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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
June 30, 2018
, OR
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ________________
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Delaware
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13-3668641
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(State or other jurisdiction of
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(I.R.S Employer Identification No.)
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incorporation or organization)
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1900 Polaris Parkway
Columbus, Ohio 43240
and
Im Langacher, P.O. Box MT-100
CH 8606 Greifensee, Switzerland
_________________________________________________________
(Address of principal executive offices)
(Zip Code)
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PAGE
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Item 1.
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Financial Statements
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June 30,
2018 |
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June 30,
2017 |
||||
Net sales
|
|
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|
||||
Products
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$
|
562,476
|
|
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$
|
512,848
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Service
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159,520
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140,808
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Total net sales
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721,996
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653,656
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Cost of sales
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||||
Products
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221,729
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|
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199,586
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|
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Service
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87,642
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78,458
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Gross profit
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412,625
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375,612
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Research and development
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35,315
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32,582
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Selling, general and administrative
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208,024
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195,624
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Amortization
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11,970
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10,249
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Interest expense
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8,309
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8,171
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Restructuring charges
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7,321
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4,023
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Other charges (income), net
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(1,916
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)
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(1,884
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)
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Earnings before taxes
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143,602
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126,847
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Provision for taxes
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32,134
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25,267
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Net earnings
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$
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111,468
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$
|
101,580
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Basic earnings per common share:
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||||
Net earnings
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$
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4.41
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$
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3.94
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Weighted average number of common shares
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25,299,414
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25,751,374
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||||
Diluted earnings per common share:
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||||
Net earnings
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$
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4.31
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$
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3.84
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Weighted average number of common and common equivalent shares
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25,867,383
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26,439,529
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||||
Comprehensive income, net of tax (Note 9)
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$
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82,263
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$
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134,314
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June 30,
2018 |
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June 30,
2017 |
||||
Net sales
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|
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||||
Products
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$
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1,073,422
|
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$
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970,108
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Service
|
309,395
|
|
|
278,115
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Total net sales
|
1,382,817
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1,248,223
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Cost of sales
|
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||||
Products
|
424,316
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374,899
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Service
|
170,943
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|
154,323
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Gross profit
|
787,558
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|
719,001
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Research and development
|
70,028
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63,782
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Selling, general and administrative
|
408,698
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381,280
|
|
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Amortization
|
23,705
|
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20,294
|
|
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Interest expense
|
16,668
|
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|
15,912
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|
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Restructuring charges
|
11,734
|
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|
5,455
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|
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Other charges (income), net
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(4,316
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)
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(8,417
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)
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Earnings before taxes
|
261,041
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240,695
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Provision for taxes
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56,269
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46,649
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Net earnings
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$
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204,772
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$
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194,046
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||||
Basic earnings per common share:
|
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||||
Net earnings
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$
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8.07
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$
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7.51
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Weighted average number of common shares
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25,383,402
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25,841,243
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||||
Diluted earnings per common share:
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||||
Net earnings
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$
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7.88
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$
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7.32
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Weighted average number of common and common equivalent shares
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25,979,508
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26,514,311
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||||
Comprehensive income, net of tax (Note 9)
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$
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204,457
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$
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250,658
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June 30,
2018 |
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December 31,
2017 |
||||
ASSETS
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|||||||
Current assets:
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||||
Cash and cash equivalents
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$
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183,190
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$
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148,687
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Trade accounts receivable, less allowances of $16,074 at June 30, 2018
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||||
and $15,549 at December 31, 2017
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486,203
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528,615
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Inventories
|
270,047
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255,390
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|
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Other current assets and prepaid expenses
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63,867
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74,031
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Total current assets
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1,003,307
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1,006,723
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Property, plant and equipment, net
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678,706
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668,271
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Goodwill
|
536,407
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539,838
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Other intangible assets, net
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219,858
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226,718
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Deferred tax assets, net
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36,880
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41,425
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Other non-current assets
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83,058
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66,830
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Total assets
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$
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2,558,216
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$
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2,549,805
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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|||||||
Current liabilities:
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||||
Trade accounts payable
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$
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170,865
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$
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167,627
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Accrued and other liabilities
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145,892
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152,834
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Accrued compensation and related items
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116,567
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170,159
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Deferred revenue and customer prepayments
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126,835
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107,166
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Taxes payable
|
76,606
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|
72,210
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Short-term borrowings and current maturities of long-term debt
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52,052
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19,677
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|
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Total current liabilities
|
688,817
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|
689,673
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Long-term debt
|
1,020,420
|
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|
960,170
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|
||
Deferred tax liabilities, net
|
46,138
|
|
|
51,230
|
|
||
Other non-current liabilities
|
270,407
|
|
|
301,452
|
|
||
Total liabilities
|
2,025,782
|
|
|
2,002,525
|
|
||
Commitments and contingencies (Note 15)
|
|
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|
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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 25,213,828 and
|
|
|
|
||||
25,541,393 shares at June 30, 2018 and December 31, 2017, respectively
|
448
|
|
|
448
|
|
||
Additional paid-in capital
|
755,374
|
|
|
747,138
|
|
||
Treasury stock at cost (19,572,183 shares at June 30, 2018, and 19,244,618 shares at December 31, 2017)
|
(3,595,296
|
)
|
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(3,368,182
|
)
|
||
Retained earnings
|
3,637,629
|
|
|
3,433,282
|
|
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Accumulated other comprehensive loss
|
(265,721
|
)
|
|
(265,406
|
)
|
||
Total shareholders’ equity
|
532,434
|
|
|
547,280
|
|
||
Total liabilities and shareholders’ equity
|
$
|
2,558,216
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|
|
$
|
2,549,805
|
|
|
|
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|
|
|
|
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|||||||||||||
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Additional Paid-in Capital
|
|
|
|
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Accumulated Other Comprehensive Income (Loss)
|
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|
|||||||||||||
|
Common Stock
|
|
|
Treasury Stock
|
|
Retained Earnings
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
Total
|
|||||||||||||||||
Balance at December 31, 2016
|
26,020,234
|
|
|
$
|
448
|
|
|
$
|
730,556
|
|
|
$
|
(3,006,771
|
)
|
|
$
|
3,065,708
|
|
|
$
|
(354,998
|
)
|
|
$
|
434,943
|
|
Exercise of stock options and restricted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
stock units
|
270,413
|
|
|
—
|
|
|
—
|
|
|
38,586
|
|
|
(9,937
|
)
|
|
—
|
|
|
28,649
|
|
||||||
Repurchases of common stock
|
(749,254
|
)
|
|
—
|
|
|
—
|
|
|
(399,997
|
)
|
|
—
|
|
|
—
|
|
|
(399,997
|
)
|
||||||
Effect of accounting change
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,539
|
|
|
—
|
|
|
1,539
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
16,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,582
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
375,972
|
|
|
—
|
|
|
375,972
|
|
||||||
Other comprehensive income (loss),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,592
|
|
|
89,592
|
|
||||||
Balance at December 31, 2017
|
25,541,393
|
|
|
$
|
448
|
|
|
$
|
747,138
|
|
|
$
|
(3,368,182
|
)
|
|
$
|
3,433,282
|
|
|
$
|
(265,406
|
)
|
|
$
|
547,280
|
|
Exercise of stock options and restricted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
stock units
|
68,653
|
|
|
—
|
|
|
—
|
|
|
10,385
|
|
|
(425
|
)
|
|
—
|
|
|
9,960
|
|
||||||
Repurchases of common stock
|
(396,218
|
)
|
|
—
|
|
|
—
|
|
|
(237,499
|
)
|
|
—
|
|
|
—
|
|
|
(237,499
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
8,236
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,236
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
204,772
|
|
|
—
|
|
|
204,772
|
|
||||||
Other comprehensive income (loss),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
net of tax (Note 9)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(315
|
)
|
|
(315
|
)
|
||||||
Balance at June 30, 2018
|
25,213,828
|
|
|
$
|
448
|
|
|
$
|
755,374
|
|
|
$
|
(3,595,296
|
)
|
|
$
|
3,637,629
|
|
|
$
|
(265,721
|
)
|
|
$
|
532,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2018 |
|
June 30,
2017 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
204,772
|
|
|
$
|
194,046
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
18,606
|
|
|
15,919
|
|
||
Amortization
|
23,705
|
|
|
20,294
|
|
||
Deferred tax benefit
|
(10,109
|
)
|
|
(3,840
|
)
|
||
Share-based compensation
|
8,236
|
|
|
7,793
|
|
||
Gain on facility sale
|
—
|
|
|
(3,394
|
)
|
||
Other
|
(1,200
|
)
|
|
230
|
|
||
Increase (decrease) in cash resulting from changes in:
|
|
|
|
||||
Trade accounts receivable, net
|
34,509
|
|
|
23,541
|
|
||
Inventories
|
(19,959
|
)
|
|
(21,164
|
)
|
||
Other current assets
|
844
|
|
|
(235
|
)
|
||
Trade accounts payable
|
5,425
|
|
|
(7,176
|
)
|
||
Taxes payable
|
1,268
|
|
|
(9,058
|
)
|
||
Accruals and other
|
(49,338
|
)
|
|
(11,579
|
)
|
||
Net cash provided by operating activities
|
216,759
|
|
|
205,377
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sale of property, plant and equipment
|
4,530
|
|
|
10,209
|
|
||
Purchase of property, plant and equipment
|
(61,586
|
)
|
|
(48,529
|
)
|
||
Acquisitions
|
(500
|
)
|
|
(697
|
)
|
||
Net hedging settlements on intercompany loans
|
7,042
|
|
|
(1,033
|
)
|
||
Net cash used in investing activities
|
(50,514
|
)
|
|
(40,050
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings
|
603,180
|
|
|
672,921
|
|
||
Repayments of borrowings
|
(502,524
|
)
|
|
(615,162
|
)
|
||
Proceeds from stock option exercises
|
9,960
|
|
|
16,935
|
|
||
Repurchases of common stock
|
(237,499
|
)
|
|
(249,949
|
)
|
||
Other financing activities
|
(1,635
|
)
|
|
(7,205
|
)
|
||
Net cash used in financing activities
|
(128,518
|
)
|
|
(182,460
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(3,224
|
)
|
|
4,793
|
|
||
Net increase (decrease) in cash and cash equivalents
|
34,503
|
|
|
(12,340
|
)
|
||
Cash and cash equivalents:
|
|
|
|
||||
Beginning of period
|
148,687
|
|
|
158,674
|
|
||
End of period
|
$
|
183,190
|
|
|
$
|
146,334
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Raw materials and parts
|
$
|
121,265
|
|
|
$
|
118,790
|
|
Work-in-progress
|
50,186
|
|
|
43,035
|
|
||
Finished goods
|
98,596
|
|
|
93,565
|
|
||
|
$
|
270,047
|
|
|
$
|
255,390
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Intangibles, Net
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Intangibles, Net
|
||||||||||||
Customer relationships
|
$
|
197,817
|
|
|
$
|
(45,864
|
)
|
|
$
|
151,953
|
|
|
$
|
198,527
|
|
|
$
|
(41,794
|
)
|
|
$
|
156,733
|
|
Proven technology and patents
|
70,156
|
|
|
(40,720
|
)
|
|
29,436
|
|
|
70,311
|
|
|
(38,890
|
)
|
|
31,421
|
|
||||||
Tradenames (finite life)
|
4,494
|
|
|
(2,817
|
)
|
|
1,677
|
|
|
4,518
|
|
|
(2,807
|
)
|
|
1,711
|
|
||||||
Tradenames (indefinite life)
|
35,520
|
|
|
—
|
|
|
35,520
|
|
|
35,562
|
|
|
—
|
|
|
35,562
|
|
||||||
Other
|
3,631
|
|
|
(2,359
|
)
|
|
1,272
|
|
|
3,490
|
|
|
(2,199
|
)
|
|
1,291
|
|
||||||
|
$
|
311,618
|
|
|
$
|
(91,760
|
)
|
|
$
|
219,858
|
|
|
$
|
312,408
|
|
|
$
|
(85,690
|
)
|
|
$
|
226,718
|
|
3.
|
REVENUE
|
Three months ended June 30, 2018
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
191,511
|
|
|
$
|
25,163
|
|
|
$
|
124,336
|
|
|
$
|
119,709
|
|
|
$
|
101,757
|
|
|
$
|
562,476
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
49,985
|
|
|
4,919
|
|
|
33,081
|
|
|
10,885
|
|
|
24,969
|
|
|
123,839
|
|
||||||
Over time
|
9,978
|
|
|
2,072
|
|
|
16,355
|
|
|
2,678
|
|
|
4,598
|
|
|
35,681
|
|
||||||
Total
|
$
|
251,474
|
|
|
$
|
32,154
|
|
|
$
|
173,772
|
|
|
$
|
133,272
|
|
|
$
|
131,324
|
|
|
$
|
721,996
|
|
Six months ended June 30, 2018
|
U.S. Operations
|
|
Swiss Operations
|
|
Western European Operations
|
|
Chinese Operations
|
|
Other Operations
|
|
Total
|
||||||||||||
Product Revenue
|
$
|
364,012
|
|
|
$
|
50,728
|
|
|
$
|
241,268
|
|
|
$
|
224,002
|
|
|
$
|
193,412
|
|
|
$
|
1,073,422
|
|
Service Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Point in time
|
97,605
|
|
|
9,748
|
|
|
62,966
|
|
|
18,012
|
|
|
49,208
|
|
|
237,539
|
|
||||||
Over time
|
19,602
|
|
|
4,143
|
|
|
34,910
|
|
|
5,188
|
|
|
8,013
|
|
|
71,856
|
|
||||||
Total
|
$
|
481,219
|
|
|
$
|
64,619
|
|
|
$
|
339,144
|
|
|
$
|
247,202
|
|
|
$
|
250,633
|
|
|
$
|
1,382,817
|
|
|
Three months ended June 30, 2018
|
|
Six months ended June 30, 2018
|
||||
Americas
|
$
|
274,328
|
|
|
$
|
526,607
|
|
Europe
|
220,718
|
|
|
426,558
|
|
||
Asia / Rest of World
|
226,950
|
|
|
429,652
|
|
||
Total
|
$
|
721,996
|
|
|
$
|
1,382,817
|
|
|
Three months ended June 30, 2018
|
|
Six months ended June 30, 2018
|
||||
Laboratory
|
$
|
361,726
|
|
|
$
|
706,885
|
|
Industrial
|
305,277
|
|
|
567,933
|
|
||
Retail
|
54,993
|
|
|
107,999
|
|
||
Total
|
$
|
721,996
|
|
|
$
|
1,382,817
|
|
|
|
Deferred Revenue
and Customer Pre-payments
|
||
Beginning balances as of December 31, 2017
|
|
$
|
107,166
|
|
Customer pre-payments/deferred revenue
|
|
282,446
|
|
|
Revenue recognized
|
|
(260,280
|
)
|
|
Foreign currency translation
|
|
(2,497
|
)
|
|
Ending balance as of June 30, 2018
|
|
$
|
126,835
|
|
Level 1:
|
Quoted prices in active markets for identical assets and liabilities
|
Level 2:
|
Observable inputs other than quoted prices in active markets for identical assets and liabilities
|
Level 3:
|
Unobservable inputs
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash equivalents
|
|
$
|
13,402
|
|
|
$
|
—
|
|
|
$
|
13,402
|
|
|
$
|
—
|
|
|
$
|
5,616
|
|
|
$
|
—
|
|
|
$
|
5,616
|
|
|
$
|
—
|
|
Interest rate swap agreements
|
|
1,727
|
|
|
—
|
|
|
1,727
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cross currency swap agreement
|
|
1,849
|
|
|
—
|
|
|
1,849
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Foreign currency forward contracts not designated as hedging instruments
|
|
925
|
|
|
—
|
|
|
925
|
|
|
—
|
|
|
1,912
|
|
|
—
|
|
|
1,912
|
|
|
—
|
|
||||||||
Total
|
|
$
|
17,903
|
|
|
$
|
—
|
|
|
$
|
17,903
|
|
|
$
|
—
|
|
|
$
|
7,528
|
|
|
$
|
—
|
|
|
$
|
7,528
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swap agreements
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,292
|
|
|
$
|
—
|
|
|
$
|
1,292
|
|
|
$
|
—
|
|
Cross currency swap agreement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|
—
|
|
|
106
|
|
|
—
|
|
||||||||
Foreign currency forward contracts not designated as hedging instruments
|
|
2,720
|
|
|
—
|
|
|
2,720
|
|
|
—
|
|
|
986
|
|
|
—
|
|
|
986
|
|
|
—
|
|
||||||||
Total
|
|
$
|
2,720
|
|
|
$
|
—
|
|
|
$
|
2,720
|
|
|
$
|
—
|
|
|
$
|
2,384
|
|
|
$
|
—
|
|
|
$
|
2,384
|
|
|
$
|
—
|
|
|
June 30, 2018
|
||||||||||
|
U.S. Dollar
|
|
Other Principal Trading Currencies
|
|
Total
|
||||||
$50 million Senior Notes, interest 3.67%, due December 17, 2022
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$50 million Senior Notes, interest 4.10%, due September 19, 2023
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$125 million Senior Notes, interest 3.84%, due September 19, 2024
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
$125 million Senior Notes, interest 4.24%, due June 25, 2025
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
EUR 125 million Senior Notes, interest 1.47%, due June 17, 2030
|
—
|
|
|
145,163
|
|
|
145,163
|
|
|||
Debt issuance costs, net
|
(994
|
)
|
|
(342
|
)
|
|
(1,336
|
)
|
|||
Total Senior Notes
|
349,006
|
|
|
144,821
|
|
|
493,827
|
|
|||
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points
|
469,719
|
|
|
56,874
|
|
|
526,593
|
|
|||
Other local arrangements
|
359
|
|
|
51,693
|
|
|
52,052
|
|
|||
Total debt
|
819,084
|
|
|
253,388
|
|
|
1,072,472
|
|
|||
Less: current portion
|
(359
|
)
|
|
(51,693
|
)
|
|
(52,052
|
)
|
|||
Total long-term debt
|
$
|
818,725
|
|
|
$
|
201,695
|
|
|
$
|
1,020,420
|
|
|
Currency Translation Adjustment, Net of Tax
|
|
Net Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
|
|
Pension and Post-Retirement Benefit Related Items,
Net of Tax
|
|
Total
|
||||||||
Balance at December 31, 2017
|
$
|
(31,340
|
)
|
|
$
|
(1,081
|
)
|
|
$
|
(232,985
|
)
|
|
$
|
(265,406
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) cash flow hedging arrangements
|
—
|
|
|
1,782
|
|
|
—
|
|
|
1,782
|
|
||||
Foreign currency translation adjustment
|
(13,894
|
)
|
|
—
|
|
|
3,865
|
|
|
(10,029
|
)
|
||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax
|
—
|
|
|
682
|
|
|
7,250
|
|
|
7,932
|
|
||||
Net change in other comprehensive income (loss), net of tax
|
(13,894
|
)
|
|
2,464
|
|
|
11,115
|
|
|
(315
|
)
|
||||
Balance at June 30, 2018
|
$
|
(45,234
|
)
|
|
$
|
1,383
|
|
|
$
|
(221,870
|
)
|
|
$
|
(265,721
|
)
|
|
Currency Translation Adjustment, Net of Tax
|
|
Net Unrealized
Gain (Loss) on
Cash Flow Hedging Arrangements,
Net of Tax
|
|
Pension and Post-Retirement Benefit Related Items,
Net of Tax
|
|
Total
|
||||||||
Balance at December 31, 2016
|
$
|
(115,322
|
)
|
|
$
|
(2,232
|
)
|
|
$
|
(237,444
|
)
|
|
$
|
(354,998
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) cash flow hedging arrangements
|
—
|
|
|
(2,016
|
)
|
|
—
|
|
|
(2,016
|
)
|
||||
Foreign currency translation adjustment
|
61,299
|
|
|
—
|
|
|
(11,960
|
)
|
|
49,339
|
|
||||
Amounts recognized from accumulated other comprehensive income (loss), net of tax
|
—
|
|
|
1,824
|
|
|
7,465
|
|
|
9,289
|
|
||||
Net change in other comprehensive income (loss), net of tax
|
61,299
|
|
|
(192
|
)
|
|
(4,495
|
)
|
|
56,612
|
|
||||
Balance at June 30, 2017
|
$
|
(54,023
|
)
|
|
$
|
(2,424
|
)
|
|
$
|
(241,939
|
)
|
|
$
|
(298,386
|
)
|
|
|
Three months ended June 30,
|
|
|
||||||
|
|
2018
|
|
2017
|
|
Location of Amounts Recognized in Earnings
|
||||
Effective portion of (gains) / losses on cash flow hedging arrangements:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
$
|
158
|
|
|
$
|
505
|
|
|
Interest expense
|
Cross currency swap agreement
|
|
4,098
|
|
|
1,412
|
|
|
(a)
|
||
Total before taxes
|
|
4,256
|
|
|
1,917
|
|
|
|
||
Provision for taxes
|
|
360
|
|
|
305
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
3,896
|
|
|
$
|
1,612
|
|
|
|
|
|
|
|
|
|
|
||||
Recognition of defined benefit pension and post-retirement items:
|
|
|
|
|
|
|
||||
Recognition of actuarial losses and prior service cost, before taxes
|
|
$
|
4,687
|
|
|
$
|
5,054
|
|
|
(b)
|
Provision for taxes
|
|
1,123
|
|
|
1,301
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
3,564
|
|
|
$
|
3,753
|
|
|
|
|
|
Six months ended June 30,
|
|
|
||||||
|
|
2018
|
|
2017
|
|
Location of Amounts Recognized in Earnings
|
||||
Effective portion of (gains) / losses on cash flow hedging arrangements:
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
|
$
|
435
|
|
|
$
|
849
|
|
|
Interest expense
|
Cross currency swap agreement
|
|
387
|
|
|
1,412
|
|
|
(a)
|
||
Total before taxes
|
|
822
|
|
|
2,261
|
|
|
|
||
Provision for taxes
|
|
140
|
|
|
437
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
682
|
|
|
$
|
1,824
|
|
|
|
|
|
|
|
|
|
|
||||
Recognition of defined benefit pension and post-retirement items:
|
|
|
|
|
|
|
||||
Recognition of actuarial losses and prior service cost, before taxes
|
|
$
|
9,498
|
|
|
$
|
10,093
|
|
|
(b)
|
Provision for taxes
|
|
2,248
|
|
|
2,628
|
|
|
Provision for taxes
|
||
Total, net of taxes
|
|
$
|
7,250
|
|
|
$
|
7,465
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net earnings
|
$
|
111,468
|
|
|
$
|
101,580
|
|
|
$
|
204,772
|
|
|
$
|
194,046
|
|
Other comprehensive income (loss), net of tax
|
(29,205
|
)
|
|
32,734
|
|
|
(315
|
)
|
|
56,612
|
|
||||
Comprehensive income, net of tax
|
$
|
82,263
|
|
|
$
|
134,314
|
|
|
$
|
204,457
|
|
|
$
|
250,658
|
|
|
2018
|
|
2017
|
||
Three months ended
|
567,969
|
|
|
688,155
|
|
Six months ended
|
596,106
|
|
|
673,068
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other U.S. Post-retirement Benefits
|
|
Total
|
||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Service cost, net
|
$
|
272
|
|
|
$
|
141
|
|
|
$
|
3,744
|
|
|
$
|
3,952
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
4,016
|
|
|
4,093
|
|
||
Interest cost on projected benefit obligations
|
1,061
|
|
|
1,094
|
|
|
2,131
|
|
|
2,053
|
|
|
16
|
|
|
18
|
|
|
3,208
|
|
|
3,165
|
|
||||||||
Expected return on plan assets
|
(1,732
|
)
|
|
(1,684
|
)
|
|
(7,688
|
)
|
|
(7,629
|
)
|
|
—
|
|
|
—
|
|
|
(9,420
|
)
|
|
(9,313
|
)
|
||||||||
Recognition of prior service cost
|
—
|
|
|
—
|
|
|
(1,727
|
)
|
|
(974
|
)
|
|
(93
|
)
|
|
(195
|
)
|
|
(1,820
|
)
|
|
(1,169
|
)
|
||||||||
Recognition of actuarial losses/(gains)
|
1,451
|
|
|
1,639
|
|
|
5,369
|
|
|
5,058
|
|
|
(313
|
)
|
|
(474
|
)
|
|
6,507
|
|
|
6,223
|
|
||||||||
Net periodic pension cost/(credit)
|
$
|
1,052
|
|
|
$
|
1,190
|
|
|
$
|
1,829
|
|
|
$
|
2,460
|
|
|
$
|
(390
|
)
|
|
$
|
(651
|
)
|
|
$
|
2,491
|
|
|
$
|
2,999
|
|
|
U.S. Pension Benefits
|
|
Non-U.S. Pension Benefits
|
|
Other U.S. Post-retirement Benefits
|
|
Total
|
||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Service cost, net
|
$
|
544
|
|
|
$
|
282
|
|
|
$
|
7,664
|
|
|
$
|
7,976
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
8,208
|
|
|
8,258
|
|
||
Interest cost on projected benefit obligations
|
2,122
|
|
|
2,188
|
|
|
4,354
|
|
|
4,122
|
|
|
32
|
|
|
36
|
|
|
6,508
|
|
|
6,346
|
|
||||||||
Expected return on plan assets
|
(3,464
|
)
|
|
(3,368
|
)
|
|
(15,675
|
)
|
|
(15,014
|
)
|
|
—
|
|
|
—
|
|
|
(19,139
|
)
|
|
(18,382
|
)
|
||||||||
Recognition of prior service cost
|
—
|
|
|
—
|
|
|
(3,521
|
)
|
|
(2,797
|
)
|
|
(186
|
)
|
|
(390
|
)
|
|
(3,707
|
)
|
|
(3,187
|
)
|
||||||||
Recognition of actuarial losses/(gains)
|
2,902
|
|
|
3,278
|
|
|
10,929
|
|
|
10,950
|
|
|
(626
|
)
|
|
(948
|
)
|
|
13,205
|
|
|
13,280
|
|
||||||||
Net periodic pension cost/(credit)
|
$
|
2,104
|
|
|
$
|
2,380
|
|
|
$
|
3,751
|
|
|
$
|
5,237
|
|
|
$
|
(780
|
)
|
|
$
|
(1,302
|
)
|
|
$
|
5,075
|
|
|
$
|
6,315
|
|
|
|
Total
|
||
Balance at December 31, 2017
|
|
$
|
10,620
|
|
Restructuring charges
|
|
11,734
|
|
|
Cash payments and utilization
|
|
(13,409
|
)
|
|
Impact of foreign currency
|
|
(130
|
)
|
|
Balance at June 30, 2018
|
|
$
|
8,815
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
As of June 30,
|
||||||||||
For the three months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
2018
|
||||||||||
June 30, 2018
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
Goodwill
|
||||||||||
U.S. Operations
|
$
|
251,474
|
|
|
$
|
23,487
|
|
|
$
|
274,961
|
|
|
$
|
42,006
|
|
|
$
|
409,470
|
|
Swiss Operations
|
32,154
|
|
|
148,959
|
|
|
181,113
|
|
|
47,737
|
|
|
21,787
|
|
|||||
Western European Operations
|
173,772
|
|
|
45,141
|
|
|
218,913
|
|
|
27,333
|
|
|
89,412
|
|
|||||
Chinese Operations
|
133,272
|
|
|
58,588
|
|
|
191,860
|
|
|
65,884
|
|
|
678
|
|
|||||
Other (a)
|
131,324
|
|
|
1,463
|
|
|
132,787
|
|
|
17,642
|
|
|
15,060
|
|
|||||
Eliminations and Corporate (b)
|
—
|
|
|
(277,638
|
)
|
|
(277,638
|
)
|
|
(31,316
|
)
|
|
—
|
|
|||||
Total
|
$
|
721,996
|
|
|
$
|
—
|
|
|
$
|
721,996
|
|
|
$
|
169,286
|
|
|
$
|
536,407
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
|
||||||||
For the six months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
|
||||||||
June 30, 2018
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
|
||||||||
U.S. Operations
|
$
|
481,219
|
|
|
$
|
47,153
|
|
|
$
|
528,372
|
|
|
$
|
76,251
|
|
|
|
Swiss Operations
|
64,619
|
|
|
292,541
|
|
|
357,160
|
|
|
93,712
|
|
|
|
||||
Western European Operations
|
339,144
|
|
|
86,153
|
|
|
425,297
|
|
|
45,615
|
|
|
|
||||
Chinese Operations
|
247,202
|
|
|
118,995
|
|
|
366,197
|
|
|
125,437
|
|
|
|
||||
Other (a)
|
250,633
|
|
|
3,103
|
|
|
253,736
|
|
|
31,523
|
|
|
|
||||
Eliminations and Corporate (b)
|
—
|
|
|
(547,945
|
)
|
|
(547,945
|
)
|
|
(63,706
|
)
|
|
|
||||
Total
|
$
|
1,382,817
|
|
|
$
|
—
|
|
|
$
|
1,382,817
|
|
|
$
|
308,832
|
|
|
|
(a)
|
Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
|
(b)
|
Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
As of June 30,
|
||||||||||
For the three months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
2017
|
||||||||||
June 30, 2017
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
Goodwill
|
||||||||||
U.S. Operations
|
$
|
238,831
|
|
|
$
|
23,092
|
|
|
$
|
261,923
|
|
|
$
|
45,147
|
|
|
$
|
357,782
|
|
Swiss Operations
|
32,287
|
|
|
131,347
|
|
|
163,634
|
|
|
37,950
|
|
|
22,544
|
|
|||||
Western European Operations
|
151,161
|
|
|
43,883
|
|
|
195,044
|
|
|
24,709
|
|
|
87,388
|
|
|||||
Chinese Operations
|
108,092
|
|
|
57,036
|
|
|
165,128
|
|
|
54,127
|
|
|
653
|
|
|||||
Other (a)
|
123,285
|
|
|
2,129
|
|
|
125,414
|
|
|
15,181
|
|
|
15,390
|
|
|||||
Eliminations and Corporate (b)
|
—
|
|
|
(257,487
|
)
|
|
(257,487
|
)
|
|
(29,708
|
)
|
|
—
|
|
|||||
Total
|
$
|
653,656
|
|
|
$
|
—
|
|
|
$
|
653,656
|
|
|
$
|
147,406
|
|
|
$
|
483,757
|
|
|
Net Sales to
|
|
Net Sales to
|
|
|
|
|
|
|
||||||||
For the six months ended
|
External
|
|
Other
|
|
Total Net
|
|
Segment
|
|
|
||||||||
June 30, 2017
|
Customers
|
|
Segments
|
|
Sales
|
|
Profit
|
|
|
||||||||
U.S. Operations
|
$
|
454,184
|
|
|
$
|
45,505
|
|
|
$
|
499,689
|
|
|
$
|
83,969
|
|
|
|
Swiss Operations
|
62,034
|
|
|
258,899
|
|
|
320,933
|
|
|
73,968
|
|
|
|
||||
Western European Operations
|
298,484
|
|
|
86,825
|
|
|
385,309
|
|
|
49,427
|
|
|
|
||||
Chinese Operations
|
198,873
|
|
|
109,969
|
|
|
308,842
|
|
|
98,787
|
|
|
|
||||
Other (a)
|
234,648
|
|
|
3,726
|
|
|
238,374
|
|
|
28,289
|
|
|
|
||||
Eliminations and Corporate (b)
|
—
|
|
|
(504,924
|
)
|
|
(504,924
|
)
|
|
(60,501
|
)
|
|
|
||||
Total
|
$
|
1,248,223
|
|
|
$
|
—
|
|
|
$
|
1,248,223
|
|
|
$
|
273,939
|
|
|
|
(a)
|
Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.
|
(b)
|
Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Earnings before taxes
|
$
|
143,602
|
|
|
$
|
126,847
|
|
|
$
|
261,041
|
|
|
$
|
240,695
|
|
Amortization
|
11,970
|
|
|
10,249
|
|
|
23,705
|
|
|
20,294
|
|
||||
Interest expense
|
8,309
|
|
|
8,171
|
|
|
16,668
|
|
|
15,912
|
|
||||
Restructuring charges
|
7,321
|
|
|
4,023
|
|
|
11,734
|
|
|
5,455
|
|
||||
Other charges (income), net
|
(1,916
|
)
|
|
(1,884
|
)
|
|
(4,316
|
)
|
|
(8,417
|
)
|
||||
Segment profit
|
$
|
169,286
|
|
|
$
|
147,406
|
|
|
$
|
308,832
|
|
|
$
|
273,939
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||||||
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
|
(unaudited)
|
|
%
|
||||||||||||
Net sales
|
$
|
721,996
|
|
|
100.0
|
|
|
$
|
653,656
|
|
|
100.0
|
|
|
$
|
1,382,817
|
|
|
100.0
|
|
|
$
|
1,248,223
|
|
|
100.0
|
|
Cost of sales
|
309,371
|
|
|
42.8
|
|
|
278,044
|
|
|
42.5
|
|
|
595,259
|
|
|
43.0
|
|
|
529,222
|
|
|
42.4
|
|
||||
Gross profit
|
412,625
|
|
|
57.2
|
|
|
375,612
|
|
|
57.5
|
|
|
787,558
|
|
|
57.0
|
|
|
719,001
|
|
|
57.6
|
|
||||
Research and development
|
35,315
|
|
|
4.9
|
|
|
32,582
|
|
|
5.0
|
|
|
70,028
|
|
|
5.1
|
|
|
63,782
|
|
|
5.1
|
|
||||
Selling, general and administrative
|
208,024
|
|
|
28.8
|
|
|
195,624
|
|
|
29.9
|
|
|
408,698
|
|
|
29.6
|
|
|
381,280
|
|
|
30.5
|
|
||||
Amortization
|
11,970
|
|
|
1.7
|
|
|
10,249
|
|
|
1.6
|
|
|
23,705
|
|
|
1.7
|
|
|
20,294
|
|
|
1.6
|
|
||||
Interest expense
|
8,309
|
|
|
1.2
|
|
|
8,171
|
|
|
1.3
|
|
|
16,668
|
|
|
1.2
|
|
|
15,912
|
|
|
1.3
|
|
||||
Restructuring charges
|
7,321
|
|
|
1.0
|
|
|
4,023
|
|
|
0.6
|
|
|
11,734
|
|
|
0.8
|
|
|
5,455
|
|
|
0.4
|
|
||||
Other charges (income), net
|
(1,916
|
)
|
|
(0.3
|
)
|
|
(1,884
|
)
|
|
(0.3
|
)
|
|
(4,316
|
)
|
|
(0.3
|
)
|
|
(8,417
|
)
|
|
(0.6
|
)
|
||||
Earnings before taxes
|
143,602
|
|
|
19.9
|
|
|
126,847
|
|
|
19.4
|
|
|
261,041
|
|
|
18.9
|
|
|
240,695
|
|
|
19.3
|
|
||||
Provision for taxes
|
32,134
|
|
|
4.5
|
|
|
25,267
|
|
|
3.9
|
|
|
56,269
|
|
|
4.1
|
|
|
46,649
|
|
|
3.8
|
|
||||
Net earnings
|
$
|
111,468
|
|
|
15.4
|
|
|
$
|
101,580
|
|
|
15.5
|
|
|
$
|
204,772
|
|
|
14.8
|
|
|
$
|
194,046
|
|
|
15.5
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
%
|
|
2018
|
|
2017
|
|
%
|
||||||||||
Total net sales
|
$
|
274,961
|
|
|
$
|
261,923
|
|
|
5
|
%
|
|
$
|
528,372
|
|
|
$
|
499,689
|
|
|
6
|
%
|
Net sales to external customers
|
$
|
251,474
|
|
|
$
|
238,831
|
|
|
5
|
%
|
|
$
|
481,219
|
|
|
$
|
454,184
|
|
|
6
|
%
|
Segment profit
|
$
|
42,006
|
|
|
$
|
45,147
|
|
|
(7
|
)%
|
|
$
|
76,251
|
|
|
$
|
83,969
|
|
|
(9
|
)%
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
%
1)
|
|
2018
|
|
2017
|
|
%
1)
|
||||||||||
Total net sales
|
$
|
181,113
|
|
|
$
|
163,634
|
|
|
11
|
%
|
|
$
|
357,160
|
|
|
$
|
320,933
|
|
|
11
|
%
|
Net sales to external customers
|
$
|
32,154
|
|
|
$
|
32,287
|
|
|
—
|
%
|
|
$
|
64,619
|
|
|
$
|
62,034
|
|
|
4
|
%
|
Segment profit
|
$
|
47,737
|
|
|
$
|
37,950
|
|
|
26
|
%
|
|
$
|
93,712
|
|
|
$
|
73,968
|
|
|
27
|
%
|
1)
|
Represents U.S. dollar growth (decline) for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
%
1)
|
|
2018
|
|
2017
|
|
%
1)
|
||||||||||
Total net sales
|
$
|
218,913
|
|
|
$
|
195,044
|
|
|
12
|
%
|
|
$
|
425,297
|
|
|
$
|
385,309
|
|
|
10
|
%
|
Net sales to external customers
|
$
|
173,772
|
|
|
$
|
151,161
|
|
|
15
|
%
|
|
$
|
339,144
|
|
|
$
|
298,484
|
|
|
14
|
%
|
Segment profit
|
$
|
27,333
|
|
|
$
|
24,709
|
|
|
11
|
%
|
|
$
|
45,615
|
|
|
$
|
49,427
|
|
|
(8
|
)%
|
1)
|
Represents U.S. dollar growth (decline) for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
%
1)
|
|
2018
|
|
2017
|
|
%
1)
|
||||||||||
Total net sales
|
$
|
191,860
|
|
|
$
|
165,128
|
|
|
16
|
%
|
|
$
|
366,197
|
|
|
$
|
308,842
|
|
|
19
|
%
|
Net sales to external customers
|
$
|
133,272
|
|
|
$
|
108,092
|
|
|
23
|
%
|
|
$
|
247,202
|
|
|
$
|
198,873
|
|
|
24
|
%
|
Segment profit
|
$
|
65,884
|
|
|
$
|
54,127
|
|
|
22
|
%
|
|
$
|
125,437
|
|
|
$
|
98,787
|
|
|
27
|
%
|
1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
%
1)
|
|
2018
|
|
2017
|
|
%
1)
|
||||||||||
Total net sales
|
$
|
132,787
|
|
|
$
|
125,414
|
|
|
6
|
%
|
|
$
|
253,736
|
|
|
$
|
238,374
|
|
|
6
|
%
|
Net sales to external customers
|
$
|
131,324
|
|
|
$
|
123,285
|
|
|
7
|
%
|
|
$
|
250,633
|
|
|
$
|
234,648
|
|
|
7
|
%
|
Segment profit
|
$
|
17,642
|
|
|
$
|
15,181
|
|
|
16
|
%
|
|
$
|
31,523
|
|
|
$
|
28,289
|
|
|
11
|
%
|
1)
|
Represents U.S. dollar growth for net sales and segment profit.
|
|
June 30, 2018
|
||||||||||
|
U.S. Dollar
|
|
Other Principal Trading Currencies
|
|
Total
|
||||||
$50 million Senior Notes, interest 3.67%, due December 17, 2022
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$50 million Senior Notes, interest 4.10%, due September 19, 2023
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||
$125 million Senior Notes, interest 3.84%, due September 19, 2024
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
$125 million Senior Notes, interest 4.24%, due June 25, 2025
|
125,000
|
|
|
—
|
|
|
125,000
|
|
|||
EUR 125 million Senior Notes, interest 1.47%, due June 17, 2030
|
—
|
|
|
145,163
|
|
|
145,163
|
|
|||
Debt issuance costs, net
|
(994
|
)
|
|
(342
|
)
|
|
(1,336
|
)
|
|||
Total Senior Notes
|
349,006
|
|
|
144,821
|
|
|
493,827
|
|
|||
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points
|
469,719
|
|
|
56,874
|
|
|
526,593
|
|
|||
Other local arrangements
|
359
|
|
|
51,693
|
|
|
52,052
|
|
|||
Total debt
|
819,084
|
|
|
253,388
|
|
|
1,072,472
|
|
|||
Less: current portion
|
(359
|
)
|
|
(51,693
|
)
|
|
(52,052
|
)
|
|||
Total long-term debt
|
$
|
818,725
|
|
|
$
|
201,695
|
|
|
$
|
1,020,420
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings.
None
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
|
(a)
|
(b)
|
(c)
|
(d)
|
|||||||
Total Number of
Shares Purchased |
Average Price Paid
per Share |
Total Number of
Shares Purchased as Part of Publicly Announced Program |
Approximate Dollar
Value (in thousands) of Shares that may yet be Purchased under the Program |
||||||||
April 1 to April 30, 2018
|
64,793
|
|
$
|
570.74
|
|
64,793
|
|
$
|
427,691
|
|
|
May 1 to May 31, 2018
|
76,198
|
|
$
|
561.87
|
|
76,198
|
|
$
|
384,876
|
|
|
June 1 to June 30, 2018
|
67,347
|
|
$
|
578.38
|
|
67,347
|
|
$
|
345,922
|
|
|
Total
|
208,338
|
|
$
|
569.97
|
|
208,338
|
|
$
|
345,922
|
|
Item 3.
|
Defaults Upon Senior Securities.
None
|
Item 5.
|
Other information.
None
|
Item 6.
|
Exhibits.
See Exhibit Index below.
|
|
|
|
Mettler-Toledo International Inc.
|
|||
Date:
|
July 27, 2018
|
|
By:
|
/s/ Shawn P. Vadala
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shawn P. Vadala
|
|
|
|
|
|
|
Chief Financial Officer
|
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
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
|
|
Exhibit 10.57
|
Date
|
April 27, 2018
|
Reference
|
CM/em
|
Direct Dial
|
41 44 944 24 45
|
Telefax
|
41 44 944 22 55
|
Function
|
Head Process Analytics 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 places of work are Urdorf and 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 Terms and Conditions of Employment ("GTCE") of our Swiss operations apply.
|
Remuneration
|
Base Salary of CHF 290'000.00 gross per annum, effective with the starting date, payable in twelve equal monthly installments of CHF 24'166.65. 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 130'500.00 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.
|
Expenses
|
Expense Allowance according to then-current regulations of CHF 10'500.00 per annum, payable in twelve monthly installments of CHF 875.00. 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.
|
Personnel Insurance
|
Additional Accident Insurance and Disability Insurance at METTLER TOLEDO’s expense.
Participation in the pension arrangement for GMC members as might be amended from time to time, with defined contributions at METTLER TOLEDO's expense. The insured salary is 77.2727% of Target Salary, subject to limits applicable under Swiss law.
|
Vacation
|
27 working days per calendar year, including compensation for overtime as per Supplementary Regulations on Working Hours and Absences of our Swiss operations. Unused vacation days in a given year will not be carried forward.
|
|
Exhibit 10.57
|
Duration /
Notice Period |
This employment agreement is effective as of July 1, 2018 and is of unlimited duration. It may be terminated by either party without cause by giving twelve (12) months notice in writing to the end of a month and shall terminate at the end of such notice period.
|
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.
|
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.
|
Tax Filings
|
The parties acknowledge a separate agreement will be signed regarding tax equalization matters.
|
Previous Employment Agreements
|
With the effectiveness of this employment agreement, all previous employment agreements or amendments to such employment agreements with METTLER TOLEDO shall be considered cancelled. The acquired period of service since January 1, 1991 is taken into consideration where applicable.
|
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.
|
▪
|
POBS Plus – Incentive System for Members of the Group Management of METTLER TOLEDO (07/2015)
|
▪
|
Spesenreglementsergänzung Gruppenleitung (04/1997)
|