|
85,012
|
|
||
Gross profit
|
397,970
|
|
|
419,538
|
|
||
Research and development
|
31,193
|
|
|
36,582
|
|
||
Selling, general and administrative
|
190,134
|
|
|
205,215
|
|
||
Amortization
|
13,889
|
|
|
12,326
|
|
||
Interest expense
|
9,582
|
|
|
8,882
|
|
||
Restructuring charges
|
860
|
|
|
2,891
|
|
||
Other charges (income), net
|
(2,943
|
)
|
|
(1,574
|
)
|
||
Earnings before taxes
|
155,255
|
|
|
155,216
|
|
||
Provision for taxes
|
28,693
|
|
|
28,056
|
|
||
Net earnings
|
$
|
126,562
|
|
|
$
|
127,160
|
|
|
|
|
|
|
|||
Basic earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
5.29
|
|
|
$
|
5.15
|
|
Weighted average number of common shares
|
23,940,278
|
|
|
24,698,032
|
|
||
|
|
|
|
||||
Diluted earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
5.22
|
|
|
$
|
5.06
|
|
Weighted average number of common and common equivalent shares
|
24,228,989
|
|
|
25,118,352
|
|
||
|
|
|
|
||||
Comprehensive income, net of tax (Note 9)
|
$
|
128,658
|
|
|
$
|
115,481
|
|
|
June 30,
2020 |
|
June 30,
2019 |
||||
Net sales
|
|
|
|
||||
Products
|
$
|
1,026,447
|
|
|
$
|
1,090,274
|
|
Service
|
313,388
|
|
|
320,544
|
|
||
Total net sales
|
1,339,835
|
|
|
1,410,818
|
|
||
Cost of sales
|
|
|
|
||||
Products
|
408,631
|
|
|
437,032
|
|
||
Service
|
158,825
|
|
|
165,929
|
|
||
Gross profit
|
772,379
|
|
|
807,857
|
|
||
Research and development
|
65,580
|
|
|
72,635
|
|
||
Selling, general and administrative
|
388,878
|
|
|
409,640
|
|
||
Amortization
|
27,887
|
|
|
24,548
|
|
||
Interest expense
|
19,801
|
|
|
17,976
|
|
||
Restructuring charges
|
2,765
|
|
|
4,414
|
|
||
Other charges (income), net
|
(6,286
|
)
|
|
(2,248
|
)
|
||
Earnings before taxes
|
273,754
|
|
|
280,892
|
|
||
Provision for taxes
|
49,077
|
|
|
41,927
|
|
||
Net earnings
|
$
|
224,677
|
|
|
$
|
238,965
|
|
|
|
|
|
||||
Basic earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
9.37
|
|
|
$
|
9.65
|
|
Weighted average number of common shares
|
23,984,055
|
|
|
24,774,262
|
|
||
|
|
|
|
||||
Diluted earnings per common share:
|
|
|
|
||||
Net earnings
|
$
|
9.25
|
|
|
$
|
9.48
|
|
Weighted average number of common and common equivalent shares
|
24,291,321
|
|
|
25,217,359
|
|
||
|
|
|
|
||||
Comprehensive income, net of tax (Note 9)
|
$
|
202,745
|
|
|
$
|
239,946
|
|
|
June 30,
2020 |
|
December 31,
2019 |
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
127,277
|
|
|
$
|
207,785
|
|
Trade accounts receivable, less allowances of $17,537 at June 30, 2020
|
|
|
|
||||
and $17,009 at December 31, 2019
|
490,429
|
|
|
566,256
|
|
||
Inventories
|
299,746
|
|
|
274,285
|
|
||
Other current assets and prepaid expenses
|
72,356
|
|
|
61,321
|
|
||
Total current assets
|
989,808
|
|
|
1,109,647
|
|
||
Property, plant and equipment, net
|
743,393
|
|
|
748,657
|
|
||
Goodwill
|
537,624
|
|
|
535,979
|
|
||
Other intangible assets, net
|
202,131
|
|
|
206,242
|
|
||
Deferred tax assets, net
|
35,777
|
|
|
36,978
|
|
||
Other non-current assets
|
170,914
|
|
|
151,818
|
|
||
Total assets
|
$
|
2,679,647
|
|
|
$
|
2,789,321
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Trade accounts payable
|
$
|
155,901
|
|
|
$
|
185,592
|
|
Accrued and other liabilities
|
162,355
|
|
|
166,118
|
|
||
Accrued compensation and related items
|
109,480
|
|
|
155,402
|
|
||
Deferred revenue and customer prepayments
|
150,742
|
|
|
122,489
|
|
||
Taxes payable
|
70,766
|
|
|
69,043
|
|
||
Short-term borrowings and current maturities of long-term debt
|
53,585
|
|
|
55,868
|
|
||
Total current liabilities
|
702,829
|
|
|
754,512
|
|
||
Long-term debt
|
1,146,590
|
|
|
1,235,350
|
|
||
Deferred tax liabilities, net
|
44,926
|
|
|
45,267
|
|
||
Other non-current liabilities
|
335,209
|
|
|
333,412
|
|
||
Total liabilities
|
2,229,554
|
|
|
2,368,541
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value per share; authorized 125,000,000 shares;
|
|
|
|
||||
issued 44,786,011 and 44,786,011 shares; outstanding 23,971,265 and
|
|
|
|
||||
24,125,317 shares at June 30, 2020 and December 31, 2019, respectively
|
448
|
|
|
448
|
|
||
Additional paid-in capital
|
792,689
|
|
|
783,871
|
|
||
Treasury stock at cost (20,814,746 shares at June 30, 2020, and 20,660,694 shares at December 31, 2019)
|
(4,717,962
|
)
|
|
(4,539,154
|
)
|
||
Retained earnings
|
4,720,523
|
|
|
4,499,288
|
|
||
Accumulated other comprehensive loss
|
(345,605
|
)
|
|
(323,673
|
)
|
||
Total shareholders’ equity
|
450,093
|
|
|
420,780
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,679,647
|
|
|
$
|
2,789,321
|
|
|
|
|
|
|
Additional Paid-in Capital
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|||||||||||||
|
Common Stock
|
|
|
Treasury Stock
|
|
Retained Earnings
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
Total
|
|||||||||||||||||
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2019
|
24,125,317
|
|
|
$
|
448
|
|
|
$
|
783,871
|
|
|
$
|
(4,539,154
|
)
|
|
$
|
4,499,288
|
|
|
$
|
(323,673
|
)
|
|
$
|
420,780
|
|
Exercise of stock options and restricted stock units
|
50,372
|
|
|
—
|
|
|
—
|
|
|
9,355
|
|
|
(2,220
|
)
|
|
—
|
|
|
7,135
|
|
||||||
Repurchases of common stock
|
(268,161
|
)
|
|
—
|
|
|
—
|
|
|
(200,000
|
)
|
|
—
|
|
|
—
|
|
|
(200,000
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,395
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,115
|
|
|
—
|
|
|
98,115
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,028
|
)
|
|
(24,028
|
)
|
||||||
Balance at March 31, 2020
|
23,907,528
|
|
|
$
|
448
|
|
|
$
|
788,266
|
|
|
$
|
(4,729,799
|
)
|
|
$
|
4,595,183
|
|
|
$
|
(347,701
|
)
|
|
$
|
306,397
|
|
Exercise of stock options and restricted stock units
|
63,737
|
|
|
—
|
|
|
—
|
|
|
11,837
|
|
|
(1,222
|
)
|
|
—
|
|
|
10,615
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,423
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126,562
|
|
|
—
|
|
|
126,562
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,096
|
|
|
2,096
|
|
||||||
Balance at June 30, 2020
|
23,971,265
|
|
|
$
|
448
|
|
|
$
|
792,689
|
|
|
$
|
(4,717,962
|
)
|
|
$
|
4,720,523
|
|
|
$
|
(345,605
|
)
|
|
$
|
450,093
|
|
|
June 30,
2020 |
|
June 30,
2019 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
224,677
|
|
|
$
|
238,965
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
20,327
|
|
|
19,390
|
|
||
Amortization
|
27,887
|
|
|
24,548
|
|
||
Deferred tax benefit
|
(4,570
|
)
|
|
(14,881
|
)
|
||
Share-based compensation
|
8,818
|
|
|
8,820
|
|
||
Increase (decrease) in cash resulting from changes in:
|
|
|
|
||||
Trade accounts receivable, net
|
71,081
|
|
|
36,674
|
|
||
Inventories
|
(26,081
|
)
|
|
(16,848
|
)
|
||
Other current assets
|
(10,050
|
)
|
|
(9,748
|
)
|
||
Trade accounts payable
|
(28,136
|
)
|
|
(36,216
|
)
|
||
Taxes payable
|
762
|
|
|
(487
|
)
|
||
Accruals and other
|
(35,963
|
)
|
|
(24,352
|
)
|
||
Net cash provided by operating activities
|
248,752
|
|
|
225,865
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sale of property, plant and equipment
|
2,025
|
|
|
1,216
|
|
||
Purchase of property, plant and equipment
|
(37,089
|
)
|
|
(44,699
|
)
|
||
Acquisitions
|
(6,242
|
)
|
|
(504
|
)
|
||
Net hedging settlements on intercompany loans
|
(9,281
|
)
|
|
(1,226
|
)
|
||
Net cash used in investing activities
|
(50,587
|
)
|
|
(45,213
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings
|
1,076,098
|
|
|
638,830
|
|
||
Repayments of borrowings
|
(1,168,125
|
)
|
|
(532,729
|
)
|
||
Proceeds from stock option exercises
|
17,750
|
|
|
37,757
|
|
||
Repurchases of common stock
|
(200,000
|
)
|
|
(372,500
|
)
|
||
Acquisition contingent consideration payment
|
—
|
|
|
(10,000
|
)
|
||
Other financing activities
|
(800
|
)
|
|
1,753
|
|
||
Net cash used in financing activities
|
(275,077
|
)
|
|
(236,889
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(3,596
|
)
|
|
2,566
|
|
||
Net decrease in cash and cash equivalents
|
(80,508
|
)
|
|
(53,671
|
)
|
||
Cash and cash equivalents:
|
|
|
|
||||
Beginning of period
|
207,785
|
|
|
178,110
|
|
||
End of period
|
$
|
127,277
|
|
|
$
|
124,439
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
|
June 30,
2020 |
|
December 31,
2019 |
||||
Raw materials and parts
|
$
|
143,603
|
|
|
$
|
129,294
|
|
Work-in-progress
|
49,867
|
|
|
43,202
|
|
||
Finished goods
|
106,276
|
|
|
101,789
|
|
||
|
$
|
299,746
|
|
|
$
|
274,285
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Intangibles, Net
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Intangibles, Net
|
||||||||||||
Customer relationships
|
$
|
200,104
|
|
|
$
|
(63,108
|
)
|
|
$
|
136,996
|
|
|
$
|
197,764
|
|
|
$
|
(58,851
|
)
|
|
$
|
138,913
|
|
Proven technology and patents
|
75,857
|
|
|
(48,797
|
)
|
|
27,060
|
|
|
75,170
|
|
|
(46,532
|
)
|
|
28,638
|
|
||||||
Tradenames (finite life)
|
4,556
|
|
|
(3,149
|
)
|
|
1,407
|
|
|
4,594
|
|
|
(3,124
|
)
|
|
1,470
|
|
||||||
Tradenames (indefinite life)
|
35,474
|
|
|
—
|
|
|
35,474
|
|
|
35,474
|
|
|
—
|
|
|
35,474
|
|
||||||
Other
|
5,705
|
|
|
(4,511
|
)
|
|
1,194
|
|
|
5,462
|
|
|
(3,715
|
)
|
|
1,747
|
|
||||||
|
$
|
321,696
|
|
|
$
|
(119,565
|
)
|
|
$
|
202,131
|
|
|
$
|
318,464
|
|
|
$
|
(112,222
|
)
|
|
$
|
206,242
|
|
3.
|
REVENUE
|
For the three months ended June 30, 2020
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
188,363
|
|
|
$
|
22,012
|
|
|
$
|
104,458
|
|
|
$
|
128,151
|
|
|
$
|
94,129
|
|
|
$
|
537,113
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
46,342
|
|
|
4,726
|
|
|
27,945
|
|
|
9,784
|
|
|
23,490
|
|
|
112,287
|
|
||||||
Over time
|
14,635
|
|
|
2,210
|
|
|
16,648
|
|
|
2,972
|
|
|
4,808
|
|
|
41,273
|
|
||||||
Total
|
$
|
249,340
|
|
|
$
|
28,948
|
|
|
$
|
149,051
|
|
|
$
|
140,907
|
|
|
$
|
122,427
|
|
|
$
|
690,673
|
|
For the 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 six months ended June 30, 2020
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
365,799
|
|
|
$
|
46,288
|
|
|
$
|
210,335
|
|
|
$
|
218,472
|
|
|
$
|
185,553
|
|
|
$
|
1,026,447
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
96,577
|
|
|
10,282
|
|
|
59,336
|
|
|
16,890
|
|
|
49,166
|
|
|
232,251
|
|
||||||
Over time
|
28,374
|
|
|
4,274
|
|
|
32,705
|
|
|
6,144
|
|
|
9,640
|
|
|
81,137
|
|
||||||
Total
|
$
|
490,750
|
|
|
$
|
60,844
|
|
|
$
|
302,376
|
|
|
$
|
241,506
|
|
|
$
|
244,359
|
|
|
$
|
1,339,835
|
|
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
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Americas
|
$
|
270,291
|
|
|
$
|
292,345
|
|
|
$
|
535,124
|
|
|
$
|
550,978
|
|
Europe
|
194,165
|
|
|
207,309
|
|
|
388,992
|
|
|
416,864
|
|
||||
Asia / Rest of World
|
226,217
|
|
|
231,712
|
|
|
415,719
|
|
|
442,976
|
|
||||
Total
|
$
|
690,673
|
|
|
$
|
731,366
|
|
|
$
|
1,339,835
|
|
|
$
|
1,410,818
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Laboratory
|
$
|
359,471
|
|
|
$
|
379,659
|
|
|
$
|
716,562
|
|
|
$
|
739,392
|
|
Industrial
|
288,824
|
|
|
303,059
|
|
|
541,179
|
|
|
574,379
|
|
||||
Retail
|
42,378
|
|
|
48,648
|
|
|
82,094
|
|
|
97,047
|
|
||||
Total
|
$
|
690,673
|
|
|
$
|
731,366
|
|
|
$
|
1,339,835
|
|
|
$
|
1,410,818
|
|
|
|
2020
|
|
2019
|
||||
Beginning balances as of January 1
|
|
$
|
122,489
|
|
|
$
|
105,381
|
|
Customer pre-payments/deferred revenue
|
|
278,015
|
|
|
306,667
|
|
||
Revenue recognized
|
|
(251,462
|
)
|
|
(283,508
|
)
|
||
Foreign currency translation
|
|
1,700
|
|
|
164
|
|
||
Ending balance as of June 30
|
|
$
|
150,742
|
|
|
$
|
128,704
|
|
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, 2020
|
|
December 31, 2019
|
|
Balance Sheet Classification
|
||||
Foreign currency forward contracts not designated as hedging instruments
|
|
$
|
1,426
|
|
|
$
|
1,568
|
|
|
Other current assets and prepaid expenses
|
Total derivative assets
|
|
$
|
1,426
|
|
|
$
|
1,568
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency forward contracts not designated as hedging instruments
|
|
$
|
2,701
|
|
|
$
|
2,392
|
|
|
Accrued and other liabilities
|
Cash Flow Hedges:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
398
|
|
|
371
|
|
|
Accrued and other liabilities
|
||
Cross currency swap agreement
|
|
5,606
|
|
|
—
|
|
|
Accrued and other liabilities
|
||
Interest rate swap agreements
|
|
3,580
|
|
|
1,548
|
|
|
Other non-current liabilities
|
||
Cross currency swap agreement
|
|
2,519
|
|
|
4,706
|
|
|
Other non-current liabilities
|
||
Total derivative liabilities
|
|
$
|
14,804
|
|
|
$
|
9,017
|
|
|
|
|
June 30, 2020
|
||||||||||
|
U.S. Dollar
|
|
Other Principal Trading Currencies
|
|
Total
|
||||||
3.67% $50 million ten-year Senior Notes due December 17, 2022
|
$
|
50,000
|
|
|
$
|
—
|
|
|
$
|
50,000
|
|
4.10% $50 million ten-year Senior Notes due September 19, 2023
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
3.84% $125 million ten-year Senior Notes due September 19, 2024
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
4.24% $125 million ten-year Senior Notes due June 25, 2025
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
3.91% $75 million ten-year Senior Notes due June 25, 2029
|
75,000
|
|
|
—
|
|
|
75,000
|
|
|||
3.19% $50 million fifteen-year Senior Notes due January 24, 2035
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030
|
—
|
|
|
140,245
|
|
|
140,245
|
|
|||
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034
|
—
|
|
|
151,464
|
|
|
151,464
|
|
|||
Debt issuance costs, net
|
(1,051
|
)
|
|
(1,105
|
)
|
|
(2,156
|
)
|
|||
Total Senior Notes
|
473,949
|
|
|
290,604
|
|
|
764,553
|
|
|||
$1.1 billion Credit Agreement, interest at LIBOR plus 97.5 basis points
|
299,997
|
|
|
81,080
|
|
|
381,077
|
|
|||
Other local arrangements
|
2,723
|
|
|
51,822
|
|
|
54,545
|
|
|||
Total debt
|
776,669
|
|
|
423,506
|
|
|
1,200,175
|
|
|||
Less: current portion
|
(1,763
|
)
|
|
(51,822
|
)
|
|
(53,585
|
)
|
|||
Total long-term debt
|
$
|
774,906
|
|
|
$
|
371,684
|
|
|
$
|
1,146,590
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net earnings
|
$
|
126,562
|
|
|
$
|
127,160
|
|
|
$
|
224,677
|
|
|
$
|
238,965
|
|
Other comprehensive income (loss), net of tax
|
2,096
|
|
|
(11,679
|
)
|
|
(21,932
|
)
|
|
981
|
|
||||
Comprehensive income, net of tax
|
$
|
128,658
|
|
|
$
|
115,481
|
|
|
$
|
202,745
|
|
|
$
|
239,946
|
|
|
Currency Translation Adjustment, Net of Tax
|
|
Net Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
|
|
Pension and Post-Retirement Benefit Related Items,
Net of Tax
|
|
Total
|
||||||||
Balance at December 31, 2019
|
$
|
(61,015
|
)
|
|
$
|
(1,222
|
)
|
|
$
|
(261,436
|
)
|
|
$
|
(323,673
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) cash flow hedging arrangements
|
—
|
|
|
(3,951
|
)
|
|
—
|
|
|
(3,951
|
)
|
||||
Foreign currency translation adjustment
|
(21,326
|
)
|
|
—
|
|
|
(5,949
|
)
|
|
(27,275
|
)
|
||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax
|
—
|
|
|
2,195
|
|
|
7,099
|
|
|
9,294
|
|
||||
Net change in other comprehensive income (loss), net of tax
|
(21,326
|
)
|
|
(1,756
|
)
|
|
1,150
|
|
|
(21,932
|
)
|
||||
Balance at June 30, 2020
|
$
|
(82,341
|
)
|
|
$
|
(2,978
|
)
|
|
$
|
(260,286
|
)
|
|
$
|
(345,605
|
)
|
|
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
|
)
|
|
|
Three Months Ended June 30,
|
|
|
||||||
|
|
2020
|
|
2019
|
|
Location of Amounts Recognized in Earnings
|
||||
Effective portion of (gains) / losses on cash flow hedging arrangements:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
$
|
692
|
|
|
$
|
(50
|
)
|
|
Interest expense
|
Cross currency swap agreement
|
|
34
|
|
|
1,455
|
|
|
(a)
|
||
Total before taxes
|
|
726
|
|
|
1,405
|
|
|
|
||
Provision for taxes
|
|
179
|
|
|
100
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
547
|
|
|
$
|
1,305
|
|
|
|
|
|
|
|
|
|
|
||||
Recognition of defined benefit pension and post-retirement items:
|
|
|
|
|
|
|
||||
Recognition of actuarial losses and prior service cost, before taxes
|
|
$
|
4,596
|
|
|
$
|
3,860
|
|
|
(b)
|
Provision for taxes
|
|
1,000
|
|
|
869
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
3,596
|
|
|
$
|
2,991
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
||||||
|
|
2020
|
|
2019
|
|
Location of Amounts Recognized in Earnings
|
||||
Effective portion of (gains) / losses on cash flow hedging arrangements:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
$
|
940
|
|
|
$
|
(113
|
)
|
|
Interest expense
|
Cross currency swap agreement
|
|
1,620
|
|
|
(199
|
)
|
|
(a)
|
||
Total before taxes
|
|
2,560
|
|
|
(312
|
)
|
|
|
||
Provision for taxes
|
|
365
|
|
|
(44
|
)
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
2,195
|
|
|
$
|
(268
|
)
|
|
|
|
|
|
|
|
|
|
||||
Recognition of defined benefit pension and post-retirement items:
|
|
|
|
|
|
|
||||
Recognition of actuarial losses and prior service cost, before taxes
|
|
$
|
9,089
|
|
|
$
|
7,749
|
|
|
(b)
|
Provision for taxes
|
|
1,990
|
|
|
1,744
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
7,099
|
|
|
$
|
6,005
|
|
|
|
|
|
2020
|
|
2019
|
||
Three months ended
|
|
288,711
|
|
|
420,320
|
|
Six months ended
|
|
307,265
|
|
|
443,097
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other U.S. Post-retirement Benefits
|
|
Total
|
||||||||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||
Service cost, net
|
$
|
326
|
|
|
$
|
266
|
|
|
$
|
4,528
|
|
|
$
|
3,799
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
4,854
|
|
|
4,065
|
|
||
Interest cost on projected benefit obligations
|
889
|
|
|
1,146
|
|
|
1,097
|
|
|
2,520
|
|
|
7
|
|
|
16
|
|
|
1,993
|
|
|
3,682
|
|
||||||||
Expected return on plan assets
|
(1,524
|
)
|
|
(1,472
|
)
|
|
(8,017
|
)
|
|
(7,218
|
)
|
|
—
|
|
|
—
|
|
|
(9,541
|
)
|
|
(8,690
|
)
|
||||||||
Recognition of prior service cost
|
—
|
|
|
—
|
|
|
(1,735
|
)
|
|
(1,637
|
)
|
|
(19
|
)
|
|
—
|
|
|
(1,754
|
)
|
|
(1,637
|
)
|
||||||||
Recognition of actuarial losses/(gains)
|
645
|
|
|
593
|
|
|
5,712
|
|
|
5,062
|
|
|
(7
|
)
|
|
(173
|
)
|
|
6,350
|
|
|
5,482
|
|
||||||||
Net periodic pension cost/(credit)
|
$
|
336
|
|
|
$
|
533
|
|
|
$
|
1,585
|
|
|
$
|
2,526
|
|
|
$
|
(19
|
)
|
|
$
|
(157
|
)
|
|
$
|
1,902
|
|
|
$
|
2,902
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other U.S. Post-retirement Benefits
|
|
Total
|
||||||||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||
Service cost, net
|
$
|
652
|
|
|
$
|
532
|
|
|
$
|
9,045
|
|
|
$
|
7,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
9,697
|
|
|
8,032
|
|
||
Interest cost on projected benefit obligations
|
1,778
|
|
|
2,292
|
|
|
2,332
|
|
|
5,063
|
|
|
14
|
|
|
32
|
|
|
4,124
|
|
|
7,387
|
|
||||||||
Expected return on plan assets
|
(3,048
|
)
|
|
(2,944
|
)
|
|
(16,104
|
)
|
|
(14,519
|
)
|
|
—
|
|
|
—
|
|
|
(19,152
|
)
|
|
(17,463
|
)
|
||||||||
Recognition of prior service cost
|
—
|
|
|
—
|
|
|
(3,460
|
)
|
|
(3,339
|
)
|
|
(38
|
)
|
|
—
|
|
|
(3,498
|
)
|
|
(3,339
|
)
|
||||||||
Recognition of actuarial losses/(gains)
|
1,290
|
|
|
1,187
|
|
|
11,311
|
|
|
10,247
|
|
|
(14
|
)
|
|
(346
|
)
|
|
12,587
|
|
|
11,088
|
|
||||||||
Net periodic pension cost/(credit)
|
$
|
672
|
|
|
$
|
1,067
|
|
|
$
|
3,124
|
|
|
$
|
4,952
|
|
|
$
|
(38
|
)
|
|
$
|
(314
|
)
|
|
$
|
3,758
|
|
|
$
|
5,705
|
|
|
|
Total
|
||
Balance at December 31, 2019
|
|
$
|
6,701
|
|
Restructuring charges
|
|
2,765
|
|
|
Cash payments and utilization
|
|
(4,627
|
)
|
|
Impact of foreign currency
|
|
(10
|
)
|
|
Balance at June 30, 2020
|
|
$
|
4,829
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
As of June 30,
|
||||||||||
For the three months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
2020
|
||||||||||
June 30, 2020
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
Goodwill
|
||||||||||
U.S. Operations
|
$
|
249,340
|
|
|
$
|
27,515
|
|
|
$
|
276,855
|
|
|
$
|
52,581
|
|
|
$
|
414,370
|
|
Swiss Operations
|
28,948
|
|
|
142,487
|
|
|
171,435
|
|
|
48,248
|
|
|
22,830
|
|
|||||
Western European Operations
|
149,051
|
|
|
39,699
|
|
|
188,750
|
|
|
30,345
|
|
|
84,975
|
|
|||||
Chinese Operations
|
140,907
|
|
|
45,731
|
|
|
186,638
|
|
|
63,955
|
|
|
621
|
|
|||||
Other (a)
|
122,427
|
|
|
875
|
|
|
123,302
|
|
|
13,122
|
|
|
14,828
|
|
|||||
Eliminations and Corporate (b)
|
—
|
|
|
(256,307
|
)
|
|
(256,307
|
)
|
|
(31,608
|
)
|
|
—
|
|
|||||
Total
|
$
|
690,673
|
|
|
$
|
—
|
|
|
$
|
690,673
|
|
|
$
|
176,643
|
|
|
$
|
537,624
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
|
||||||||
For the six months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
|
||||||||
June 30, 2020
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
|
||||||||
U.S. Operations
|
$
|
490,750
|
|
|
$
|
53,904
|
|
|
$
|
544,654
|
|
|
$
|
97,519
|
|
|
|
Swiss Operations
|
60,844
|
|
|
295,336
|
|
|
356,180
|
|
|
102,158
|
|
|
|
||||
Western European Operations
|
302,376
|
|
|
81,413
|
|
|
383,789
|
|
|
54,452
|
|
|
|
||||
Chinese Operations
|
241,506
|
|
|
94,480
|
|
|
335,986
|
|
|
109,505
|
|
|
|
||||
Other (a)
|
244,359
|
|
|
1,771
|
|
|
246,130
|
|
|
24,148
|
|
|
|
||||
Eliminations and Corporate (b)
|
—
|
|
|
(526,904
|
)
|
|
(526,904
|
)
|
|
(69,861
|
)
|
|
|
||||
Total
|
$
|
1,339,835
|
|
|
$
|
—
|
|
|
$
|
1,339,835
|
|
|
$
|
317,921
|
|
|
|
(a)
|
Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
|
(b)
|
Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
|
|
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.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Earnings before taxes
|
$
|
155,255
|
|
|
$
|
155,216
|
|
|
$
|
273,754
|
|
|
$
|
280,892
|
|
Amortization
|
13,889
|
|
|
12,326
|
|
|
27,887
|
|
|
24,548
|
|
||||
Interest expense
|
9,582
|
|
|
8,882
|
|
|
19,801
|
|
|
17,976
|
|
||||
Restructuring charges
|
860
|
|
|
2,891
|
|
|
2,765
|
|
|
4,414
|
|
||||
Other charges (income), net
|
(2,943
|
)
|
|
(1,574
|
)
|
|
(6,286
|
)
|
|
(2,248
|
)
|
||||
Segment profit
|
$
|
176,643
|
|
|
$
|
177,741
|
|
|
$
|
317,921
|
|
|
$
|
325,582
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||||||
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
||||||||||||
Net sales
|
$
|
690,673
|
|
|
100.0
|
|
|
$
|
731,366
|
|
|
100.0
|
|
|
$
|
1,339,835
|
|
|
100.0
|
|
|
$
|
1,410,818
|
|
|
100.0
|
|
Cost of sales
|
292,703
|
|
|
42.4
|
|
|
311,828
|
|
|
42.6
|
|
|
567,456
|
|
|
42.4
|
|
|
602,961
|
|
|
42.7
|
|
||||
Gross profit
|
397,970
|
|
|
57.6
|
|
|
419,538
|
|
|
57.4
|
|
|
772,379
|
|
|
57.6
|
|
|
807,857
|
|
|
57.3
|
|
||||
Research and development
|
31,193
|
|
|
4.5
|
|
|
36,582
|
|
|
5.0
|
|
|
65,580
|
|
|
4.9
|
|
|
72,635
|
|
|
5.1
|
|
||||
Selling, general and administrative
|
190,134
|
|
|
27.5
|
|
|
205,215
|
|
|
28.1
|
|
|
388,878
|
|
|
29.0
|
|
|
409,640
|
|
|
29.0
|
|
||||
Amortization
|
13,889
|
|
|
2.0
|
|
|
12,326
|
|
|
1.7
|
|
|
27,887
|
|
|
2.1
|
|
|
24,548
|
|
|
1.7
|
|
||||
Interest expense
|
9,582
|
|
|
1.4
|
|
|
8,882
|
|
|
1.2
|
|
|
19,801
|
|
|
1.5
|
|
|
17,976
|
|
|
1.4
|
|
||||
Restructuring charges
|
860
|
|
|
0.1
|
|
|
2,891
|
|
|
0.4
|
|
|
2,765
|
|
|
0.2
|
|
|
4,414
|
|
|
0.3
|
|
||||
Other charges (income), net
|
(2,943
|
)
|
|
(0.4
|
)
|
|
(1,574
|
)
|
|
(0.2
|
)
|
|
(6,286
|
)
|
|
(0.5
|
)
|
|
(2,248
|
)
|
|
(0.1
|
)
|
||||
Earnings before taxes
|
155,255
|
|
|
22.5
|
|
|
155,216
|
|
|
21.2
|
|
|
273,754
|
|
|
20.4
|
|
|
280,892
|
|
|
19.9
|
|
||||
Provision for taxes
|
28,693
|
|
|
4.2
|
|
|
28,056
|
|
|
3.8
|
|
|
49,077
|
|
|
3.7
|
|
|
41,927
|
|
|
3.0
|
|
||||
Net earnings
|
$
|
126,562
|
|
|
18.3
|
|
|
$
|
127,160
|
|
|
17.4
|
|
|
$
|
224,677
|
|
|
16.8
|
|
|
$
|
238,965
|
|
|
16.9
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
%
|
|
2020
|
|
2019
|
|
%
|
||||||||||
Total net sales
|
$
|
276,855
|
|
|
$
|
294,460
|
|
|
(6
|
)%
|
|
$
|
544,654
|
|
|
$
|
555,256
|
|
|
(2
|
)%
|
Net sales to external customers
|
$
|
249,340
|
|
|
$
|
267,889
|
|
|
(7
|
)%
|
|
$
|
490,750
|
|
|
$
|
502,540
|
|
|
(2
|
)%
|
Segment profit
|
$
|
52,581
|
|
|
$
|
53,986
|
|
|
(3
|
)%
|
|
$
|
97,519
|
|
|
$
|
91,971
|
|
|
6
|
%
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
%1)
|
|
2020
|
|
2019
|
|
%1)
|
||||||||||
Total net sales
|
$
|
171,435
|
|
|
$
|
183,289
|
|
|
(6
|
)%
|
|
$
|
356,180
|
|
|
$
|
370,597
|
|
|
(4
|
)%
|
Net sales to external customers
|
$
|
28,948
|
|
|
$
|
31,358
|
|
|
(8
|
)%
|
|
$
|
60,844
|
|
|
$
|
64,935
|
|
|
(6
|
)%
|
Segment profit
|
$
|
48,248
|
|
|
$
|
48,613
|
|
|
(1
|
)%
|
|
$
|
102,158
|
|
|
$
|
102,135
|
|
|
—
|
%
|
1)
|
Represents U.S. dollar growth (decline) for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
%1)
|
|
2020
|
|
2019
|
|
%1)
|
||||||||||
Total net sales
|
$
|
188,750
|
|
|
$
|
202,893
|
|
|
(7
|
)%
|
|
$
|
383,789
|
|
|
$
|
412,844
|
|
|
(7
|
)%
|
Net sales to external customers
|
$
|
149,051
|
|
|
$
|
163,681
|
|
|
(9
|
)%
|
|
$
|
302,376
|
|
|
$
|
329,587
|
|
|
(8
|
)%
|
Segment profit
|
$
|
30,345
|
|
|
$
|
22,229
|
|
|
37
|
%
|
|
$
|
54,452
|
|
|
$
|
47,954
|
|
|
14
|
%
|
1)
|
Represents U.S. dollar growth (decline) for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
%1)
|
|
2020
|
|
2019
|
|
%1)
|
||||||||||
Total net sales
|
$
|
186,638
|
|
|
$
|
189,027
|
|
|
(1
|
)%
|
|
$
|
335,986
|
|
|
$
|
367,606
|
|
|
(9
|
)%
|
Net sales to external customers
|
$
|
140,907
|
|
|
$
|
136,459
|
|
|
3
|
%
|
|
$
|
241,506
|
|
|
$
|
258,181
|
|
|
(6
|
)%
|
Segment profit
|
$
|
63,955
|
|
|
$
|
65,489
|
|
|
(2
|
)%
|
|
$
|
109,505
|
|
|
$
|
124,973
|
|
|
(12
|
)%
|
1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
%1)
|
|
2020
|
|
2019
|
|
%1)
|
||||||||||
Total net sales
|
$
|
123,302
|
|
|
$
|
133,313
|
|
|
(8
|
)%
|
|
$
|
246,130
|
|
|
$
|
258,170
|
|
|
(5
|
)%
|
Net sales to external customers
|
$
|
122,427
|
|
|
$
|
131,979
|
|
|
(7
|
)%
|
|
$
|
244,359
|
|
|
$
|
255,575
|
|
|
(4
|
)%
|
Segment profit
|
$
|
13,122
|
|
|
$
|
14,300
|
|
|
(8
|
)%
|
|
$
|
24,148
|
|
|
$
|
27,487
|
|
|
(12
|
)%
|
1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
June 30, 2020
|
||||||||||
|
U.S. Dollar
|
|
Other Principal Trading Currencies
|
|
Total
|
||||||
3.67% $50 million ten-year Senior Notes due December 17, 2022
|
$
|
50,000
|
|
|
$
|
—
|
|
|
$
|
50,000
|
|
4.10% $50 million ten-year Senior Notes due September 19, 2023
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
3.84% $125 million ten-year Senior Notes due September 19, 2024
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
4.24% $125 million ten-year Senior Notes due June 25, 2025
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
3.91% $75 million ten-year Senior Notes due June 25, 2029
|
75,000
|
|
|
—
|
|
|
75,000
|
|
|||
3.19% $50 million fifteen-year Senior Notes due January 24, 2035
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030
|
—
|
|
|
140,245
|
|
|
140,245
|
|
|||
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034
|
—
|
|
|
151,464
|
|
|
151,464
|
|
|||
Debt issuance costs, net
|
(1,051
|
)
|
|
(1,105
|
)
|
|
(2,156
|
)
|
|||
Total Senior Notes
|
473,949
|
|
|
290,604
|
|
|
764,553
|
|
|||
$1.1 billion Credit Agreement, interest at LIBOR plus 97.5 basis points
|
299,997
|
|
|
81,080
|
|
|
381,077
|
|
|||
Other local arrangements
|
2,723
|
|
|
51,822
|
|
|
54,545
|
|
|||
Total debt
|
776,669
|
|
|
423,506
|
|
|
1,200,175
|
|
|||
Less: current portion
|
(1,763
|
)
|
|
(51,822
|
)
|
|
(53,585
|
)
|
|||
Total long-term debt
|
$
|
774,906
|
|
|
$
|
371,684
|
|
|
$
|
1,146,590
|
|
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, 2020
|
—
|
|
$
|
—
|
|
—
|
|
$
|
1,133,425
|
|
|
May 1 to May 31, 2020
|
—
|
|
$
|
—
|
|
—
|
|
$
|
1,133,425
|
|
|
June 1 to June 30, 2020
|
—
|
|
$
|
—
|
|
—
|
|
$
|
1,133,425
|
|
|
Total
|
—
|
|
$
|
—
|
|
—
|
|
$
|
1,133,425
|
|
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:
|
July 31, 2020
|
|
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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