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(Mark One)
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þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2012
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OR
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||
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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|
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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
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of Each Class
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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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New York Stock Exchange
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Preferred Stock Purchase Rights
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New York Stock Exchange
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Document
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Part of Form 10-K Into Which Incorporated
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Certain Sections of the Proxy Statement for 2013
|
|
Part III
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Annual Meeting of Shareholders
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Page
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||
EX-10.54
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EX-10.55
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EX-21
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EX-23.1
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EX-31.1
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EX-31.2
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||
EX-32
|
||
EX-101 INSTANCE DOCUMENT
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||
EX-101 SCHEMA DOCUMENT
|
||
EX-101 CALCULATION LINKBASE DOCUMENT
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||
EX-101 LABELS LINKBASE DOCUMENT
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||
EX-101 PRESENTATION LINKBASE DOCUMENT
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||
EX-101 DEFINITION LINKBASE DOCUMENT
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Item 1.
|
Business
|
•
|
technology advancements, which generate new products and increase the value of our products. These advancements may be in the form of enhanced or new functionality, new applications for our technologies, more accurate or reliable measurement, additional software capability or automation through robotics or other means, which allow us to design products more specific to the needs of the industries we serve, and
|
•
|
cost reductions, which reduce the manufacturing cost of our products through better overall design.
|
•
|
Corporate Governance Guidelines
|
•
|
Audit Committee Charter
|
•
|
Compensation Committee Charter
|
•
|
Nominating and Corporate Governance Committee Charter
|
•
|
Code of Conduct
|
•
|
Sustainability Report
|
Item 1A.
|
Risk Factors
|
•
|
A substantial drop in demand for our products because of the basic inability of companies to complete commercial transactions
|
•
|
Severe limits on the ability of our Company, our customers, suppliers and lenders to finance their respective businesses
|
•
|
Unavailability of liquidity at acceptable financing costs, if at all
|
•
|
The inability to obtain materials and supplies
|
•
|
Potential devaluation and/or impairment of assets
|
•
|
Increased accounts receivable write-offs
|
•
|
Difficulty in collecting accounts receivables
|
•
|
Potential disputes about the currency of payment under various contractual arrangements for the purchases and sales of goods and services
|
•
|
Increased foreign exchange rate volatility that could result in unexpected changes in profitability and cash flow
|
•
|
tariffs and trade barriers;
|
•
|
difficulties in staffing and managing local operations and/or mandatory salary increases for local employees;
|
•
|
credit risks arising from financial difficulties facing local customers and distributors;
|
•
|
difficulties in protecting intellectual property;
|
•
|
nationalization of private enterprises which may result in the confiscation of assets as we hold significant assets around the world in the form of property, plant and equipment, inventory and accounts receivable, as well as
$57.1 million
of cash at
December 31, 2012
in our Chinese subsidiaries;
|
•
|
restrictions on investments and/or limitations regarding foreign ownership;
|
•
|
adverse tax consequences, including tax disputes, imposition or increase of withholding and other taxes on remittances and other payments by subsidiaries; and
|
•
|
other uncertain local economic, political and social conditions, including hyper-inflationary conditions or periods of low or no productivity growth.
|
•
|
the outlook for our end markets and the global economy;
|
•
|
impact of external factors on our competition;
|
•
|
financial position of our customers;
|
•
|
the estimated costs of purchasing materials;
|
•
|
developments in personnel costs; and
|
•
|
rates for currency exchange, particularly between the Swiss franc and the euro.
|
•
|
our ability to implement our business strategy;
|
•
|
the effectiveness of our marketing programs such as our Spinnaker initiatives;
|
•
|
our ability to develop and deliver innovative products and services;
|
•
|
the continued growth of our sales in emerging markets;
|
•
|
our ability to implement price increases as forecasted; and
|
•
|
the effectiveness of our cost saving initiatives.
|
Item 1B.
|
Unresolved Staff Comments
|
Item 2.
|
Properties
|
Location
|
|
Owned/Leased
|
|
Business Segment
|
|
|
|
|
|
Europe:
|
|
|
|
|
Greifensee/Nanikon, Switzerland
|
|
Owned
|
|
Swiss Operations
|
Uznach, Switzerland
|
|
Owned
|
|
Swiss Operations
|
Urdorf, Switzerland
|
|
Owned
|
|
Swiss Operations
|
Schwerzenbach, Switzerland
|
|
Leased
|
|
Swiss Operations
|
Cambridge, England
|
|
Owned
|
|
Western European Operations
|
Manchester, England
|
|
Leased
|
|
Western European Operations
|
Viroflay, France (two facilities)
|
|
Building Owned
|
|
Western European Operations
|
|
|
Building Leased
|
|
|
Albstadt, Germany
|
|
Owned
|
|
Western European Operations
|
Giessen, Germany
|
|
Owned
|
|
Western European Operations
|
Americas:
|
|
|
|
|
Columbus, Ohio
|
|
Leased
|
|
U.S. Operations
|
Worthington, Ohio (two facilities)
|
|
Owned
|
|
U.S. Operations
|
Oakland, California
|
|
Leased
|
|
U.S. Operations
|
Bedford, Massachusetts
|
|
Leased
|
|
U.S. Operations
|
Ithaca, New York
|
|
Owned
|
|
U.S. Operations
|
Tampa, Florida
|
|
Leased
|
|
U.S. Operations
|
Other:
|
|
|
|
|
Shanghai, China (two facilities)
|
|
Buildings Owned;
|
|
Chinese Operations
|
|
|
Land Leased
|
|
|
Changzhou, China (two facilities)
|
|
Buildings Owned;
|
|
Chinese Operations
|
|
|
Land Leased
|
|
|
Mumbai, India (two facilities)
|
|
Buildings Leased
|
|
Other Operations
|
Item 3.
|
Legal Proceedings
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
Common Stock Price
Range
|
||||||
|
High
|
|
Low
|
||||
2012
|
|
|
|
|
|
||
Fourth Quarter
|
$
|
195.00
|
|
|
$
|
161.80
|
|
Third Quarter
|
$
|
177.44
|
|
|
$
|
148.68
|
|
Second Quarter
|
$
|
185.08
|
|
|
$
|
150.57
|
|
First Quarter
|
$
|
189.67
|
|
|
$
|
152.19
|
|
2011
|
|
|
|
|
|
||
Fourth Quarter
|
$
|
167.13
|
|
|
$
|
130.12
|
|
Third Quarter
|
$
|
175.28
|
|
|
$
|
131.91
|
|
Second Quarter
|
$
|
191.95
|
|
|
$
|
157.13
|
|
First Quarter
|
$
|
177.07
|
|
|
$
|
147.23
|
|
|
|
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
|
||||||
Period
|
|
|
|
|
||||||||||
October 1 to October 31, 2012
|
|
132,292
|
|
|
$
|
169.32
|
|
|
132,292
|
|
|
$
|
485,772
|
|
November 1 to November 30, 2012
|
|
128,689
|
|
|
177.52
|
|
|
128,689
|
|
|
462,927
|
|
||
December 1 to December 31, 2012
|
|
135,487
|
|
|
188.73
|
|
|
135,487
|
|
|
437,356
|
|
||
Total
|
|
396,468
|
|
|
$
|
178.61
|
|
|
396,468
|
|
|
$
|
437,356
|
|
Item 6.
|
Selected Financial Data
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
$
|
2,341,528
|
|
|
$
|
2,309,328
|
|
|
$
|
1,968,178
|
|
|
$
|
1,728,853
|
|
|
$
|
1,973,344
|
|
Cost of sales
|
1,100,473
|
|
|
1,091,054
|
|
|
930,982
|
|
|
839,516
|
|
|
980,263
|
|
|||||
Gross profit
|
1,241,055
|
|
|
1,218,274
|
|
|
1,037,196
|
|
|
889,337
|
|
|
993,081
|
|
|||||
Research and development
|
112,530
|
|
|
116,139
|
|
|
97,028
|
|
|
89,685
|
|
|
102,282
|
|
|||||
Selling, general and administrative
|
684,026
|
|
|
703,632
|
|
|
588,726
|
|
|
505,177
|
|
|
579,806
|
|
|||||
Amortization
|
21,357
|
|
|
17,808
|
|
|
14,842
|
|
|
11,844
|
|
|
10,553
|
|
|||||
Interest expense
|
22,764
|
|
|
23,226
|
|
|
20,057
|
|
|
25,117
|
|
|
25,390
|
|
|||||
Restructuring charges
(a)
|
16,687
|
|
|
5,912
|
|
|
4,866
|
|
|
31,368
|
|
|
6,413
|
|
|||||
Other charges (income), net
(b)
|
1,090
|
|
|
2,380
|
|
|
4,164
|
|
|
1,384
|
|
|
2,568
|
|
|||||
Earnings before taxes
|
382,601
|
|
|
349,177
|
|
|
307,513
|
|
|
224,762
|
|
|
266,069
|
|
|||||
Provision for taxes
(c)
|
91,754
|
|
|
79,684
|
|
|
75,365
|
|
|
52,169
|
|
|
63,291
|
|
|||||
Net earnings
|
$
|
290,847
|
|
|
$
|
269,493
|
|
|
$
|
232,148
|
|
|
$
|
172,593
|
|
|
$
|
202,778
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings
|
$
|
9.37
|
|
|
$
|
8.45
|
|
|
$
|
6.98
|
|
|
$
|
5.12
|
|
|
$
|
5.92
|
|
Weighted average number of common shares
|
31,044,532
|
|
|
31,897,779
|
|
|
33,280,463
|
|
|
33,716,353
|
|
|
34,250,310
|
|
|||||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings
|
$
|
9.14
|
|
|
$
|
8.21
|
|
|
$
|
6.80
|
|
|
$
|
5.03
|
|
|
$
|
5.79
|
|
Weighted average number of common and common equivalent shares
|
31,824,077
|
|
|
32,839,365
|
|
|
34,140,097
|
|
|
34,290,771
|
|
|
35,048,859
|
|
|||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
101,702
|
|
|
$
|
235,601
|
|
|
$
|
447,577
|
|
|
$
|
85,031
|
|
|
$
|
78,073
|
|
Working capital
(d)
|
242,141
|
|
|
201,718
|
|
|
166,034
|
|
|
156,369
|
|
|
180,412
|
|
|||||
Total assets
|
2,117,400
|
|
|
2,203,474
|
|
|
2,283,063
|
|
|
1,718,787
|
|
|
1,664,056
|
|
|||||
Long-term debt
|
347,131
|
|
|
476,715
|
|
|
670,301
|
|
|
203,590
|
|
|
441,588
|
|
|||||
Other non-current liabilities
(e)
|
240,886
|
|
|
209,945
|
|
|
174,469
|
|
|
189,593
|
|
|
183,301
|
|
|||||
Shareholders’ equity
(f)
|
827,219
|
|
|
781,137
|
|
|
771,584
|
|
|
711,138
|
|
|
503,247
|
|
(a)
|
Restructuring charges primarily relate to our global cost reduction program initiated in 2008 as well as additional cost reduction measures initiated during 2012. See Note 15 to the audited consolidated financial statements.
|
(b)
|
Other charges (income), net consists primarily of interest income, (gains) losses from foreign currency transactions and other items. Other charges (income), net in 2010 also includes a $4.4 million ($3.8 million after-tax) charge associated with the sale of our retail software business for in-store item and inventory management solutions. This amount was partially offset by a benefit from unrealized contingent consideration from a previous acquisition totaling $1.2 million ($1.2 million after-tax).
|
(c)
|
The provision for taxes for 2011, 2010 and 2009 includes discrete tax items resulting in a net tax benefit of $3.8 million, $5.2 million, and $8.3 million, respectively, primarily related to the favorable resolution of certain prior year tax matters. The provision for taxes for 2008 includes a discrete tax benefit of $2.5 million related to favorable withholding tax law changes in China and a discrete tax benefit of $3.5 million primarily related to the closure of certain tax matters.
|
(d)
|
Working capital represents total current assets net of cash, less total current liabilities net of short-term borrowings and current maturities of long-term debt.
|
(e)
|
Other non-current liabilities consist of pension and other post-retirement liabilities, plus certain other non-current liabilities. See Note 13 to the audited consolidated financial statements.
|
(f)
|
No dividends were paid during the five-year period ended
December 31, 2012
.
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
2012
|
|
2011
|
|
2010
|
|
Increase
(Decrease) in %
2012 vs. 2011
|
|
Increase
(Decrease) in % 2011 vs. 2010 |
||||||
Net sales
|
$
|
778,120
|
|
|
$
|
745,258
|
|
|
$
|
679,656
|
|
|
4%
|
|
10%
|
Net sales to external customers
|
$
|
699,361
|
|
|
$
|
665,245
|
|
|
$
|
618,809
|
|
|
5%
|
|
8%
|
Segment profit
|
$
|
138,894
|
|
|
$
|
121,398
|
|
|
$
|
121,013
|
|
|
14%
|
|
0%
|
|
2012
|
|
2011
|
|
2010
|
|
Increase
(Decrease) in % (1) 2012 vs. 2011 |
|
Increase
(Decrease) in % (1) 2011 vs. 2010 |
||||||
Net sales
|
$
|
530,847
|
|
|
$
|
555,308
|
|
|
$
|
456,491
|
|
|
(4)%
|
|
22%
|
Net sales to external customers
|
$
|
124,362
|
|
|
$
|
143,520
|
|
|
$
|
113,488
|
|
|
(13)%
|
|
26%
|
Segment profit
|
$
|
133,691
|
|
|
$
|
113,997
|
|
|
$
|
96,568
|
|
|
17%
|
|
18%
|
(1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
2012
|
|
2011
|
|
2010
|
|
Increase
(Decrease) in % (1) 2012 vs. 2011 |
|
Increase
(Decrease) in % (1) 2011 vs. 2010 |
||||||
Net sales
|
$
|
746,313
|
|
|
$
|
799,933
|
|
|
$
|
692,255
|
|
|
(7)%
|
|
16%
|
Net sales to external customers
|
$
|
644,361
|
|
|
$
|
692,348
|
|
|
$
|
600,933
|
|
|
(7)%
|
|
15%
|
Segment profit
|
$
|
95,523
|
|
|
$
|
99,969
|
|
|
$
|
85,120
|
|
|
(4)%
|
|
17%
|
(1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
2012
|
|
2011
|
|
2010
|
|
Increase
(Decrease) in % (1) 2012 vs. 2011 |
|
Increase
(Decrease) in % (1) 2011 vs. 2010 |
||||||
Net sales
|
$
|
555,924
|
|
|
$
|
515,142
|
|
|
$
|
404,543
|
|
|
8%
|
|
27%
|
Net sales to external customers
|
$
|
432,255
|
|
|
$
|
388,592
|
|
|
$
|
298,637
|
|
|
11%
|
|
30%
|
Segment profit
|
$
|
125,217
|
|
|
$
|
120,857
|
|
|
$
|
92,969
|
|
|
4%
|
|
30%
|
(1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
2012
|
|
2011
|
|
2010
|
|
Increase
(Decrease) in % (1) 2012 vs. 2011 |
|
Increase
(Decrease) in % (1) 2011 vs. 2010 |
||||||
Net sales
|
$
|
447,727
|
|
|
$
|
425,971
|
|
|
$
|
340,649
|
|
|
5%
|
|
25%
|
Net sales to external customers
|
$
|
441,189
|
|
|
$
|
419,623
|
|
|
$
|
336,311
|
|
|
5%
|
|
25%
|
Segment profit
|
$
|
48,857
|
|
|
$
|
50,045
|
|
|
$
|
35,166
|
|
|
(2)%
|
|
42%
|
(1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
U.S. Dollar
|
|
Other Principal
Trading Currencies
|
|
Total
|
||||||
6.30% $100 million Senior Notes
|
$
|
100,000
|
|
|
$
|
—
|
|
|
$
|
100,000
|
|
3.67% $50 million Senior Notes
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$880 million Credit Agreement
|
182,806
|
|
|
14,325
|
|
|
197,131
|
|
|||
Other local arrangements
|
—
|
|
|
41,600
|
|
|
41,600
|
|
|||
Total debt
|
332,806
|
|
|
55,925
|
|
|
388,731
|
|
|||
Less: current portion
|
—
|
|
|
(41,600
|
)
|
|
(41,600
|
)
|
|||
Total long-term debt
|
$
|
332,806
|
|
|
$
|
14,325
|
|
|
$
|
347,131
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
Total
|
|
Less than 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
After 5 Years
|
||||||||||
Short and long-term debt
|
$
|
388,731
|
|
|
$
|
41,600
|
|
|
$
|
100,000
|
|
|
$
|
197,131
|
|
|
$
|
50,000
|
|
Interest on debt
|
59,944
|
|
|
14,827
|
|
|
26,899
|
|
|
9,043
|
|
|
9,175
|
|
|||||
Non-cancelable operating leases
|
102,710
|
|
|
33,248
|
|
|
43,372
|
|
|
17,987
|
|
|
8,103
|
|
|||||
Pension and post-retirement funding
(1)
|
23,570
|
|
|
23,570
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchase obligations
|
93,959
|
|
|
83,831
|
|
|
7,756
|
|
|
2,372
|
|
|
—
|
|
|||||
Total
(1)
|
$668,914
|
|
$197,076
|
|
$178,027
|
|
$226,533
|
|
$67,278
|
(1)
|
In addition to the above table, we also have liabilities for pension and post-retirement funding and income taxes. However, we cannot determine the timing or the amounts for periods beyond
2012
for income taxes and beyond
2013
for pension and post-retirement funding.
|
Item 7A.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Name
|
|
Age
|
|
Position
|
Olivier A. Filliol
|
|
46
|
|
President and Chief Executive Officer
|
William P. Donnelly
|
|
51
|
|
Chief Financial Officer
|
Thomas Caratsch
|
|
54
|
|
Head of Laboratory
|
Christian Magloth
|
|
47
|
|
Head of Human Resources
|
Michael Heidingsfelder
|
|
52
|
|
Head of Industrial
|
Simon Kirk
|
|
53
|
|
Head of Product Inspection
|
Marc de la Guéronnière
|
|
49
|
|
Head of European Market Organizations
|
Waldemar Rauch
|
|
50
|
|
Head of Process Analytics
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Item 13.
|
Certain Relationships and Related Transactions and Director Independence
|
Item 14.
|
Principal Accounting Fees and Services
|
Item 15.
|
Exhibits and Financial Statement Schedules
|
By:
|
/s/ Olivier A. Filliol
|
|
Olivier A. Filliol
|
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
|
|
/s/ Olivier A. Filliol
|
|
President and Chief Executive Officer
|
Olivier A. Filliol
|
|
|
|
|
|
/s/ William P. Donnelly
|
|
Group Vice President and Chief Financial Officer
|
William P. Donnelly
|
|
(Principal financial and accounting officer)
|
|
|
|
/s/ Olivier A. Filliol
|
|
Director
|
Olivier A. Filliol
|
|
|
|
|
|
/s/ Wah-Hui Chu
|
|
Director
|
Wah-Hui Chu
|
|
|
|
|
|
/s/ Francis A. Contino
|
|
Director
|
Francis A. Contino
|
|
|
|
|
|
/s/ Michael A. Kelly
|
|
Director
|
Michael A. Kelly
|
|
|
|
|
|
/s/ Martin Madaus
|
|
Director
|
Martin Madaus
|
|
|
|
|
|
/s/ Hans Ulrich Maerki
|
|
Director
|
Hans Ulrich Maerki
|
|
|
|
|
|
/s/ George M. Milne
|
|
Director
|
George M. Milne
|
|
|
|
|
|
/s/ Thomas P. Salice
|
|
Director
|
Thomas P. Salice
|
|
|
|
|
|
/s/ Robert F. Spoerry
|
|
Director
|
Robert F. Spoerry
|
|
|
Exhibit
|
|
No.
|
Description
|
3.1
|
Amended and Restated Certificate of Incorporation of the Company
(1)
|
3.2
|
Amended By-laws of the Company, effective as of July 23, 2009
(2)
|
10.1
|
Credit Agreement among Mettler-Toledo International Inc., certain of its subsidiaries, JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and certain other financial institutions, dated as of December 20, 2011
(3)
|
10.11
|
Note Purchase Agreement dated as of June 25, 2009 by and among Mettler-Toledo International Inc. and Connecticut General Life Insurance Company, The Lincoln National Life Insurance Company, Lincoln Life & Annuity Company of New York, Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company, MassMutual Asia Limited, American Investors Life Insurance Company, Aviva Life and Annuity Company, Bankers Life and Casualty Company, Conseco Life Insurance Company, Conseco Health Insurance Company and Colonial Penn Life Insurance Company
(4)
|
10.12
|
Note Purchase Agreement dated as of October 10, 2012 by and among Mettler-Toledo International Inc., Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company, MassMutual Asia Limited, The Lincoln National Life Insurance Company, Lincoln Life & Annuity Company of New York and Aviva Life and Annuity Company Royal Neighbors of America.
(5)
|
10.20
|
1997 Amended and Restated Stock Option Plan
(6)
|
10.21
|
Amendment to the 1997 Amended and Restated Stock Option Plan
(7)
|
10.22
|
Mettler-Toledo International Inc. 2004 Equity Incentive Plan
(8)
|
10.23
|
Mettler-Toledo International Inc. 2007 Share Plan, effective February 7, 2008
(9)
|
10.31
|
Regulations of the POBS PLUS — Incentive Scheme for Senior Management of Mettler Toledo, effective as of November, 2006
(10)
|
10.32
|
Regulations of the POBS PLUS — Incentive Scheme for Members of the Group Management of Mettler Toledo, effective as of January, 2009
(10)
|
10.50
|
Employment Agreement between Thomas Caratsch and Mettler-Toledo International Inc., dated as of December 4, 2007
(9)
|
10.51
|
Employment Agreement between Marc de la Guéronnière and Mettler-Toledo International Inc., dated as of January 27, 2011
(11)
|
10.52
|
Employment Agreement between William Donnelly and Mettler-Toledo GmbH, dated as of November 10, 1997
(1)
|
10.53
|
Employment Agreement between Olivier Filliol and Mettler-Toledo International Inc., dated as of November 1, 2007
(12)
|
10.54*
|
Employment Agreement between Michael Heidingsfelder and Mettler-Toledo International Inc., dated as of November 30, 2011
|
10.55*
|
Employment Agreement between Simon Kirk and Mettler-Toledo International Inc., dated as of November 28, 2011
|
10.56
|
Employment Agreement between Christian Magloth and Mettler-Toledo International Inc., dated as of March 22, 2010
(11)
|
10.57
|
Employment Agreement between Waldemar Rauch and Mettler-Toledo International Inc., dated as of June 10, 2011
(14)
|
10.58
|
Employment Agreement between Robert Spoerry and Mettler-Toledo International Inc., dated as of November 1, 2007
(12)
|
10.59
|
Form of Tax Equalization Agreement between Messrs. Caratsch, Filliol, Spoerry, von Arb, Widmer and Kirk and Mettler-Toledo International Inc., dated October 10, 2007
(9)
|
21*
|
Subsidiaries of the Company
|
23.1*
|
Consent of PricewaterhouseCoopers LLP
|
Exhibit
|
|
No.
|
Description
|
31.1*
|
Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2*
|
Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32*
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS*
|
XBRL Instance Document
|
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
|
(1)
|
Incorporated by reference to the Company’s Report on Form 10-K dated March 13, 1998
|
(2)
|
Incorporated by reference to the Company’s Report on Form 8-K dated July 24, 2009
|
(3)
|
Incorporated by reference to the Company’s Report on Form 8-K dated December 27, 2011
|
(4)
|
Incorporated by reference to the Company’s Report on Form 8-K dated June 25, 2009
|
(5)
|
Incorporated by reference to the Company's Report on Form 8-K dated October 16, 2012
|
(6)
|
Incorporated by reference to the Company’s Registration Statement on Form S-1 (Reg. No. 333-35597)
|
(7)
|
Incorporated by reference to the Company’s Report on Form 10-Q dated August 15, 2000
|
(8)
|
Incorporated by reference to the Company’s Form DEF 14-A filed March 29, 2004
|
(9)
|
Incorporated by reference to the Company’s Report on Form 10-K dated February 15, 2008
|
(10)
|
Incorporated by reference to the Company’s Report on Form 10-K dated February 13, 2009
|
(11)
|
Incorporated by reference to the Company's Report on Form 10-K dated February 16, 2010
|
(12)
|
Incorporated by reference to the Company’s Report on Form 8-K dated November 1, 2007
|
(13)
|
Incorporated by reference to the Company’s Report on Form 10-K dated March 4, 2002
|
(14)
|
Incorporated by reference to the Company's Report on Form 10-K dated February 13, 2012
|
*
|
Filed herewith
|
/s/ Pricewaterhousecoopers LLP
|
PricewaterhouseCoopers LLP
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net sales
|
|
|
|
|
|
|
|
|
|||
Products
|
$
|
1,852,192
|
|
|
$
|
1,826,891
|
|
|
$
|
1,524,083
|
|
Service
|
489,336
|
|
|
482,437
|
|
|
444,095
|
|
|||
Total net sales
|
2,341,528
|
|
|
2,309,328
|
|
|
1,968,178
|
|
|||
Cost of sales
|
|
|
|
|
|
|
|
|
|||
Products
|
811,204
|
|
|
798,682
|
|
|
662,314
|
|
|||
Service
|
289,269
|
|
|
292,372
|
|
|
268,668
|
|
|||
Gross profit
|
1,241,055
|
|
|
1,218,274
|
|
|
1,037,196
|
|
|||
Research and development
|
112,530
|
|
|
116,139
|
|
|
97,028
|
|
|||
Selling, general and administrative
|
684,026
|
|
|
703,632
|
|
|
588,726
|
|
|||
Amortization
|
21,357
|
|
|
17,808
|
|
|
14,842
|
|
|||
Interest expense
|
22,764
|
|
|
23,226
|
|
|
20,057
|
|
|||
Restructuring charges
|
16,687
|
|
|
5,912
|
|
|
4,866
|
|
|||
Other charges (income), net
|
1,090
|
|
|
2,380
|
|
|
4,164
|
|
|||
Earnings before taxes
|
382,601
|
|
|
349,177
|
|
|
307,513
|
|
|||
Provision for taxes
|
91,754
|
|
|
79,684
|
|
|
75,365
|
|
|||
Net earnings
|
$
|
290,847
|
|
|
$
|
269,493
|
|
|
$
|
232,148
|
|
|
|
|
|
|
|
||||||
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|||
Net earnings
|
$
|
9.37
|
|
|
$
|
8.45
|
|
|
$
|
6.98
|
|
Weighted average number of common shares
|
31,044,532
|
|
|
31,897,779
|
|
|
33,280,463
|
|
|||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|||
Net earnings
|
$
|
9.14
|
|
|
$
|
8.21
|
|
|
$
|
6.80
|
|
Weighted average number of common and common equivalent shares
|
31,824,077
|
|
|
32,839,365
|
|
|
34,140,097
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
|
|
|
|
|
|
||||||
Net earnings
|
$
|
290,847
|
|
|
$
|
269,493
|
|
|
$
|
232,148
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
15,641
|
|
|
(18,731
|
)
|
|
31,647
|
|
|||
Unrealized gains (losses) on cash flow hedging arrangements:
|
|
|
|
|
|
||||||
Unrealized gains (losses)
|
(1,748
|
)
|
|
(4,028
|
)
|
|
(6,766
|
)
|
|||
Effective portion of (gains) losses included in net earnings
|
2,029
|
|
|
1,911
|
|
|
356
|
|
|||
Defined benefit pension and post-retirement plans:
|
|
|
|
|
|
||||||
Net actuarial gains (losses)
|
(46,792
|
)
|
|
(79,947
|
)
|
|
(5,424
|
)
|
|||
Plan amendments and prior service cost
|
18,017
|
|
|
(274
|
)
|
|
(405
|
)
|
|||
Amortization of actuarial (gains) losses and plan amendments and prior service cost
|
4,261
|
|
|
2,326
|
|
|
2,972
|
|
|||
Impact of foreign currency
|
(1,931
|
)
|
|
3,604
|
|
|
2,030
|
|
|||
Total other comprehensive income (loss), net of tax
|
(10,523
|
)
|
|
(95,139
|
)
|
|
24,410
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive income
|
$
|
280,324
|
|
|
$
|
174,354
|
|
|
$
|
256,558
|
|
|
2012
|
|
2011
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
101,702
|
|
|
$
|
235,601
|
|
Trade accounts receivable, less allowances of $14,120 in 2012 and $12,317 in 2011
|
437,390
|
|
|
425,147
|
|
||
Inventories
|
198,939
|
|
|
241,421
|
|
||
Current deferred tax assets, net
|
57,690
|
|
|
51,125
|
|
||
Other current assets and prepaid expenses
|
69,199
|
|
|
65,569
|
|
||
Total current assets
|
864,920
|
|
|
1,018,863
|
|
||
Property, plant and equipment, net
|
469,421
|
|
|
410,007
|
|
||
Goodwill
|
452,351
|
|
|
447,743
|
|
||
Other intangible assets, net
|
117,564
|
|
|
121,410
|
|
||
Non-current deferred tax assets, net
|
127,110
|
|
|
118,899
|
|
||
Other non-current assets
|
86,034
|
|
|
86,552
|
|
||
Total assets
|
$
|
2,117,400
|
|
|
$
|
2,203,474
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
|
|
||
Trade accounts payable
|
$
|
142,362
|
|
|
$
|
168,109
|
|
Accrued and other liabilities
|
107,834
|
|
|
100,320
|
|
||
Accrued compensation and related items
|
119,415
|
|
|
139,940
|
|
||
Deferred revenue and customer prepayments
|
71,435
|
|
|
99,584
|
|
||
Taxes payable
|
64,000
|
|
|
55,139
|
|
||
Current deferred tax liabilities
|
16,031
|
|
|
18,452
|
|
||
Short-term borrowings and current maturities of long-term debt
|
41,600
|
|
|
28,300
|
|
||
Total current liabilities
|
562,677
|
|
|
609,844
|
|
||
Long-term debt
|
347,131
|
|
|
476,715
|
|
||
Non-current deferred tax liabilities
|
139,487
|
|
|
125,833
|
|
||
Other non-current liabilities
|
240,886
|
|
|
209,945
|
|
||
Total liabilities
|
1,290,181
|
|
|
1,422,337
|
|
||
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 30,410,006 and 31,590,101 shares at December 31, 2012 and 2011, respectively
|
448
|
|
|
448
|
|
||
Additional paid-in capital
|
638,705
|
|
|
616,202
|
|
||
Treasury stock at cost (14,376,005 and 13,195,910 shares at December 31, 2012 and 2011, respectively)
|
(1,463,924
|
)
|
|
(1,225,125
|
)
|
||
Retained earnings
|
1,749,451
|
|
|
1,476,550
|
|
||
Accumulated other comprehensive income (loss)
|
(97,461
|
)
|
|
(86,938
|
)
|
||
Total shareholders’ equity
|
827,219
|
|
|
781,137
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,117,400
|
|
|
$
|
2,203,474
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Treasury
Stock
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2009
|
33,851,124
|
|
|
$
|
448
|
|
|
$
|
574,034
|
|
|
$
|
(857,130
|
)
|
|
$
|
1,009,995
|
|
|
$
|
(16,209
|
)
|
|
$
|
711,138
|
|
Exercise of stock options and restricted stock units
|
527,276
|
|
|
—
|
|
|
—
|
|
|
39,555
|
|
|
(19,100
|
)
|
|
—
|
|
|
20,455
|
|
||||||
Other treasury stock issuances
|
2,549
|
|
|
—
|
|
|
—
|
|
|
183
|
|
|
87
|
|
|
—
|
|
|
270
|
|
||||||
Repurchases of common stock
|
(1,955,634
|
)
|
|
—
|
|
|
—
|
|
|
(239,998
|
)
|
|
—
|
|
|
—
|
|
|
(239,998
|
)
|
||||||
Tax benefit resulting from exercise of certain employee stock options
|
—
|
|
|
—
|
|
|
10,776
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,776
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
12,385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,385
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232,148
|
|
|
—
|
|
|
232,148
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,410
|
|
|
24,410
|
|
||||||
Balance at December 31, 2010
|
32,425,315
|
|
|
$
|
448
|
|
|
$
|
597,195
|
|
|
$
|
(1,057,390
|
)
|
|
$
|
1,223,130
|
|
|
$
|
8,201
|
|
|
$
|
771,584
|
|
Exercise of stock options and restricted stock units
|
450,613
|
|
|
—
|
|
|
—
|
|
|
36,843
|
|
|
(16,073
|
)
|
|
—
|
|
|
20,770
|
|
||||||
Repurchases of common stock
|
(1,285,827
|
)
|
|
—
|
|
|
—
|
|
|
(204,578
|
)
|
|
—
|
|
|
—
|
|
|
(204,578
|
)
|
||||||
Tax benefit resulting from exercise of certain employee stock options
|
—
|
|
|
—
|
|
|
6,737
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,737
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
12,270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,270
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
269,493
|
|
|
—
|
|
|
269,493
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(95,139
|
)
|
|
(95,139
|
)
|
||||||
Balance at December 31, 2011
|
31,590,101
|
|
|
$
|
448
|
|
|
$
|
616,202
|
|
|
$
|
(1,225,125
|
)
|
|
$
|
1,476,550
|
|
|
$
|
(86,938
|
)
|
|
$
|
781,137
|
|
Exercise of stock options and restricted stock units
|
457,732
|
|
|
—
|
|
|
—
|
|
|
39,873
|
|
|
(17,946
|
)
|
|
—
|
|
|
21,927
|
|
||||||
Repurchases of common stock
|
(1,637,827
|
)
|
|
—
|
|
|
—
|
|
|
(278,672
|
)
|
|
—
|
|
|
—
|
|
|
(278,672
|
)
|
||||||
Tax benefit resulting from exercise of certain employee stock options
|
—
|
|
|
—
|
|
|
9,318
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,318
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
13,185
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,185
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
290,847
|
|
|
—
|
|
|
290,847
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,523
|
)
|
|
(10,523
|
)
|
||||||
Balance at December 31, 2012
|
30,410,006
|
|
|
$
|
448
|
|
|
$
|
638,705
|
|
|
$
|
(1,463,924
|
)
|
|
$
|
1,749,451
|
|
|
$
|
(97,461
|
)
|
|
$
|
827,219
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Net earnings
|
$
|
290,847
|
|
|
$
|
269,493
|
|
|
$
|
232,148
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||
Depreciation
|
33,421
|
|
|
31,689
|
|
|
29,686
|
|
|||
Amortization
|
21,357
|
|
|
17,808
|
|
|
14,842
|
|
|||
Deferred tax provision
|
5,420
|
|
|
2,592
|
|
|
4,058
|
|
|||
Excess tax benefits from share-based payment arrangements
|
(9,365
|
)
|
|
(12,612
|
)
|
|
(9,017
|
)
|
|||
Share-based compensation
|
13,185
|
|
|
12,270
|
|
|
12,385
|
|
|||
Other
|
1,455
|
|
|
(524
|
)
|
|
3,499
|
|
|||
Increase (decrease) in cash resulting from changes in:
|
|
|
|
|
|
|
|
||||
Trade accounts receivable, net
|
(8,760
|
)
|
|
(53,964
|
)
|
|
(55,025
|
)
|
|||
Inventories
|
46,831
|
|
|
(20,281
|
)
|
|
(40,417
|
)
|
|||
Other current assets
|
3,583
|
|
|
(301
|
)
|
|
(20,107
|
)
|
|||
Trade accounts payable
|
(27,881
|
)
|
|
27,551
|
|
|
31,696
|
|
|||
Taxes payable
|
7,482
|
|
|
5,374
|
|
|
6,613
|
|
|||
Accruals and other
|
(49,871
|
)
|
|
1,785
|
|
|
57,918
|
|
|||
Net cash provided by operating activities
|
327,704
|
|
|
280,880
|
|
|
268,279
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Proceeds from sale of property, plant and equipment
|
426
|
|
|
2,485
|
|
|
350
|
|
|||
Purchase of property, plant and equipment
|
(95,588
|
)
|
|
(98,500
|
)
|
|
(73,943
|
)
|
|||
Acquisitions
|
(2,098
|
)
|
|
(35,373
|
)
|
|
(13,064
|
)
|
|||
Proceeds from divestiture
|
—
|
|
|
—
|
|
|
9,750
|
|
|||
Other investing activities
|
—
|
|
|
(903
|
)
|
|
(108
|
)
|
|||
Net cash used in investing activities
|
(97,260
|
)
|
|
(132,291
|
)
|
|
(77,015
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Proceeds from borrowings
|
477,998
|
|
|
469,599
|
|
|
714,575
|
|
|||
Repayments of borrowings
|
(595,682
|
)
|
|
(647,694
|
)
|
|
(329,536
|
)
|
|||
Proceeds from exercise of stock options
|
21,927
|
|
|
20,770
|
|
|
20,455
|
|
|||
Repurchases of common stock
|
(278,672
|
)
|
|
(204,578
|
)
|
|
(239,998
|
)
|
|||
Excess tax benefits from share-based payment arrangements
|
9,365
|
|
|
12,612
|
|
|
9,017
|
|
|||
Acquisition contingent consideration paid
|
(325
|
)
|
|
(7,750
|
)
|
|
—
|
|
|||
Debt issuance costs
|
(363
|
)
|
|
(3,144
|
)
|
|
—
|
|
|||
Other financing activities
|
(645
|
)
|
|
(284
|
)
|
|
(6,590
|
)
|
|||
Net cash provided by (used in) financing activities
|
(366,397
|
)
|
|
(360,469
|
)
|
|
167,923
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
2,054
|
|
|
(96
|
)
|
|
3,359
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
(133,899
|
)
|
|
(211,976
|
)
|
|
362,546
|
|
|||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|||
Beginning of period
|
235,601
|
|
|
447,577
|
|
|
85,031
|
|
|||
End of period
|
$
|
101,702
|
|
|
$
|
235,601
|
|
|
$
|
447,577
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|||
Cash paid during the year for:
|
|
|
|
|
|
|
|
|
|||
Interest
|
$
|
19,252
|
|
|
$
|
17,804
|
|
|
$
|
15,019
|
|
Taxes
|
$
|
78,009
|
|
|
$
|
69,656
|
|
|
$
|
60,101
|
|
1.
|
BUSINESS DESCRIPTION AND BASIS OF PRESENTATION
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
a)
|
Property, Plant and Equipment
|
b)
|
Goodwill and Other Intangible Assets
|
3.
|
ACQUISITIONS AND DIVESTITURE
|
4.
|
INVENTORIES
|
|
2012
|
|
2011
|
||||
Raw materials and parts
|
$
|
103,476
|
|
|
$
|
101,716
|
|
Work-in-progress
|
33,081
|
|
|
40,822
|
|
||
Finished goods
|
62,382
|
|
|
98,883
|
|
||
|
$
|
198,939
|
|
|
$
|
241,421
|
|
5.
|
FINANCIAL INSTRUMENTS
|
6.
|
FAIR VALUE MEASUREMENTS
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
13,636
|
|
|
$
|
—
|
|
|
$
|
13,636
|
|
|
$
|
—
|
|
|
$
|
13,619
|
|
|
$
|
—
|
|
|
$
|
13,619
|
|
|
$
|
—
|
|
Foreign currency forward contracts not designated as hedging instrument
|
448
|
|
|
—
|
|
|
448
|
|
|
—
|
|
|
545
|
|
|
—
|
|
|
545
|
|
|
—
|
|
||||||||
Total
|
$
|
14,084
|
|
|
$
|
—
|
|
|
$
|
14,084
|
|
|
$
|
—
|
|
|
$
|
14,164
|
|
|
$
|
—
|
|
|
$
|
14,164
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate swap agreements
|
$
|
8,172
|
|
|
$
|
—
|
|
|
$
|
8,172
|
|
|
$
|
—
|
|
|
$
|
9,175
|
|
|
$
|
—
|
|
|
$
|
9,175
|
|
|
$
|
—
|
|
Foreign currency forward contracts designated as cash flow hedge
|
421
|
|
|
—
|
|
|
421
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Foreign currency forward contracts not designated as hedging instrument
|
280
|
|
|
—
|
|
|
280
|
|
|
—
|
|
|
480
|
|
|
—
|
|
|
480
|
|
|
—
|
|
||||||||
Total
|
$
|
8,873
|
|
|
$
|
—
|
|
|
$
|
8,873
|
|
|
$
|
—
|
|
|
$
|
9,655
|
|
|
$
|
—
|
|
|
$
|
9,655
|
|
|
$
|
—
|
|
7.
|
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
2012
|
|
2011
|
||||
Land
|
$
|
54,804
|
|
|
$
|
53,392
|
|
Building and leasehold improvements
|
206,744
|
|
|
195,838
|
|
||
Machinery and equipment
|
340,834
|
|
|
321,609
|
|
||
Computer software
|
247,044
|
|
|
179,913
|
|
||
|
849,426
|
|
|
750,752
|
|
||
Less accumulated depreciation and amortization
|
(380,005
|
)
|
|
(340,745
|
)
|
||
|
$
|
469,421
|
|
|
$
|
410,007
|
|
8.
|
GOODWILL AND OTHER INTANGIBLE ASSETS
|
|
2012
|
|
2011
|
||||
Balance at beginning of year
|
$
|
447,743
|
|
|
$
|
434,699
|
|
Goodwill acquired
|
648
|
|
|
15,425
|
|
||
Foreign currency translation
|
3,960
|
|
|
(2,381
|
)
|
||
Balance at year end
|
$
|
452,351
|
|
|
$
|
447,743
|
|
|
2012
|
|
2011
|
||||||||||||
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
||||||||
Customer relationships
|
$
|
96,575
|
|
|
$
|
(21,928
|
)
|
|
$
|
95,203
|
|
|
$
|
(18,735
|
)
|
Proven technology and patents
|
42,960
|
|
|
(28,014
|
)
|
|
41,643
|
|
|
(25,174
|
)
|
||||
Tradename (finite life)
|
3,972
|
|
|
(1,345
|
)
|
|
3,995
|
|
|
(1,072
|
)
|
||||
Tradename (indefinite life)
|
25,061
|
|
|
—
|
|
|
25,033
|
|
|
—
|
|
||||
Other
|
745
|
|
|
(462
|
)
|
|
743
|
|
|
(226
|
)
|
||||
|
$
|
169,313
|
|
|
$
|
(51,749
|
)
|
|
$
|
166,617
|
|
|
$
|
(45,207
|
)
|
9.
|
WARRANTY
|
|
2012
|
|
2011
|
||||
Balance at beginning of year
|
$
|
16,748
|
|
|
$
|
15,680
|
|
Accruals for warranties
|
17,073
|
|
|
17,267
|
|
||
Payments/utilizations
|
(17,749
|
)
|
|
(16,092
|
)
|
||
Foreign currency translation
|
223
|
|
|
(107
|
)
|
||
Balance at year end
|
$
|
16,295
|
|
|
$
|
16,748
|
|
10.
|
DEBT
|
|
2012
|
|
2011
|
||||
$100 million Senior Notes, interest at 6.30%, due June 25, 2015
|
$
|
100,000
|
|
|
$
|
100,000
|
|
$50 million Senior Notes, interest at 3.67%, due December 17, 2022
|
50,000
|
|
|
—
|
|
||
$880 million Credit Agreement, interest at LIBOR plus 85 basis points
|
197,131
|
|
|
376,715
|
|
||
Other local arrangements
|
41,600
|
|
|
28,300
|
|
||
|
388,731
|
|
|
505,015
|
|
||
Less: current portion
|
(41,600
|
)
|
|
(28,300
|
)
|
||
Long-term debt
|
$
|
347,131
|
|
|
$
|
476,715
|
|
11.
|
SHAREHOLDERS’ EQUITY
|
|
2012
|
|
2011
|
|
2010
|
||||||
Currency translation adjustment, net of tax
|
$
|
56,012
|
|
|
$
|
40,371
|
|
|
$
|
59,102
|
|
Net unrealized (loss) gain on cash flow hedging arrangements, net of tax
|
(5,438
|
)
|
|
(5,719
|
)
|
|
(3,602
|
)
|
|||
Pension and post-retirement benefit related items
|
(209,775
|
)
|
|
(176,005
|
)
|
|
(72,510
|
)
|
|||
Deferred taxes on pension and post-retirement benefit related items
|
61,740
|
|
|
54,415
|
|
|
25,211
|
|
|||
Total accumulated other comprehensive income (loss)
|
$
|
(97,461
|
)
|
|
$
|
(86,938
|
)
|
|
$
|
8,201
|
|
12.
|
EQUITY INCENTIVE PLAN
|
|
Number of
Options
|
|
Weighted Average
Exercise Price
|
|
Aggregate Intrinsic
Value (in millions)
|
|
Outstanding at December 31, 2011
|
2,394,938
|
|
|
$82.16
|
|
$157.4
|
Granted
|
182,506
|
|
|
169.37
|
|
|
Exercised
|
(410,019
|
)
|
|
53.48
|
|
|
Forfeited
|
(62,650
|
)
|
|
107.93
|
|
|
Outstanding at December 31, 2012
|
2,104,775
|
|
|
$94.45
|
|
$208.9
|
Options exercisable at December 31, 2012
|
1,337,939
|
|
|
$73.91
|
|
$159.7
|
Number of Options
Outstanding
|
|
Weighted Average
Exercise Price
|
|
Remaining Contractual
Life of Options
Outstanding
|
|
Options
Exercisable
|
||||
|
|
|
||||||||
307,498
|
|
|
$
|
43.26
|
|
|
1.6
|
|
307,498
|
|
398,000
|
|
|
$
|
60.22
|
|
|
3.7
|
|
398,000
|
|
500,732
|
|
|
$
|
81.33
|
|
|
6.3
|
|
354,906
|
|
344,800
|
|
|
$
|
109.09
|
|
|
4.9
|
|
161,550
|
|
371,239
|
|
|
$
|
141.47
|
|
|
8.3
|
|
115,985
|
|
182,506
|
|
|
$
|
169.37
|
|
|
9.8
|
|
—
|
|
2,104,775
|
|
|
|
|
|
5.6
|
|
1,337,939
|
|
|
Number of Restricted
Stock Units
|
|
Aggregate Intrinsic
Value (in millions)
|
|||
Outstanding at December 31, 2011
|
139,774
|
|
|
$
|
20.6
|
|
Granted
|
43,078
|
|
|
|
|
|
Vested
|
(47,713
|
)
|
|
|
|
|
Forfeited
|
(4,114
|
)
|
|
|
|
|
Outstanding at December 31, 2012
|
131,025
|
|
|
$
|
25.3
|
|
13.
|
BENEFIT PLANS
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Benefit obligation at beginning of year
|
$
|
146,492
|
|
|
$
|
125,340
|
|
|
$
|
717,503
|
|
|
$
|
661,029
|
|
|
$
|
13,257
|
|
|
$
|
14,608
|
|
Service cost, gross
|
455
|
|
|
331
|
|
|
27,312
|
|
|
27,194
|
|
|
333
|
|
|
304
|
|
||||||
Interest cost
|
6,093
|
|
|
6,422
|
|
|
22,104
|
|
|
24,637
|
|
|
539
|
|
|
731
|
|
||||||
Actuarial losses (gains)
|
10,184
|
|
|
20,596
|
|
|
68,807
|
|
|
33,834
|
|
|
(2,059
|
)
|
|
(1,971
|
)
|
||||||
Plan amendments and other
|
—
|
|
|
—
|
|
|
(21,915
|
)
|
|
(444
|
)
|
|
75
|
|
|
558
|
|
||||||
Benefits paid
|
(6,420
|
)
|
|
(6,197
|
)
|
|
(36,861
|
)
|
|
(22,482
|
)
|
|
(878
|
)
|
|
(973
|
)
|
||||||
Impact of foreign currency
|
—
|
|
|
—
|
|
|
21,707
|
|
|
(6,265
|
)
|
|
—
|
|
|
—
|
|
||||||
Benefit obligation at end of year
|
$
|
156,804
|
|
|
$
|
146,492
|
|
|
$
|
798,657
|
|
|
$
|
717,503
|
|
|
$
|
11,267
|
|
|
$
|
13,257
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fair value of plan assets at beginning of year
|
$
|
87,904
|
|
|
$
|
97,040
|
|
|
$
|
665,126
|
|
|
$
|
667,124
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
9,501
|
|
|
(3,004
|
)
|
|
47,797
|
|
|
(13,604
|
)
|
|
—
|
|
|
—
|
|
||||||
Employer contributions
|
3,749
|
|
|
65
|
|
|
22,309
|
|
|
22,197
|
|
|
803
|
|
|
875
|
|
||||||
Plan participants’ contributions
|
—
|
|
|
—
|
|
|
12,315
|
|
|
13,290
|
|
|
75
|
|
|
98
|
|
||||||
Benefits paid
|
(6,420
|
)
|
|
(6,197
|
)
|
|
(36,861
|
)
|
|
(23,217
|
)
|
|
(878
|
)
|
|
(973
|
)
|
||||||
Impact of foreign currency and other
|
—
|
|
|
—
|
|
|
20,354
|
|
|
(664
|
)
|
|
—
|
|
|
—
|
|
||||||
Fair value of plan assets at end of year
|
$
|
94,734
|
|
|
$
|
87,904
|
|
|
$
|
731,040
|
|
|
$
|
665,126
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Funded status
|
$
|
(62,070
|
)
|
|
$
|
(58,588
|
)
|
|
$
|
(67,617
|
)
|
|
$
|
(52,377
|
)
|
|
$
|
(11,267
|
)
|
|
$
|
(13,257
|
)
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Other non-current assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
64,183
|
|
|
$
|
52,660
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Pension and other post-retirement liabilities
|
(62,070
|
)
|
|
(58,588
|
)
|
|
(131,800
|
)
|
|
(105,037
|
)
|
|
(11,267
|
)
|
|
(13,257
|
)
|
||||||
Accumulated other comprehensive loss (income)
|
89,940
|
|
|
89,956
|
|
|
130,776
|
|
|
95,686
|
|
|
(10,941
|
)
|
|
(9,635
|
)
|
||||||
Total
|
$
|
27,870
|
|
|
$
|
31,368
|
|
|
$
|
63,159
|
|
|
$
|
43,309
|
|
|
$
|
(22,208
|
)
|
|
$
|
(22,892
|
)
|
|
U.S. Pension
Benefits
|
|
Non-U.S. Pension
Benefits
|
|
Other Benefits
|
|
Total
|
|
Total, After Tax
|
||||||||||
Plan amendments and prior service cost
|
$
|
—
|
|
|
$
|
(28,951
|
)
|
|
$
|
371
|
|
|
$
|
(28,580
|
)
|
|
$
|
(22,944
|
)
|
Actuarial losses (gains)
|
89,940
|
|
|
159,727
|
|
|
(11,312
|
)
|
|
(10,941
|
)
|
|
170,979
|
|
|||||
Total
|
$
|
89,940
|
|
|
$
|
130,776
|
|
|
$
|
(10,941
|
)
|
|
$
|
209,775
|
|
|
$
|
148,035
|
|
|
U.S. Pension
Benefits
|
|
Non-U.S. Pension
Benefits
|
|
Other Benefits
|
|
Total
|
|
Total, After Tax
|
||||||||||
Net actuarial losses (gains)
|
$
|
7,648
|
|
|
$
|
55,352
|
|
|
$
|
(2,059
|
)
|
|
$
|
60,941
|
|
|
$
|
46,792
|
|
Plan amendments and prior service cost, net
|
—
|
|
|
(22,491
|
)
|
|
—
|
|
|
(22,491
|
)
|
|
(18,017
|
)
|
|||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
||||||||||
Actuarial losses (gains)
|
(7,664
|
)
|
|
(2,495
|
)
|
|
839
|
|
|
(9,320
|
)
|
|
(6,118
|
)
|
|||||
Plan amendments and prior service cost
|
—
|
|
|
2,369
|
|
|
(86
|
)
|
|
2,283
|
|
|
1,857
|
|
|||||
Impact of foreign currency
|
—
|
|
|
2,355
|
|
|
—
|
|
|
2,355
|
|
|
1,931
|
|
|||||
Total
|
$
|
(16
|
)
|
|
$
|
35,090
|
|
|
$
|
(1,306
|
)
|
|
$
|
33,768
|
|
|
$
|
26,445
|
|
|
U.S.
|
|
Non-U.S.
|
||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||
Discount rate
|
3.75
|
%
|
|
4.25
|
%
|
|
5.25
|
%
|
|
2.50
|
%
|
|
3.10
|
%
|
|
3.60
|
%
|
Compensation increase rate
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
1.60
|
%
|
|
1.75
|
%
|
|
2.20
|
%
|
Expected long-term rate of return on plan assets
|
7.75
|
%
|
|
8.00
|
%
|
|
8.00
|
%
|
|
4.89
|
%
|
|
4.80
|
%
|
|
4.94
|
%
|
|
U.S.
|
|
Non-U.S.
|
||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||
Discount rate
|
4.25
|
%
|
|
5.25
|
%
|
|
5.50
|
%
|
|
3.10
|
%
|
|
3.60
|
%
|
|
3.90
|
%
|
Compensation increase rate
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
1.75
|
%
|
|
2.20
|
%
|
|
2.20
|
%
|
Expected long-term rate of return on plan assets
|
8.00
|
%
|
|
8.00
|
%
|
|
8.25
|
%
|
|
4.80
|
%
|
|
4.94
|
%
|
|
5.20
|
%
|
|
U.S.
|
|
Non-U.S.
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
Service cost, net
|
$
|
455
|
|
|
$
|
331
|
|
|
$
|
264
|
|
|
$
|
15,011
|
|
|
$
|
13,699
|
|
|
$
|
12,819
|
|
Interest cost on projected benefit obligations
|
6,093
|
|
|
6,422
|
|
|
6,439
|
|
|
22,104
|
|
|
24,637
|
|
|
22,438
|
|
||||||
Expected return on plan assets
|
(6,965
|
)
|
|
(7,499
|
)
|
|
(6,906
|
)
|
|
(32,989
|
)
|
|
(34,325
|
)
|
|
(29,354
|
)
|
||||||
Recognition of actuarial losses/(gains)
|
7,664
|
|
|
5,103
|
|
|
5,297
|
|
|
210
|
|
|
(339
|
)
|
|
(198
|
)
|
||||||
Recognition of settlement/curtailment losses (gains)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
||||||
Net periodic pension cost
|
$
|
7,247
|
|
|
$
|
4,357
|
|
|
$
|
5,094
|
|
|
$
|
4,336
|
|
|
$
|
3,672
|
|
|
$
|
5,764
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Service cost
|
$
|
333
|
|
|
$
|
304
|
|
|
$
|
295
|
|
Interest cost on projected benefit obligations
|
539
|
|
|
731
|
|
|
757
|
|
|||
Net amortization and deferral
|
(753
|
)
|
|
(692
|
)
|
|
(1,406
|
)
|
|||
Net periodic post-retirement benefit (credit)/cost
|
$
|
119
|
|
|
$
|
343
|
|
|
$
|
(354
|
)
|
|
U.S. Pension
Benefits
|
|
Non-U.S.
Pension Benefits
|
|
Other Benefits
|
||||||
Plan amendments and prior service costs
|
$
|
—
|
|
|
$
|
(3,942
|
)
|
|
$
|
86
|
|
Actuarial losses (gains)
|
7,781
|
|
|
5,517
|
|
|
(988
|
)
|
|||
Total
|
$
|
7,781
|
|
|
$
|
1,575
|
|
|
$
|
(902
|
)
|
|
One-Percentage-Point
Increase
|
|
One-Percentage-Point
Decrease
|
||||
Effect on total of service and interest cost components
|
$
|
83
|
|
|
$
|
(74
|
)
|
Effect on post-retirement benefit obligation
|
$
|
818
|
|
|
$
|
(735
|
)
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||||||||||
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
|
Observable
Inputs for
Identical
Assets
(Level 2)
|
|
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
|
Observable
Inputs for
Identical
Assets
(Level 2)
|
|
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||||||||||
Asset Category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash and Cash Equivalents
|
$
|
141,020
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
141,020
|
|
|
$
|
96,071
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
96,071
|
|
Equity Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mettler-Toledo Stock
|
3,284
|
|
|
—
|
|
|
—
|
|
|
3,284
|
|
|
3,725
|
|
|
—
|
|
|
—
|
|
|
3,725
|
|
||||||||
Equity Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S.
(1)
|
25,880
|
|
|
21,268
|
|
|
—
|
|
|
47,148
|
|
|
30,923
|
|
|
20,149
|
|
|
—
|
|
|
51,072
|
|
||||||||
International
(2)
|
37,982
|
|
|
46,312
|
|
|
—
|
|
|
84,294
|
|
|
37,565
|
|
|
40,693
|
|
|
—
|
|
|
78,258
|
|
||||||||
Emerging Markets
(3)
|
36,449
|
|
|
5,704
|
|
|
—
|
|
|
42,153
|
|
|
31,712
|
|
|
4,333
|
|
|
—
|
|
|
36,045
|
|
||||||||
Fixed Income Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate/Government
|
66,331
|
|
|
—
|
|
|
—
|
|
|
66,331
|
|
|
62,041
|
|
|
—
|
|
|
—
|
|
|
62,041
|
|
||||||||
Bonds
(4)
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Fixed Income Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Insurance Contracts
(5)
|
—
|
|
|
23,015
|
|
|
1,726
|
|
|
24,741
|
|
|
—
|
|
|
15,208
|
|
|
1,661
|
|
|
16,869
|
|
||||||||
Core Bond
(6)
|
147,853
|
|
|
35,980
|
|
|
—
|
|
|
183,833
|
|
|
132,430
|
|
|
32,231
|
|
|
—
|
|
|
164,661
|
|
||||||||
Real Asset Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Real Estate
(7)
|
62,172
|
|
|
—
|
|
|
—
|
|
|
62,172
|
|
|
65,021
|
|
|
—
|
|
|
—
|
|
|
65,021
|
|
||||||||
Commodities
(8)
|
30,976
|
|
|
3,775
|
|
|
22,986
|
|
|
57,737
|
|
|
24,582
|
|
|
4,258
|
|
|
21,816
|
|
|
50,656
|
|
||||||||
Other Types of Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Global Allocation Funds
(9)
|
29,504
|
|
|
8,572
|
|
|
—
|
|
|
38,076
|
|
|
28,555
|
|
|
7,040
|
|
|
—
|
|
|
35,595
|
|
||||||||
Multi-Strategy Fund of
|
—
|
|
|
—
|
|
|
74,985
|
|
|
74,985
|
|
|
—
|
|
|
—
|
|
|
78,650
|
|
|
78,650
|
|
||||||||
Hedge Funds
(10)
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Convertible Preferred
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,366
|
|
|
14,366
|
|
||||||||
Equity Certificates
(11)
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
$
|
581,451
|
|
|
$
|
144,626
|
|
|
$
|
99,697
|
|
|
$
|
825,774
|
|
|
$
|
512,625
|
|
|
$
|
123,912
|
|
|
$
|
116,493
|
|
|
$
|
753,030
|
|
(1)
|
Represents primarily large capitalization equity mutual funds tracking the S&P 500 Index.
|
(2)
|
Represents all capitalization core and value equity mutual funds located primarily in Switzerland, the United Kingdom and Canada.
|
(3)
|
Represents core and growth mutual funds and funds of mutual funds invested in emerging markets primarily in Eastern Europe, Latin America and Asia.
|
(4)
|
Represents investments in high-grade corporate and government bonds located in Switzerland and the European Union.
|
(5)
|
Represents fixed and variable rate annuity contracts provided by insurance companies.
|
(6)
|
Represents fixed income mutual funds invested in the U.S., the United Kingdom, Switzerland and European government bonds, high-grade corporate bonds, mortgage-backed securities and collateralized mortgage obligations.
|
(7)
|
Represents mutual funds invested in real estate located primarily in Switzerland.
|
(8)
|
Represents commodity funds invested across a broad range of sectors.
|
(9)
|
Represents mutual funds invested globally in both equities and fixed income securities.
|
(10)
|
Represents primarily equity investments to profit from long and short equity positions, economic and government driven events and relative value and tactical trading strategies.
|
(11)
|
Represents preferred equity certificates of a wholly-owned subsidiary.
|
|
Multi-
Strategy
Fund of
Hedge
Funds
|
|
Commodities
|
|
Insurance
Contract
|
|
Convertible
Preferred
Equity
Certificates
|
|
Total
|
||||||||||
Balance at December 31, 2010
|
$
|
56,398
|
|
|
$
|
20,836
|
|
|
$
|
1,556
|
|
|
$
|
14,245
|
|
|
$
|
93,035
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Related to assets held at end of year
|
2,704
|
|
|
987
|
|
|
34
|
|
|
669
|
|
|
4,394
|
|
|||||
Related to assets sold during the year
|
112
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
115
|
|
|||||
Purchases
|
23,534
|
|
|
—
|
|
|
151
|
|
|
—
|
|
|
23,685
|
|
|||||
Sales
|
(2,928
|
)
|
|
—
|
|
|
(37
|
)
|
|
(563
|
)
|
|
(3,528
|
)
|
|||||
Impact of foreign currency
|
(1,170
|
)
|
|
(7
|
)
|
|
(46
|
)
|
|
15
|
|
|
(1,208
|
)
|
|||||
Balance at December 31, 2011
|
$
|
78,650
|
|
|
$
|
21,816
|
|
|
$
|
1,661
|
|
|
$
|
14,366
|
|
|
$
|
116,493
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Related to assets held at end of year
|
1,099
|
|
|
533
|
|
|
31
|
|
|
—
|
|
|
1,663
|
|
|||||
Related to assets sold during the year
|
317
|
|
|
—
|
|
|
3
|
|
|
2,240
|
|
|
2,560
|
|
|||||
Purchases
|
8,638
|
|
|
—
|
|
|
161
|
|
|
—
|
|
|
8,799
|
|
|||||
Sales
|
(15,418
|
)
|
|
—
|
|
|
(165
|
)
|
|
(16,636
|
)
|
|
(32,219
|
)
|
|||||
Impact of foreign currency
|
1,699
|
|
|
637
|
|
|
35
|
|
|
30
|
|
|
2,401
|
|
|||||
Balance at December 31, 2012
|
$
|
74,985
|
|
|
$
|
22,986
|
|
|
$
|
1,726
|
|
|
$
|
—
|
|
|
$
|
99,697
|
|
|
U.S. Pension
Benefits
|
|
Non-U.S. Pension
Benefits
|
|
Other Benefits Net of
Subsidy
|
||||||
2013
|
$
|
6,732
|
|
|
$
|
42,390
|
|
|
$
|
856
|
|
2014
|
7,003
|
|
|
42,151
|
|
|
863
|
|
|||
2015
|
7,241
|
|
|
42,597
|
|
|
867
|
|
|||
2016
|
7,484
|
|
|
44,416
|
|
|
832
|
|
|||
2017
|
7,849
|
|
|
44,676
|
|
|
830
|
|
|||
2018-2022
|
43,339
|
|
|
228,874
|
|
|
4,018
|
|
14.
|
TAXES
|
|
2012
|
|
2011
|
|
2010
|
||||||
United States
|
$
|
32,296
|
|
|
$
|
(6,758
|
)
|
|
$
|
41,470
|
|
Non-United States
|
350,305
|
|
|
355,935
|
|
|
266,043
|
|
|||
Earnings before taxes
|
$
|
382,601
|
|
|
$
|
349,177
|
|
|
$
|
307,513
|
|
|
Current
|
|
Deferred
|
|
Total
|
||||||
Year ended December 31, 2012:
|
|
|
|
|
|
||||||
United States federal
|
$
|
—
|
|
|
$
|
12,341
|
|
|
$
|
12,341
|
|
State and local
|
1,372
|
|
|
87
|
|
|
1,459
|
|
|||
Non-United States
|
84,962
|
|
|
(7,008
|
)
|
|
77,954
|
|
|||
Total
|
$
|
86,334
|
|
|
$
|
5,420
|
|
|
$
|
91,754
|
|
Year ended December 31, 2011:
|
|
|
|
|
|
|
|
|
|||
United States federal
|
$
|
—
|
|
|
$
|
(9,111
|
)
|
|
$
|
(9,111
|
)
|
State and local
|
1,512
|
|
|
(482
|
)
|
|
1,030
|
|
|||
Non-United States
|
75,580
|
|
|
12,185
|
|
|
87,765
|
|
|||
Total
|
$
|
77,092
|
|
|
$
|
2,592
|
|
|
$
|
79,684
|
|
Year ended December 31, 2010:
|
|
|
|
|
|
|
|
|
|||
United States federal
|
$
|
—
|
|
|
$
|
15,760
|
|
|
$
|
15,760
|
|
State and local
|
1,402
|
|
|
713
|
|
|
2,115
|
|
|||
Non-United States
|
69,905
|
|
|
(12,415
|
)
|
|
57,490
|
|
|||
Total
|
$
|
71,307
|
|
|
$
|
4,058
|
|
|
$
|
75,365
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Expected tax
|
$
|
133,910
|
|
|
$
|
122,212
|
|
|
$
|
107,630
|
|
United States state and local income taxes, net of federal income tax benefit
|
1,459
|
|
|
1,030
|
|
|
2,115
|
|
|||
Change in valuation allowance
|
—
|
|
|
—
|
|
|
(3,229
|
)
|
|||
Other non-United States income taxes at other than a 35% rate
|
(44,288
|
)
|
|
(36,814
|
)
|
|
(26,639
|
)
|
|||
Resolution of prior year tax matters
|
(365
|
)
|
|
(3,478
|
)
|
|
(5,757
|
)
|
|||
Other, net
|
1,038
|
|
|
(3,266
|
)
|
|
1,245
|
|
|||
Total provision for taxes
|
$
|
91,754
|
|
|
$
|
79,684
|
|
|
$
|
75,365
|
|
|
2012
|
|
2011
|
||||
Deferred tax assets:
|
|
|
|
|
|
||
Inventory
|
$
|
20,615
|
|
|
$
|
22,530
|
|
Accrued and other liabilities
|
67,426
|
|
|
64,003
|
|
||
Accrued post-retirement benefit and pension costs
|
62,980
|
|
|
57,320
|
|
||
Net operating loss and tax credit carryforwards
|
39,018
|
|
|
47,148
|
|
||
Other
|
17,938
|
|
|
13,761
|
|
||
Total deferred tax assets
|
207,977
|
|
|
204,762
|
|
||
Less valuation allowance
|
(23,177
|
)
|
|
(34,738
|
)
|
||
Total deferred tax assets less valuation allowance
|
184,800
|
|
|
170,024
|
|
||
Deferred tax liabilities:
|
|
|
|
|
|
||
Inventory
|
3,788
|
|
|
4,087
|
|
||
Property, plant and equipment
|
47,172
|
|
|
45,549
|
|
||
Rainin intangibles amortization
|
54,507
|
|
|
47,804
|
|
||
Prepaid post-retirement benefit and pension costs
|
39,593
|
|
|
38,778
|
|
||
International earnings
|
10,458
|
|
|
8,067
|
|
||
Total deferred tax liabilities
|
155,518
|
|
|
144,285
|
|
||
Net deferred tax (liability) asset
|
$
|
29,282
|
|
|
$
|
25,739
|
|
|
2012
|
|
2011
|
||||
Unrecognized tax benefits at beginning of year
|
$
|
20,150
|
|
|
$
|
19,407
|
|
Increases related to current tax positions
|
2,470
|
|
|
3,852
|
|
||
Decreases related to prior year tax positions
|
(378
|
)
|
|
(35
|
)
|
||
Foreign currency translation (decreases) increases to prior year tax positions
|
58
|
|
|
(34
|
)
|
||
Decreases relating to taxing authority settlements
|
(128
|
)
|
|
(83
|
)
|
||
Decreases resulting from a lapse of the applicable statute of limitations
|
(4,392
|
)
|
|
(2,957
|
)
|
||
Unrecognized tax benefits at end of year
|
$
|
17,780
|
|
|
$
|
20,150
|
|
15.
|
RESTRUCTURING CHARGES
|
|
Employee
Related
|
|
Other
|
|
Total
|
||||||
Balance at December 31, 2010
|
$
|
7,721
|
|
|
$
|
135
|
|
|
$
|
7,856
|
|
Restructuring charges
|
5,190
|
|
|
722
|
|
|
5,912
|
|
|||
Cash payments / utilization
|
(5,540
|
)
|
|
(757
|
)
|
|
(6,297
|
)
|
|||
Impact of foreign currency
|
98
|
|
|
—
|
|
|
98
|
|
|||
Balance at December 31, 2011
|
$
|
7,469
|
|
|
$
|
100
|
|
|
$
|
7,569
|
|
Restructuring charges
|
14,652
|
|
|
2,035
|
|
|
16,687
|
|
|||
Cash payments / utilization
|
(10,746
|
)
|
|
(1,845
|
)
|
|
(12,591
|
)
|
|||
Impact of foreign currency
|
280
|
|
|
—
|
|
|
280
|
|
|||
Balance at December 31, 2012
|
$
|
11,655
|
|
|
$
|
290
|
|
|
$
|
11,945
|
|
16.
|
OTHER CHARGES (INCOME), NET
|
17.
|
COMMITMENTS AND CONTINGENCIES
|
2013
|
$
|
33,248
|
|
2014
|
26,497
|
|
|
2015
|
16,875
|
|
|
2016
|
11,044
|
|
|
2017
|
6,943
|
|
|
Thereafter
|
8,103
|
|
|
Total
|
$
|
102,710
|
|
18.
|
SEGMENT REPORTING
|
For the Year Ended December 31, 2012
|
|
Net Sales to
External
Customers
|
|
Net Sales to
Other
Segments
|
|
Total Net
Sales
|
|
Segment
Profit
|
|
Depreciation
|
|
Total Assets
|
|
Purchase of
Property, Plant
and Equipment
|
|
Goodwill
|
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
U.S. Operations
|
|
$
|
699,361
|
|
|
$
|
78,759
|
|
|
$
|
778,120
|
|
|
$
|
138,894
|
|
|
$
|
5,799
|
|
|
$
|
1,128,902
|
|
|
$
|
(10,988
|
)
|
|
$
|
307,933
|
|
Swiss Operations
|
|
124,362
|
|
|
406,485
|
|
|
530,847
|
|
|
133,691
|
|
|
7,194
|
|
|
921,253
|
|
|
(5,529
|
)
|
|
23,684
|
|
||||||||
Western European Operations
|
|
644,361
|
|
|
101,952
|
|
|
746,313
|
|
|
95,523
|
|
|
4,947
|
|
|
985,011
|
|
|
(5,504
|
)
|
|
105,522
|
|
||||||||
Chinese Operations
|
|
432,255
|
|
|
123,669
|
|
|
555,924
|
|
|
125,217
|
|
|
5,567
|
|
|
630,671
|
|
|
(9,872
|
)
|
|
717
|
|
||||||||
Other
(a)
|
|
441,189
|
|
|
6,538
|
|
|
447,727
|
|
|
48,857
|
|
|
2,653
|
|
|
238,095
|
|
|
(5,542
|
)
|
|
14,495
|
|
||||||||
Eliminations and Corporate
(b)
|
|
—
|
|
|
(717,403
|
)
|
|
(717,403
|
)
|
|
(97,683
|
)
|
|
7,261
|
|
|
(1,786,532
|
)
|
|
(58,153
|
)
|
|
—
|
|
||||||||
Total
|
|
$
|
2,341,528
|
|
|
$
|
—
|
|
|
$
|
2,341,528
|
|
|
$
|
444,499
|
|
|
$
|
33,421
|
|
|
$
|
2,117,400
|
|
|
$
|
(95,588
|
)
|
|
$
|
452,351
|
|
For the Year Ended December 31, 2011
|
|
Net Sales to
External
Customers
|
|
Net Sales to
Other
Segments
|
|
Total Net
Sales
|
|
Segment
Profit
|
|
Depreciation
|
|
Total Assets
|
|
Purchase of
Property, Plant
and Equipment
|
|
Goodwill
|
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
U.S. Operations
|
|
$
|
665,245
|
|
|
$
|
80,013
|
|
|
$
|
745,258
|
|
|
$
|
121,398
|
|
|
$
|
5,757
|
|
|
$
|
1,037,176
|
|
|
$
|
(6,926
|
)
|
|
$
|
307,485
|
|
Swiss Operations
|
|
143,520
|
|
|
411,788
|
|
|
555,308
|
|
|
113,997
|
|
|
7,581
|
|
|
794,319
|
|
|
(8,178
|
)
|
|
22,986
|
|
||||||||
Western European Operations
|
|
692,348
|
|
|
107,585
|
|
|
799,933
|
|
|
99,969
|
|
|
5,065
|
|
|
971,825
|
|
|
(4,962
|
)
|
|
101,899
|
|
||||||||
Chinese Operations
|
|
388,592
|
|
|
126,550
|
|
|
515,142
|
|
|
120,857
|
|
|
4,920
|
|
|
366,450
|
|
|
(15,601
|
)
|
|
710
|
|
||||||||
Other
(a)
|
|
419,623
|
|
|
6,348
|
|
|
425,971
|
|
|
50,045
|
|
|
2,161
|
|
|
331,613
|
|
|
(4,088
|
)
|
|
14,663
|
|
||||||||
Eliminations and Corporate
(b)
|
|
—
|
|
|
(732,284
|
)
|
|
(732,284
|
)
|
|
(107,763
|
)
|
|
6,205
|
|
|
(1,297,909
|
)
|
|
(58,745
|
)
|
|
—
|
|
||||||||
Total
|
|
$
|
2,309,328
|
|
|
$
|
—
|
|
|
$
|
2,309,328
|
|
|
$
|
398,503
|
|
|
$
|
31,689
|
|
|
$
|
2,203,474
|
|
|
$
|
(98,500
|
)
|
|
$
|
447,743
|
|
For the Year Ended December 31, 2010
|
|
Net Sales to
External
Customers
|
|
Net Sales to
Other
Segments
|
|
Total Net
Sales
|
|
Segment
Profit
|
|
Depreciation
|
|
Total Assets
|
|
Purchase of
Property, Plant
and Equipment
|
|
Goodwill
|
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
U.S. Operations
|
|
$
|
618,809
|
|
|
$
|
60,847
|
|
|
$
|
679,656
|
|
|
$
|
121,013
|
|
|
$
|
5,828
|
|
|
$
|
912,758
|
|
|
$
|
(9,204
|
)
|
|
$
|
306,138
|
|
Swiss Operations
|
|
113,488
|
|
|
343,003
|
|
|
456,491
|
|
|
96,568
|
|
|
6,405
|
|
|
754,419
|
|
|
(11,870
|
)
|
|
20,579
|
|
||||||||
Western European Operations
|
|
600,933
|
|
|
91,322
|
|
|
692,255
|
|
|
85,120
|
|
|
4,649
|
|
|
922,043
|
|
|
(3,509
|
)
|
|
93,236
|
|
||||||||
Chinese Operations
|
|
298,637
|
|
|
105,906
|
|
|
404,543
|
|
|
92,969
|
|
|
5,138
|
|
|
353,285
|
|
|
(13,605
|
)
|
|
678
|
|
||||||||
Other
(a)
|
|
336,311
|
|
|
4,338
|
|
|
340,649
|
|
|
35,166
|
|
|
1,854
|
|
|
199,100
|
|
|
(2,024
|
)
|
|
14,068
|
|
||||||||
Eliminations and Corporate
(b)
|
|
—
|
|
|
(605,416
|
)
|
|
(605,416
|
)
|
|
(79,394
|
)
|
|
5,812
|
|
|
(858,542
|
)
|
|
(33,731
|
)
|
|
—
|
|
||||||||
Total
|
|
$
|
1,968,178
|
|
|
$
|
—
|
|
|
$
|
1,968,178
|
|
|
$
|
351,442
|
|
|
$
|
29,686
|
|
|
$
|
2,283,063
|
|
|
$
|
(73,943
|
)
|
|
$
|
434,699
|
|
(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 as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Earnings before taxes
|
$
|
382,601
|
|
|
$
|
349,177
|
|
|
$
|
307,513
|
|
Amortization
|
21,357
|
|
|
17,808
|
|
|
14,842
|
|
|||
Interest expense
|
22,764
|
|
|
23,226
|
|
|
20,057
|
|
|||
Restructuring charges
|
16,687
|
|
|
5,912
|
|
|
4,866
|
|
|||
Other charges (income), net
|
1,090
|
|
|
2,380
|
|
|
4,164
|
|
|||
Segment profit
|
$
|
444,499
|
|
|
$
|
398,503
|
|
|
$
|
351,442
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Laboratory
|
$
|
1,071,299
|
|
|
$
|
1,047,319
|
|
|
$
|
914,419
|
|
Industrial
|
1,063,653
|
|
|
1,038,871
|
|
|
841,057
|
|
|||
Retail
|
206,576
|
|
|
223,138
|
|
|
212,702
|
|
|||
Total net sales
|
$
|
2,341,528
|
|
|
$
|
2,309,328
|
|
|
$
|
1,968,178
|
|
|
Net Sales
|
|
Property, Plant and
Equipment, Net
|
||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
||||||||||
United States
|
$
|
643,902
|
|
|
$
|
612,643
|
|
|
$
|
574,625
|
|
|
$
|
66,720
|
|
|
$
|
57,424
|
|
Other Americas
|
161,853
|
|
|
159,756
|
|
|
130,851
|
|
|
4,332
|
|
|
3,758
|
|
|||||
Total Americas
|
805,755
|
|
|
772,399
|
|
|
705,476
|
|
|
71,052
|
|
|
61,182
|
|
|||||
Germany
|
183,859
|
|
|
200,062
|
|
|
170,468
|
|
|
25,761
|
|
|
26,266
|
|
|||||
France
|
123,007
|
|
|
136,589
|
|
|
124,330
|
|
|
6,781
|
|
|
4,743
|
|
|||||
United Kingdom
|
62,389
|
|
|
66,321
|
|
|
59,347
|
|
|
6,103
|
|
|
6,155
|
|
|||||
Switzerland
|
65,430
|
|
|
79,376
|
|
|
57,047
|
|
|
275,901
|
|
|
245,376
|
|
|||||
Other Europe
|
355,266
|
|
|
379,784
|
|
|
317,044
|
|
|
7,410
|
|
|
7,015
|
|
|||||
Total Europe
|
789,951
|
|
|
862,132
|
|
|
728,236
|
|
|
321,956
|
|
|
289,555
|
|
|||||
China
|
422,894
|
|
|
379,791
|
|
|
291,115
|
|
|
69,784
|
|
|
54,125
|
|
|||||
Rest of World
|
322,928
|
|
|
295,006
|
|
|
243,351
|
|
|
6,629
|
|
|
5,145
|
|
|||||
Total Asia/Rest of World
|
745,822
|
|
|
674,797
|
|
|
534,466
|
|
|
76,413
|
|
|
59,270
|
|
|||||
Total
|
$
|
2,341,528
|
|
|
$
|
2,309,328
|
|
|
$
|
1,968,178
|
|
|
$
|
469,421
|
|
|
$
|
410,007
|
|
19.
|
QUARTERLY FINANCIAL DATA (UNAUDITED)
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
535,400
|
|
|
$
|
570,283
|
|
|
$
|
578,553
|
|
|
$
|
657,292
|
|
Gross profit
|
277,102
|
|
|
299,008
|
|
|
308,157
|
|
|
356,788
|
|
||||
Net earnings
|
$
|
52,327
|
|
|
$
|
61,704
|
|
|
$
|
72,183
|
|
|
$
|
104,633
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Net earnings
|
$
|
1.66
|
|
|
$
|
1.97
|
|
|
$
|
2.34
|
|
|
$
|
3.43
|
|
Weighted average number of common shares
|
31,531,915
|
|
|
31,267,660
|
|
|
30,846,062
|
|
|
30,532,491
|
|
||||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Net earnings
|
$
|
1.62
|
|
|
$
|
1.93
|
|
|
$
|
2.28
|
|
|
$
|
3.35
|
|
Weighted average number of common and common equivalent shares
|
32,386,924
|
|
|
32,038,928
|
|
|
31,599,081
|
|
|
31,271,377
|
|
||||
Market price per share:
|
|
|
|
|
|
|
|
||||||||
High
|
$
|
189.67
|
|
|
$
|
185.08
|
|
|
$
|
177.44
|
|
|
$
|
195.00
|
|
Low
|
$
|
152.19
|
|
|
$
|
150.57
|
|
|
$
|
148.68
|
|
|
$
|
161.80
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
498,766
|
|
|
$
|
561,088
|
|
|
$
|
601,114
|
|
|
$
|
648,360
|
|
Gross profit
|
261,507
|
|
|
296,191
|
|
|
314,417
|
|
|
346,159
|
|
||||
Net earnings
|
$
|
46,827
|
|
|
$
|
60,188
|
|
|
$
|
68,196
|
|
|
$
|
94,282
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings
|
$
|
1.45
|
|
|
$
|
1.88
|
|
|
$
|
2.15
|
|
|
$
|
2.99
|
|
Weighted average number of common shares
|
32,290,595
|
|
|
31,997,850
|
|
|
31,760,270
|
|
|
31,542,400
|
|
||||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings
|
$
|
1.41
|
|
|
$
|
1.82
|
|
|
$
|
2.09
|
|
|
$
|
2.91
|
|
Weighted average number of common and common equivalent shares
|
33,291,632
|
|
|
33,013,887
|
|
|
32,664,482
|
|
|
32,387,459
|
|
||||
Market price per share:
|
|
|
|
|
|
|
|
|
|
|
|||||
High
|
$
|
177.07
|
|
|
$
|
191.95
|
|
|
$
|
175.28
|
|
|
$
|
167.13
|
|
Low
|
$
|
147.23
|
|
|
$
|
157.13
|
|
|
$
|
131.91
|
|
|
$
|
130.12
|
|
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
||||||||||||
|
|
|
|
Additions
|
|
|
|
|
||||||||||||
|
|
|
|
(1)
|
|
(2)
|
|
|
|
|
||||||||||
|
|
Balance at the
Beginning of
Period
|
|
Charged to
Costs and Expenses
|
|
Charged to
Other Accounts
|
|
|
|
Balance at End
of Period
|
||||||||||
Description
|
|
|
|
|
-Deductions-
|
|
||||||||||||||
|
|
|
|
|
|
Note (A)
|
|
Note (B)
|
|
|
||||||||||
Accounts receivable — allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Year ended December 31, 2012
|
|
$
|
12,317
|
|
|
$
|
2,106
|
|
|
$
|
267
|
|
|
$
|
570
|
|
|
$
|
14,120
|
|
Year ended December 31, 2011
|
|
$
|
11,536
|
|
|
$
|
1,933
|
|
|
$
|
(220
|
)
|
|
$
|
932
|
|
|
$
|
12,317
|
|
Year ended December 31, 2010
|
|
$
|
12,399
|
|
|
$
|
436
|
|
|
$
|
(61
|
)
|
|
$
|
1,238
|
|
|
$
|
11,536
|
|
Deferred tax valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Year ended December 31, 2012
|
|
$
|
34,738
|
|
|
$
|
—
|
|
|
$
|
4,764
|
|
|
$
|
16,325
|
|
|
$
|
23,177
|
|
Year ended December 31, 2011
|
|
$
|
44,669
|
|
|
$
|
—
|
|
|
$
|
912
|
|
|
$
|
10,843
|
|
|
$
|
34,738
|
|
Year ended December 31, 2010
|
|
$
|
59,586
|
|
|
$
|
—
|
|
|
$
|
5,342
|
|
|
$
|
20,259
|
|
|
$
|
44,669
|
|
Date
|
November 30, 2011
|
Reference
|
CM/em
|
Direct Dial
|
+41 44 944 24 45
|
Telefax
|
+41 44 944 22 55
|
Function
|
|
Head Industrial Division, Member of the Group Management Committee (GMC) of the METTLER TOLEDO Group.
|
|
|
|
Employing Company / Position Location
|
|
Mettler-Toledo International Inc., Greifensee Branch, 8606 Greifensee, Switzerland. The principal place of work is Greifensee, Switzerland. Given the international presence of the company, employee's duties will require regular business travel to the Group's various locations.
If not otherwise stipulated in this agreement, the general rules of employment ("Allgemeine arbeitsvertragliche Bestimmungen (AVB)" of our Swiss operations) apply.
|
|
|
|
Remuneration
|
|
Base Salary of CHF 320'040. gross per annum, effective with the starting date, payable in twelve equal monthly installments of CHF 26'670.
|
|
|
|
|
|
Participation in the Incentive Plan POBS Plus for Members of the Group Management of METTLER TOLEDO pursuant to the then-current plan and regulations. Under this plan Employee is eligible to earn a cash incentive based upon achievement of various financial and personal targets. For 100% target achievement, the cash incentive is currently CHF 144'000. gross (45% of base salary). The scaling of the incentive system and selection and weighting of targets, including personal targets, are determined by the Compensation Committee of the Board of Directors.
|
|
|
|
|
|
For the business year 2012, the Cash Incentive shall be guaranteed at a minimum of 108% target achievement, and shall be pro-rated to reflect the portion of the year during which Employee is employed by the Company. The incentive will be paid with the usual payroll cycle in March 2013.
|
|
|
|
Expenses
|
|
Expense Allowance according to then-current regulations of CHF 10'500.per annum, payable in twelve monthly installments of CHF 875. No commuting or vehicle allowance will be paid.
|
|
|
|
Equity Incentive Plan
|
|
Participation in the METTLER TOLEDO Equity Incentive Plan as may be amended from time to time.
After taking up service for METTLER TOLEDO, we anticipate an initial grant of Stock Options with an equivalent value of approx. USD 335'000. at the next ordinary grant date in November 2012, subject to approval of the Compensation Committee.
|
|
|
|
Personnel Insurance
|
|
Additional Accident Insurance and Disability Insurance (coverage of salary in case of illness and accident), at METTLER TOLEDO's expense.
Participation in the Mettler-Toledo Fonds (pension plan for GMC members) as might be amended from time to time, at METTLER TOLEDO's expense for the “Standard plan minus”. The insured salary in the Mettler-Toledo Fonds is 77.2727% of Target Salary, subject to limits applicable under Swiss law.
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Vacation
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30 working days per calendar year, including compensation for overtime ("Zeitregelung mit pauschaler Abgeltung"). Unused vacation days in a given year will not be carried forward.
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Duration /
Notice Period
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This employment agreement starts on 1 April 2012 or earlier and is of unlimited duration. The notice period is 12 months to the end of a month for both parties.
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Non-Competition
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While employee is employed by METTLER TOLEDO and for a period of twelve months after his termination, employee shall not directly or indirectly (a) engage in or be employed in any business anywhere in the world which competes with the businesses of METTLER TOLEDO, or (b) solicit for hire or hire any METTLER TOLEDO employee.
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Confidentiality
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Employee agrees to keep confidential both during and after his employment with METTLER TOLEDO all information of a confidential nature not generally known outside of METTLER TOLEDO, and not to use such confidential information other than for purposes of performing his duties for METTLER TOLEDO.
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Applicable Law and Jurisdiction
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This agreement shall be governed by Swiss law. All disputes concerning the terms and conditions of this agreement shall be brought before the ordinary courts in the Canton of Zurich, Switzerland.
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Mettler-Toledo International Inc.
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The Employee
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Olivier Filliol
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Christian Magloth
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Michael M. Heidingsfelder
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▪
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POBS Plus - Incentive System for Members of the Group Management of METTLER TOLEDO (01/2009)
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▪
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POBS Plus Target Adjustments
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▪
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Time model with fixed compensation (09/1999)
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▪
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Additional insurance coverage for business or non-business accidents /
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▪
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Berufs- und Nichtberufsunfall (09/2008)
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▪
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Insider Trading Policy (05/2007)
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▪
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Confidentiality Agreement
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▪
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Arbeitsvertragliche Bestimmungen GR (07/2009)
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▪
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Versicherungen - Übersicht (07/2009)
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▪
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Pensionskasse: Versicherungsreglement (1. April 2010)
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▪
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Pensionskasse. Organisationsreglement 1 bis 3 (23.05.2006)
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▪
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Spesenreglementsergänzung Gruppenleitung (04/1997)
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▪
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Mettler-Toledo Fonds Versicherungsreglement (01/2007)
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Date
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November 28, 2011
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Reference
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CM/em
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Direct Dial
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+41 44 944 24 45
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Telefax
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+41 44 944 22 55
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Function
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Head Product Inspection Division, Member of the Group Management Committee (GMC) of the METTLER TOLEDO Group.
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Employing Company / Position Location
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Mettler-Toledo International Inc., Greifensee Branch, 8606 Greifensee, Switzerland. The principal place of work is Greifensee, Switzerland. Given the international presence of the company, employee's duties will require regular business travel to the Group's various locations.
If not otherwise stipulated in this agreement, the general rules of employment ("Allgemeine arbeitsvertragliche Bestimmungen (AVB)" of our Swiss operations) apply.
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Remuneration
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Base Salary of CHF 325'020. gross per annum, effective 23 January 2012, payable in twelve equal monthly installments of CHF 27'085.
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Participation in the Incentive Plan POBS Plus for Members of the Group Management of METTLER TOLEDO pursuant to the then-current plan and regulations. Under this plan Employee is eligible to earn a cash incentive based upon achievement of various financial and personal targets. For 100% target achievement, the cash incentive is currently CHF 146'250.gross (45% of base salary). The scaling of the incentive system and selection and weighting of targets, including personal targets, are determined by the Compensation Committee of the Board of Directors.
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For the business year 2012, the Cash Incentive shall be guaranteed at a minimum of 108% target achievement, and shall be pro-rated to reflect the portion of year during which Employee is employed by the Company. The incentive will be paid with the usual payroll cycle in March 2013.
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Expenses
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Expense Allowance according to then-current regulations of CHF 10'500. per annum, payable in twelve monthly installments of CHF 875.--. No commuting or vehicle allowance will be paid.
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Schooling Allowances
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The Company will contribute an annual gross amount of up to CHF 90'000. to the Employee's children education (up to the age of 18). The costs will be reimbursed against receipts.
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Equity Incentive Plan
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Participation in the METTLER TOLEDO Equity Incentive Plan as may be amended from time to time.
After taking up service for METTLER TOLEDO, we anticipate an initial grant of Stock Options with an equivalent value of approx. USD 300'000. at the next ordinary grant date in November 2012, subject to approval of the Compensation Committee.
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Personnel Insurance
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Additional Accident Insurance and Disability Insurance (coverage of salary in case of illness and accident), at METTLER TOLEDO's expense.
Participation in the Mettler-Toledo Fonds (pension plan for GMC members) as might be amended from time to time, at METTLER TOLEDO's expense for the “Standard plan minus”. The insured salary in the Mettler-Toledo Fonds is 77.2727% of Target Salary, subject to limits applicable under Swiss law.
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Vacation
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|
30 working days per calendar year, including compensation for overtime ("Zeitregelung mit pauschaler Abgeltung"). Unused vacation days in a given year will not be carried forward.
|
|
|
|
Duration /
Notice Period
|
|
This employment agreement starts on 23 January 2012 and is of unlimited duration. The notice period is 12 months to the end of a month for both parties.
|
|
|
|
Non-Competition
|
|
While employee is employed by METTLER TOLEDO and for a period of twelve months after his termination, employee shall not directly or indirectly (a) engage in or be employed in any business anywhere in the world which competes with the businesses of METTLER TOLEDO, or (b) solicit for hire or hire any METTLER TOLEDO employee.
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|
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Confidentiality
|
|
Employee agrees to keep confidential both during and after his employment with METTLER TOLEDO all information of a confidential nature not generally known outside of METTLER TOLEDO, and not to use such confidential information other than for purposes of performing his duties for METTLER TOLEDO.
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|
|
|
Applicable Law and Jurisdiction
|
|
This agreement shall be governed by Swiss law. All disputes concerning the terms and conditions of this agreement shall be brought before the ordinary courts in the Canton of Zurich, Switzerland.
|
Mettler-Toledo International Inc.
|
|
The Employee
|
|
|
|
|
|
Olivier Filliol
|
Christian Magloth
|
|
Simon Kirk
|
▪
|
POBS Plus - Incentive System for Members of the Group Management of METTLER TOLEDO (01/2009)
|
▪
|
POBS Plus Target Adjustments
|
▪
|
Time model with fixed compensation (09/1999)
|
▪
|
Additional insurance coverage for business or non-business accidents /
|
▪
|
Berufs- und Nichtberufsunfall (09/2008)
|
▪
|
Confidentiality Agreement
|
▪
|
Arbeitsvertragliche Bestimmungen GR (07/2009)
|
▪
|
Versicherungen - Übersicht (07/2009)
|
▪
|
Pensionskasse: Versicherungsreglement (1. April 2010)
|
▪
|
Pensionskasse. Organisationsreglement 1 bis 3 (23.05.2006)
|
▪
|
Insider Regelung MT 022 (05/2007)
|
▪
|
Spesenreglementsergänzung Gruppenleitung (04/1997)
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▪
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Mettler-Toledo Fonds Versicherungsreglement (01/2007)
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C
ountry
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L
egal Name
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Australia
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Mettler-Toledo Limited
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Australia
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Ohaus Australia Pty. Ltd.
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Austria
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Mettler-Toledo Ges.m.b.H.
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Belgium
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N.V. Mettler-Toledo
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Bermuda
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Mettler-Toledo Finance Ltd.
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Brazil
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Mettler-Toledo Indústria e Comércio Ltda.
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Canada
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Mettler-Toledo Inc. (Canada)
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China
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Mettler-Toledo (Changzhou) Precision Instruments Ltd.
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China
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Mettler-Toledo (Changzhou) Scale & System Ltd.
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China
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Mettler-Toledo (Changzhou) Measurement Technology Ltd.
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China
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Mettler-Toledo Instruments (Shanghai) Co., Ltd.
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China
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Mettler-Toledo International Trading (Shanghai) Co., Ltd.
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China
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Mettler-Toledo (Xinjiang ) Electronic Scale Ltd.
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China
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Ohaus International Trading (Shanghai) Co., Ltd.
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China
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Ohaus Instruments (Shanghai) Co. Ltd.
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China
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Ohaus Instruments (Changzhou) Co. Ltd.
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China
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Panzhihua Toledo Electronic Scale Ltd. (Panzhihua)
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China
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Mettler-Toledo (Chengdu) Scale & System Ltd.
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Croatia
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Mettler-Toledo d.o.o.
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Czech Republic
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Mettler-Toledo spol. s.r.o.
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Denmark
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Mettler-Toledo A/S
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France
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Mettler-Toledo EPEC SAS
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France
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Mettler-Toledo Analyse Industrielle SAS
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France
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Mettler-Toledo Holding (France) SAS
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France
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Mettler-Toledo SAS
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Germany
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Mettler-Toledo Garvens GmbH
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Germany
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Getmore Ges. für Marketing & Media Service mbH
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Germany
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Mettler-Toledo (Albstadt) GmbH
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Germany
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Mettler-Toledo GmbH
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Germany
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Mettler-Toledo Management Holding Deutschland GmbH
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Germany
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Pharmacontrol Electronic GmbH
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Germany
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Melibokus Industrie-Elektronik GmbH
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Gibraltar
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Mettler-Toledo (Gibraltar) MTCS Holding Ltd.
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Gibraltar
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Mettler-Toledo (Gibraltar) MTCN Holding Ltd.
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Gibraltar
|
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Mettler-Toledo (Gibraltar) MTCZ Holding Ltd.
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Gibraltar
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Mettler-Toledo (Gibraltar) Company Ltd.
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Hong Kong
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Mettler-Toledo (HK) Ltd.
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Hong Kong
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Mettler-Toledo (HK) Holding Limited
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Hong Kong
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Mettler-Toledo (HK) MTCN Limited
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Hong Kong
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Mettler-Toledo (HK) MTCS Limited
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Hong Kong
|
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Mettler-Toledo (HK) MTCZ Limited
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Hong Kong
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Ohaus (Hong Kong) Limited
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Hungary
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Mettler-Toledo Kereskedelmi Kft.
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India
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Mettler-Toledo India Private Limited
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India
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Ohaus Weighing India Private Limited
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Italy
|
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Mettler-Toledo S.p.A.
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Japan
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Mettler-Toledo K.K.
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Kazakhstan
|
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Mettler-Toledo Central Asia
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Kazakhstan
|
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Mettler-Toledo Kazakhstan
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Korea
|
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Mettler-Toledo (Korea) Ltd.
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Luxembourg
|
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Mettler-Toledo Luxembourg S.à r.l.
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Malaysia
|
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Mettler-Toledo (M) Sdn. Bhd.
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Malaysia
|
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Mettler-Toledo Services Asia-Pac Sdn. Bhd.
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Malaysia
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|
Ohaus (SEA) Sdn. Bhd.
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C
ountry
|
|
L
egal Name
|
|
|
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Mexico
|
|
Mettler-Toledo S.A. de C.V.
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Mexico
|
|
Ohaus de México S.A. de C.V.
|
Netherlands
|
|
Gelan Detectiesystemen B.V.
|
Netherlands
|
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Gelan Holding B.V.
|
Netherlands
|
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Mettler-Toledo B.V.
|
Netherlands
|
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Mettler-Toledo Product Inspection B.V.
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Norway
|
|
Mettler-Toledo Cargoscan AS
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Norway
|
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Mettler-Toledo AS
|
Poland
|
|
Mettler-Toledo Sp.z.o.o.
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Russian Federation
|
|
ZAO Mettler-Toledo Vostok
|
Russian Federation
|
|
Representation Office (Part of MTG)
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Singapore
|
|
Mettler-Toledo (S) Pte. Ltd.
|
Slovak Republic
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Mettler-Toledo s.r.o.
|
Slovenia
|
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Mettler-Toledo d.o.o.
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Spain
|
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Mettler-Toledo S.A.E.
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Sweden
|
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Mettler-Toledo AB
|
Switzerland
|
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Mettler-Toledo (Schweiz) GmbH
|
Switzerland
|
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Mettler-Toledo AG
|
Switzerland
|
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Mettler-Toledo Holding AG
|
Switzerland
|
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Mettler-Toledo Instrumente AG
|
Switzerland
|
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Mettler-Toledo International Inc.
|
Switzerland
|
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Mettler-Toledo Logistik GmbH
|
Switzerland
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Mettler-Toledo Logistik International GmbH
|
Switzerland
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Mettler-Toledo Pac Rim AG
|
Switzerland
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Mettler-Toledo OnLine GmbH
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Switzerland
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Microwa AG
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Switzerland
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Ohaus Europe GmbH
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Taiwan
|
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Mettler-Toledo Pac Rim AG, Taiwan Branch
|
Thailand
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Mettler-Toledo (Thailand) Ltd.
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Thailand
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Ohaus Indochina Limited
|
Turkey
|
|
Mettler-Toledo TR Olcum Aletleri Ticaret Satis vs Servis Hizmetleri Anonim Sirketi
|
Ukraine
|
|
Mettler-Toledo Ukraine
|
United Kingdom
|
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Anachem Limited
|
United Kingdom
|
|
Mettler-Toledo Ltd.
|
United Kingdom
|
|
Mettler-Toledo UK Holdings Limited
|
United Kingdom
|
|
Ohaus UK Ltd.
|
United Kingdom
|
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Mettler-Toledo Safeline X-Ray Limited
|
United Kingdom
|
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Mettler-Toledo Safeline Limited
|
United Kingdom
|
|
Triton Technology Limited
|
United States
|
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Mettler-Toledo AutoChem, Inc. [Delaware]
|
United States
|
|
Mettler-Toledo LLC [Delaware]
|
United States
|
|
Mettler-Toledo Ingold, Inc. [Massachusetts]
|
United States
|
|
Ohaus Corporation [New Jersey]
|
United States
|
|
Rainin Instrument, LLC [Delaware]
|
United States
|
|
Mettler-Toledo Thornton Inc. [Massachusetts]
|
United States
|
|
Mettler-Toledo International Finance, Inc. [Delaware]
|
United States
|
|
Mettler-Toledo Global Holdings, LLC [Delaware]
|
Vietnam
|
|
Mettler-Toledo Vietnam Limited Liability Company
|
/s/ Pricewaterhousecoopers LLP
|
PricewaterhouseCoopers LLP
|
/s/ Olivier A. Filliol
|
Olivier A. Filliol
Chief Executive Officer
|
/s/ William P. Donnelly
|
William P. Donnelly
Chief Financial Officer
|
/s/ Olivier A. Filliol
|
Olivier A. Filliol
Chief Executive Officer
|
|
/s/ William P. Donnelly
|
William P. Donnelly
Chief Financial Officer
|