Mettler-Toledo International (MTD) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - Jun. 30, 2015 - USD ($)	Total
Document and Entity Information [Abstract]
Entity Registrant Name	METTLER TOLEDO INTERNATIONAL INC/
Entity Central Index Key	1,037,646
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	27,699,352
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 9,458,220,734

Interim Consolidated Statements

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales
Products	$ 449,702	$ 468,678	$ 862,606	$ 890,826
Service	132,355	140,156	255,152	268,629
Total net sales	582,057	608,834	1,117,758	1,159,455
Cost of sales
Products	183,127	199,711	347,793	381,161
Service	76,018	80,947	148,248	157,477
Gross profit	322,912	328,176	621,717	620,817
Research and development	29,794	32,125	58,255	61,622
Selling, general and administrative	174,808	183,103	347,846	355,294
Amortization	7,634	7,283	15,162	14,377
Interest expense	6,942	5,956	13,667	11,622
Restructuring Charges	1,720	1,905	2,627	3,397
Other charges (income), net	(33)	406	(850)	723
Earnings before taxes	102,047	97,398	185,010	173,782
Provision for taxes	24,490	23,376	44,402	41,709
Net earnings	$ 77,557	$ 74,022	$ 140,608	$ 132,073
Basic earnings per common share:
Net earnings	$ 2.79	$ 2.55	$ 5.03	$ 4.52
Weighted average number of common shares	27,843,905	29,074,695	27,978,814	29,221,647
Diluted earnings per common share:
Net earnings	$ 2.73	$ 2.49	$ 4.91	$ 4.41
Weighted average number of common and common equivalent shares	28,460,336	29,750,815	28,611,637	29,918,456
Comprehensive Income, Net of Tax (Note 8)	$ 99,337	$ 71,631	$ 156,132	$ 131,536

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 149,309	$ 85,263
Trade accounts receivable, less allowances of $15,477 at June 30, 2015 and $15,961 at December 31, 2014	402,404	435,648
Inventories	223,275	204,531
Current deferred tax assets, net	63,038	62,341
Other current assets and prepaid expenses	74,638	61,647
Total current assets	912,664	849,430
Property, plant and equipment, net	522,195	511,462
Goodwill	442,482	444,085
Other intangible assets, net	109,656	112,784
Non-current deferred tax assets, net	27,237	30,273
Other non-current assets	82,715	61,076
Total assets	2,096,949	2,009,110
Current liabilities:
Trade accounts payable	138,589	145,896
Accrued and other liabilities	122,057	120,530
Accrued compensation and related items	104,703	136,107
Deferred revenue and customer prepayments	98,113	82,219
Taxes payable	69,156	59,297
Current deferred tax liabilities	23,569	18,677
Short-term borrowings and current maturities of long-term debt	23,353	116,164
Total current liabilities	579,540	678,890
Long-term debt	605,141	335,790
Non-current deferred tax liabilities	55,198	56,727
Other non-current liabilities	202,819	218,108
Total liabilities	$ 1,442,698	1,289,515
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares	$ 0	0
Common stock, $0.01 par value per share; authorized 125,000,000 shares; issued 44,786,011 and 44,786,011 shares; outstanding 27,699,352 and 28.243,007 shares at June 30, 2015 and December 31, 2014, respectively	448	448
Additional paid-in capital	678,677	670,418
Treasury stock at cost (17,086,659 shares at June 30, 2015 and 16,543,004 shares at December 31, 2014)	(2,316,441)	(2,095,656)
Retained earnings	2,488,992	2,357,334
Accumulated Other Comprehensive Income (Loss), Net of Tax	(197,425)	(212,949)
Total shareholders' equity	654,251	719,595
Total liabilities and shareholders' equity	$ 2,096,949	$ 2,009,110

Balance Sheet Parentheticals (P

Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable, Current	$ 17,028	$ 14,856
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	125,000,000	125,000,000
Common Stock, Shares, Issued	44,786,011	44,786,011
Common Stock, Shares, Outstanding	27,699,352	28,243,007
Treasury Stock, Shares	17,086,659	16,543,004

Interim Consolidated Statement5

Interim Consolidated Statements of Shareholders' Equity and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2013	$ 935,052	$ 448	$ 653,250	$ (1,721,030)	$ 2,037,420	$ (35,036)
Beginning balance, shares at Dec. 31, 2013		29,487,075
Stock Issued During Period, Value, Treasury Stock Reissued	21,047			39,374	(18,327)
Exercise of stock options and restricted stock units, shares		373,431
Repurchases of common stock	(414,000)			(414,000)
Repurchases of common stock, shares		(1,617,499)
Tax benefit resulting from exercise of certain employee stock options	3,557		3,557
Adjustment to Additional Paid in Capital, Share-Based Compensation	13,611		13,611
Net earnings	338,241				338,241
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(177,913)					(177,913)
Ending balance at Dec. 31, 2014	$ 719,595	$ 448	670,418	(2,095,656)	2,357,334	(212,949)
Ending balance, shares at Dec. 31, 2014	28,243,007	28,243,007
Stock Issued During Period, Value, Treasury Stock Reissued	$ 17,738			26,688	(8,950)
Exercise of stock options and restricted stock units, shares	233,593	233,593
Repurchases of common stock	$ (247,473)			(247,473)
Repurchases of common stock, shares	(777,248)	(777,248)
Tax benefit resulting from exercise of certain employee stock options	$ 1,278		1,278
Adjustment to Additional Paid in Capital, Share-Based Compensation	6,981		6,981
Net earnings	140,608				140,608
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	15,524					15,524
Ending balance at Jun. 30, 2015	$ 654,251	$ 448	$ 678,677	$ (2,316,441)	$ 2,488,992	$ (197,425)
Ending balance, shares at Jun. 30, 2015	27,699,352	27,699,352

Interim Consolidated Statement6

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net earnings	$ 140,608	$ 132,073
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	16,658	16,874
Amortization	15,162	14,377
Deferred tax benefit	(2,681)	(3,442)
Excess tax benefits from share-based payment arrangements	(1,278)	(9,569)
Share-based compensation	6,981	6,503
Other	89	74
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	21,764	39,967
Inventories	(18,659)	(13,733)
Other current assets	(959)	1,990
Trade accounts payable	(7,593)	(5,458)
Taxes payable	7,836	(19,250)
Accruals and other	(14,143)	(9,429)
Net cash provided by operating activities	163,785	150,977
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	127	296
Purchase of property, plant and equipment	(35,923)	(37,120)
Acquisitions	(300)	(3,255)
Payments for (Proceeds from) Derivative Instrument, Investing Activities	(12,811)	(81)
Net cash used in investing activities	(48,907)	(40,160)
Cash flows from financing activities:
Proceeds from borrowings	493,450	310,018
Repayments of borrowings	(313,923)	(256,611)
Proceeds from stock option exercises	17,738	9,032
Repurchases of common stock	(247,473)	(183,978)
Excess tax benefits from share - based payment arrangements	1,278	9,569
Payments of Debt Issuance Costs	(432)	0
Payments for Previous Acquisition	(422)	0
Net cash used in financing activities	(49,784)	(111,970)
Effect of exchange rate changes on cash and cash equivalents	(1,048)	291
Net (decrease) increase in cash and cash equivalents	64,046	(862)
Cash and cash equivalents:
Beginning of period	85,263	111,874
End of period	$ 149,309	$ 111,012

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Mettler-Toledo International Inc. ("Mettler-Toledo" or the "Company") is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Switzerland, the United Kingdom and the United States. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland. The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015 . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. A discussion of the Company’s critical accounting policies is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . All intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year amounts to conform to the current year presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio. Inventories Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required. Inventories consisted of the following: June 30, December 31, Raw materials and parts $ 100,031 $ 97,969 Work-in-progress 41,625 34,973 Finished goods 81,619 71,589 $ 223,275 $ 204,531 Goodwill and Other Intangible Assets Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment". Other intangible assets consisted of the following: June 30, 2015 December 31, 2014 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 97,396 $ (29,098 ) $ 68,298 $ 98,325 $ (28,159 ) $ 70,166 Proven technology and patents 46,012 (31,890 ) 14,122 45,588 (30,761 ) 14,827 Tradename (finite life) 4,317 (2,230 ) 2,087 4,140 (1,786 ) 2,354 Tradename (indefinite life) 24,775 — 24,775 24,947 — 24,947 Other 1,555 (1,181 ) 374 1,573 (1,083 ) 490 $ 174,055 $ (64,399 ) $ 109,656 $ 174,573 $ (61,789 ) $ 112,784 The Company recognized amortization expense associated with the above intangible assets of $1.6 million for both the three months ended June 30, 2015 and 2014 , respectively and $3.1 million and $3.2 million for the six months ended June 30, 2015 and 2014 , respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.1 million for 2015 , $5.7 million for 2016 , $5.3 million for 2017 , $5.0 million for 2018 , $4.7 million for 2019 and $4.5 million for 2020 . Purchased intangible amortization was $1.4 million , $0.9 million after tax, and $1.4 million , $1.0 million after tax, for the three months ended June 30, 2015 and 2014 , respectively and $2.8 million , $1.9 million after tax, and $2.7 million , $1.9 million after tax, for the six months ended June 30, 2015 and 2014 , respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $6.0 million and $5.6 million for the three months ended June 30, 2015 and 2014 , respectively and $11.9 million and $11.2 million for the six months ended June 30, 2015 and 2014 , respectively. Revenue Recognition Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, such as customer acceptance, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location. Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized. Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period. Warranty The Company generally offers one -year warranties on most of its products. Estimated product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage and service costs incurred in correcting a product failure. Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. Share-Based Compensation The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.5 million and $7.0 million of share-based compensation expense for the three and six months ended June 30, 2015 , respectively, compared to $3.3 million and $6.5 million for the corresponding periods in 2014 . Research and Development Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. As also mentioned in Note 6, the Company has designated its euro denominated debt as a hedge of a portion of its net investment in euro-denominated foreign operations. For additional disclosures on the fair value of financial instruments, also see Note 4. Cash Flow Hedges In July 2012, the Company began entering into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted intercompany sales denominated in euro with its Swiss-based business. The notional amount of foreign currency forward contracts outstanding at June 30, 2015 were $52.5 million (Euro 47.0 million ) for contracts that mature in 2015 and $74.3 million (Euro 66.5 million ) for contracts that mature in 2016. The notional amount of foreign currency forward contracts outstanding at December 31, 2014 was $87.0 million (Euro 71.5 million ) for contracts that mature in 2015. The amount recognized in other comprehensive income (loss) during the three months period ended June 30, 2015 and 2014 was a gain of $1.4 million and a loss of $0.1 million , respectively. The amount recognized in other comprehensive income (loss) during the six months period ended June 30, 2015 and 2014 was a gain of $24.2 million and a loss of $0.2 million , respectively. The Company has an interest rate swap agreement designated as a cash flow hedge. The agreement is a swap which has the effect of changing the floating rate LIBOR-based interest payments associated with $100 million in forecasted borrowings under the Company’s credit facility to a fixed obligation of 3.24% . The swap began in October 2010 and matures in October 2015. In June 2013, the Company entered into a forward-starting interest rate swap agreement, designated as a cash flow hedge. The agreement will change the floating rate LIBOR-based interest payments associated with $50 million in forecasted borrowings under the Company's credit agreement to a fixed obligation of 2.52% beginning in October 2015. In March 2015, the Company entered into a forward-starting interest rate swap agreement. The agreement will change the floating rate LIBOR-based interest payments associated with $100 million in forecasted borrowings under the Company's credit agreement to a fixed obligation of 2.25% beginning in February 2017. The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2015 and December 31, 2014, respectively, and disclosed in Note 4. Amounts reclassified into other comprehensive income and the effective portions of the cash flow hedges are further disclosed in Note 8. A derivative gain of $9.0 million based upon interest rates and foreign currency rates at June 30, 2015, is expected to be reclassified from other comprehensive income (loss) to earnings in the next 12 months. Through June 30, 2015, no hedge ineffectiveness has occurred in relation to the cash flow hedges. Other Derivatives The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese Renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at June 30, 2015 and December 31, 2014, respectively, and disclosed in Note 4. The Company recognized in other charges (income), a net loss of $0.2 million and $0.7 million during the three months ended June 30, 2015 and 2014, respectively, and a net loss of $9.5 million and $0.9 million during the six months ended June 30, 2015 and 2014, respectively. The gains and losses are primarily offset by the underlying transaction gains on the related intercompany balances. At June 30, 2015 and December 31, 2014, these contracts had a notional value of $313.8 million and $325.4 million , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS At June 30, 2015 and December 31, 2014 , the Company had derivative assets totaling $19.9 million and $2.2 million , respectively, and derivative liabilities totaling $3.4 million and $5.6 million , respectively. The fair values of the interest rate swap agreement, foreign currency forward contracts designated as cash flow hedges and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant at June 30, 2015 and December 31, 2014 . At June 30, 2015 and December 31, 2014 , the Company had $7.7 million and $14.2 million of cash equivalents, respectively, the fair value of which is determined through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost. The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The carrying value of the Company's debt exceeds the fair value by approximately $4.1 million as of June 30, 2015. The fair value of the Company's debt exceeds the carrying value by approximately $17.8 million as of December 31, 2014, respectively. Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability. A fair value hierarchy has been established that categorizes these inputs into three levels: 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 The following table presents for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 7,689 $ — $ 7,689 $ — $ 14,188 $ — $ 14,188 $ — Interest rate swap agreement 440 — 440 — — — — — Foreign currency forwards contracts designed as cash flow hedges 18,142 — 18,142 — 567 — 567 — Foreign currency forward contracts not designated as hedging instruments 1,279 — 1,279 — 1,611 — 1,611 — Total $ 27,550 $ — $ 27,550 $ — $ 16,366 $ — $ 16,366 $ — Liabilities: Interest rate swap agreement $ 2,871 $ — $ 2,871 $ — $ 3,768 $ — $ 3,768 $ — Foreign currency forward contracts not designated as hedging instruments 534 — 534 — 1,799 — 1,799 — Total $ 3,405 $ — $ 3,405 $ — $ 5,567 $ — $ 5,567 $ —

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision for taxes is based upon using the Company's projected annual effective tax rate of 24% for both the three and six month periods ended June 30, 2015 and 2014.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following at June 30, 2015 : June 30, 2015 U.S. Dollar Other Principal Trading Currencies Total 3.67% $50 million Senior Notes due December 17, 2022 50,000 — 50,000 4.10% $50 million Senior Notes due September 19, 2023 50,000 — 50,000 3.84% $125 million Senior Notes due September 19, 2024 125,000 — 125,000 4.24% $125 million Senior Notes due June 25, 2025 125,000 — 125,000 1.47% Euro 125 million Senior Notes due June 17, 2030 — 139,665 139,665 $800 million Credit Agreement, interest at LIBOR plus 75 basis points 100,000 15,476 115,476 Other local arrangements 457 22,896 23,353 Total debt 450,457 178,037 628,494 Less: current portion (457 ) (22,896 ) (23,353 ) Total long-term debt $ 450,000 $ 155,141 $ 605,141 As of June 30, 2015 , the Company had $680.1 million of availability remaining under its Credit Agreement. The Company was in compliance with its covenants at June 30, 2015 . 4.24% Senior Notes In June 2014, the Company entered into an agreement to issue and sell $250 million of ten-year Senior Notes in a private placement. The Company issued $125 million with a fixed interest rate of 3.84% (" 3.84% Senior Notes") in September 2014 and issued an additional $125 million with a fixed interest rate of 4.24% (" 4.24% Senior Notes") in June 2015. The Senior Notes are senior unsecured obligations of the Company. The 4.24% Senior Notes were used to repay $100 million of 6.30% Senior Notes which were due June 25, 2015. 1.47% Euro Senior Notes In June 2015, the Company issued the Euro 125 million with a fixed interest rate of 1.47% (" 1.47% Euro Senior Notes") fifteen-year Senior Notes in a private placement. The Euro Senior Notes are senior unsecured obligations of the Company. The Company has designated the 1.47% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment in these operations. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The unrealized gain recorded in other comprehensive income (loss) related to this net investment hedge was $0.5 million for the period ended June 30, 2015 . Issuance costs approximating $0.4 million will be amortized to interest expense over the fifteen year term of the Euro Senior Notes.

Share Repurchase Program and Tr

Share Repurchase Program and Treasury Stock	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
SHARE REPURCHASE PROGRAM AND TREASURY STOCK	SHARE REPURCHASE PROGRAM AND TREASURY STOCK The Company has a share repurchase program of which there were $230.9 million of remaining common shares authorized to be repurchased under the program as of June 30, 2015. The share repurchases are expected to be funded from cash balances, borrowings and cash generated from operating activities. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity and other factors. The Company has purchased 23.9 million shares since the inception of the program through June 30, 2015 . During the six months ended June 30, 2015 and 2014 , the Company spent $247.5 million and $184.0 million on the repurchase of 777,248 shares and 757,374 shares at an average price per share of $318.38 and $242.89 , respectively. The Company also reissued 233,593 shares and 157,857 shares held in treasury for the exercise of stock options and restricted stock units during the six months ended June 30, 2015 and 2014 , respectively.

Other Comprehensive Income (Not

Other Comprehensive Income (Notes)	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income [Abstract]
Comprehensive Income (Loss) Note [Text Block]	ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2015 and 2014: 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, 2014 $ (4,960 ) $ (1,944 ) $ (206,045 ) $ (212,949 ) Other comprehensive income (loss), net of tax: Unrealized gains (losses) on cash flow hedging arrangements — 19,932 — 19,932 Foreign currency translation adjustment (1,655 ) (817 ) (2,655 ) (5,127 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (4,321 ) 5,040 719 Net change in other comprehensive income (loss), net of tax (1,655 ) 14,794 2,385 15,524 Balance at June 30, 2015 $ (6,615 ) $ 12,850 $ (203,660 ) $ (197,425 ) 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, 2013 $ 77,915 $ (2,433 ) $ (110,518 ) $ (35,036 ) Other comprehensive income (loss), net of tax: Unrealized gains (losses) on cash flow hedging arrangements — (854 ) — (854 ) Foreign currency translation adjustment (1,286 ) 10 8 (1,268 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — 788 797 1,585 Net change in other comprehensive income (loss), net of tax (1,286 ) (56 ) 805 (537 ) Balance at June 30, 2014 $ 76,629 $ (2,489 ) $ (109,713 ) $ (35,573 ) The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30 : Three months ended June 30, 2015 2014 Location of Amounts Recognized in Earnings Effective portion of losses on cash flow hedging arrangements: Interest rate swap agreements $ 771 $ 778 Interest expense Foreign currency forward contracts (3,532 ) (164 ) Cost of sales - products Total before taxes (2,761 ) 614 Provision for taxes (427 ) 266 Provision for taxes Total, net of taxes $ (2,334 ) $ 348 Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments and prior service cost, before taxes $ 3,428 $ 717 (a) Provision for taxes 911 316 Provision for taxes Total, net of taxes $ 2,517 $ 401 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 10 for additional details for the three and six months ended June 30, 2015 and 2014. Six months ended June 30, 2015 2014 Location of Amounts Recognized in Earnings Effective portion of losses on cash flow hedging arrangements: Interest rate swap agreements $ 1,535 $ 1,546 Interest expense Foreign currency forward contracts (6,623 ) (205 ) Cost of sales - products Total before taxes (5,088 ) 1,341 Provision for taxes (767 ) 553 Provision for taxes Total, net of taxes $ (4,321 ) $ 788 Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments and prior service cost, before taxes $ 6,869 $ 1,429 (a) Provision for taxes 1,829 632 Provision for taxes Total, net of taxes $ 5,040 $ 797 (a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 10 for additional details for the three and six months ended June 30, 2015 and 2014. Comprehensive income (loss), net of tax consisted of the following as of June 30 : Three Months Ended Six Months Ended 2015 2014 2015 2014 Net earnings $ 77,557 $ 74,022 $ 140,608 $ 132,073 Other comprehensive income (loss), net of tax 21,780 (2,391 ) 15,524 (537 ) Comprehensive income, net of tax $ 99,337 $ 71,631 $ 156,132 $ 131,536

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six month periods ended June 30, solely relating to outstanding stock options and restricted stock units: 2015 2014 Three months ended 616,431 676,120 Six months ended 632,823 696,809 Outstanding options and restricted stock units to purchase or receive 95,535 and 158,484 shares of common stock for the three month periods ended June 30, 2015 and 2014, respectively, and options and restricted stock units to purchase or receive 95,725 and 158,548

Net Periodic Benefit Cost

Net Periodic Benefit Cost	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
NET PERIODIC BENEFIT COST	NET PERIODIC BENEFIT COST Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2015 2014 2015 2014 2015 2014 2015 2014 Service cost, net $ 208 $ 223 $ 4,711 $ 3,923 $ — $ 43 $ 4,919 $ 4,189 Interest cost on projected benefit obligations 1,608 1,599 3,515 5,519 35 60 5,158 7,178 Expected return on plan assets (2,394 ) (2,137 ) (9,340 ) (9,596 ) — — (11,734 ) (11,733 ) Recognition of prior service cost — — (984 ) (1,030 ) (469 ) (195 ) (1,453 ) (1,225 ) Recognition of actuarial losses/(gains) 1,907 1,200 3,817 1,100 (843 ) (358 ) 4,881 1,942 Net periodic pension cost/(credit) $ 1,329 $ 885 $ 1,719 $ (84 ) $ (1,277 ) $ (450 ) $ 1,771 $ 351 Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2015 2014 2015 2014 2015 2014 2015 2014 Service cost, net $ 417 $ 446 $ 9,456 $ 7,885 $ — $ 85 $ 9,873 $ 8,416 Interest cost on projected benefit obligations 3,216 3,198 7,069 11,002 69 120 10,354 14,320 Expected return on plan assets (4,788 ) (4,274 ) (18,639 ) (19,140 ) — — (23,427 ) (23,414 ) Recognition of prior service cost — — (1,957 ) (2,070 ) (938 ) (389 ) (2,895 ) (2,459 ) Recognition of actuarial losses/(gains) 3,814 2,400 7,635 2,206 (1,685 ) (718 ) 9,764 3,888 Net periodic pension cost/(credit) $ 2,659 $ 1,770 $ 3,564 $ (117 ) $ (2,554 ) $ (902 ) $ 3,669 $ 751 As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, the Company expects to make employer contributions of approximately $19.6 million to its non-U.S. pension plans and employer contributions of approximately $0.7 million to its U.S. post-retirement medical plan during the year ended December 31, 2015. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES For the three and six months ended June 30, 2015 , the Company has incurred $1.7 million and $2.6 million , respectively of restructuring expenses which primarily comprised employee-related costs. Liabilities related to restructuring activities are included in accrued and other liabilities in the consolidated balance sheet. A rollforward of the Company’s accrual for restructuring activities for the six months ended June 30, 2015 is as follows: Total Balance at December 31, 2014 $ 8,436 Restructuring charges 2,627 Cash payments and utilization (2,022 ) Impact of foreign currency (421 ) Balance at June 30, 2015 $ 8,620

Other Charges (Income), Net

Other Charges (Income), Net	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
OTHER CHARGES (INCOME), NET	OTHER CHARGES (INCOME), NET

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING As disclosed in Note 16 to the Company's consolidated financial statements for the year ended December 31, 2014 , the Company has determined there are five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes). The following tables show the operations of 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 2015 June 30, 2015 Customers Segments Sales Profit Goodwill U.S. Operations $ 203,352 $ 22,840 $ 226,192 $ 36,964 $ 308,863 Swiss Operations 33,234 102,019 135,253 33,654 23,198 Western European Operations 150,143 27,540 177,683 23,346 96,552 Chinese Operations 91,012 45,250 136,262 36,179 746 Other (a) 104,316 1,588 105,904 9,990 13,123 Eliminations and Corporate (b) — (199,237 ) (199,237 ) (21,823 ) — Total $ 582,057 $ — $ 582,057 $ 118,310 $ 442,482 Net Sales to Net Sales to For the six months ended External Other Total Net Segment June 30, 2015 Customers Segments Sales Profit U.S. Operations $ 381,572 $ 41,132 $ 422,704 $ 61,190 Swiss Operations 64,458 201,802 266,260 70,224 Western European Operations 292,219 54,900 347,119 43,687 Chinese Operations 177,461 88,755 266,216 69,415 Other (a) 202,048 2,945 204,993 18,972 Eliminations and Corporate (b) — (389,534 ) (389,534 ) (47,872 ) Total $ 1,117,758 $ — $ 1,117,758 $ 215,616 (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 2014 June 30, 2014 Customers Segments Sales Profit (c) Goodwill U.S. Operations $ 193,354 $ 21,136 $ 214,490 $ 32,383 $ 307,975 Swiss Operations 34,141 108,163 142,304 31,917 24,229 Western European Operations 169,517 27,435 196,952 23,685 109,921 Chinese Operations 99,922 37,398 137,320 38,488 738 Other (a) 111,900 1,947 113,847 10,929 14,896 Eliminations and Corporate (b) — (196,079 ) (196,079 ) (24,454 ) — Total $ 608,834 $ — $ 608,834 $ 112,948 $ 457,759 Net Sales to Net Sales to For the six months ended External Other Total Net Segment June 30, 2014 Customers Segments Sales Profit (c) U.S. Operations $ 357,348 $ 41,912 $ 399,260 $ 54,020 Swiss Operations 67,147 216,388 283,535 64,145 Western European Operations 330,084 56,874 386,958 44,561 Chinese Operations 191,543 72,942 264,485 70,284 Other (a) 213,333 3,082 216,415 20,088 Eliminations and Corporate (b) — (391,198 ) (391,198 ) (49,197 ) Total $ 1,159,455 $ — $ 1,159,455 $ 203,901 (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. (c) 2014 Segment profit between the U.S., Swiss, and Chinese Operations has been reclassified to conform to the current period. A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Earnings before taxes $ 102,047 $ 97,398 $ 185,010 $ 173,782 Amortization 7,634 7,283 15,162 14,377 Interest expense 6,942 5,956 13,667 11,622 Restructuring charges 1,720 1,905 2,627 3,397 Other charges (income), net (33 ) 406 (850 ) 723 Segment profit $ 118,310 $ 112,948 $ 215,616 $ 203,901 During the three months ended June 30, 2015 , restructuring charges of $1.7 million were recognized, of which $0.1 million , $0.4 million , $0.7 million , $0.2 million and $0.3 million related to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $1.9 million were recognized during the three months ended June 30, 2014 , of which $1.0 million , $0.3 million , $0.5 million , and $0.1 million related to the Company’s U.S., Swiss, Western European, and Chinese Operations, respectively. Restructuring charges of $2.6 million were recognized during the six months ended June 30, 2015 , of which $0.1 million , $1.1 million , $0.5 million , $0.3 million , and $0.6 million related to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $3.4 million were recognized during the six months ended June 30, 2014 , of which $1.6 million , $0.6 million , $0.6 million , $0.3 million and $ 0.3 million related to the Company’s U.S., Swiss, Western European, Chinese and Other Operations, respectively.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Trade Accounts Receivable	Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required. Inventories consisted of the following: June 30, December 31, Raw materials and parts $ 100,031 $ 97,969 Work-in-progress 41,625 34,973 Finished goods 81,619 71,589 $ 223,275 $ 204,531
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment". Other intangible assets consisted of the following: June 30, 2015 December 31, 2014 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 97,396 $ (29,098 ) $ 68,298 $ 98,325 $ (28,159 ) $ 70,166 Proven technology and patents 46,012 (31,890 ) 14,122 45,588 (30,761 ) 14,827 Tradename (finite life) 4,317 (2,230 ) 2,087 4,140 (1,786 ) 2,354 Tradename (indefinite life) 24,775 — 24,775 24,947 — 24,947 Other 1,555 (1,181 ) 374 1,573 (1,083 ) 490 $ 174,055 $ (64,399 ) $ 109,656 $ 174,573 $ (61,789 ) $ 112,784 The Company recognized amortization expense associated with the above intangible assets of $1.6 million for both the three months ended June 30, 2015 and 2014 , respectively and $3.1 million and $3.2 million for the six months ended June 30, 2015 and 2014 , respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.1 million for 2015 , $5.7 million for 2016 , $5.3 million for 2017 , $5.0 million for 2018 , $4.7 million for 2019 and $4.5 million for 2020 . Purchased intangible amortization was $1.4 million , $0.9 million after tax, and $1.4 million , $1.0 million after tax, for the three months ended June 30, 2015 and 2014 , respectively and $2.8 million , $1.9 million after tax, and $2.7 million , $1.9 million after tax, for the six months ended June 30, 2015 and 2014 , respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $6.0 million and $5.6 million for the three months ended June 30, 2015 and 2014 , respectively and $11.9 million and $11.2 million for the six months ended June 30, 2015 and 2014 , respectively.
Revenue Recognition	Revenue Recognition Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, such as customer acceptance, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location. Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized. Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period.
Warranty	Warranty The Company generally offers one -year warranties on most of its products. Estimated product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage and service costs incurred in correcting a product failure.
Employee Termination Benefits	Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period.
Share - Based Compensation	Share-Based Compensation The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.5 million and $7.0 million of share-based compensation expense for the three and six months ended June 30, 2015 , respectively, compared to $3.3 million and $6.5 million for the corresponding periods in 2014 .
Research and Development	Research and Development Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: June 30, December 31, Raw materials and parts $ 100,031 $ 97,969 Work-in-progress 41,625 34,973 Finished goods 81,619 71,589 $ 223,275 $ 204,531
Components of other intangible assets	Other intangible assets consisted of the following: June 30, 2015 December 31, 2014 Gross Amount Accumulated Amortization Intangibles, Net Gross Amount Accumulated Amortization Intangibles, Net Customer relationships $ 97,396 $ (29,098 ) $ 68,298 $ 98,325 $ (28,159 ) $ 70,166 Proven technology and patents 46,012 (31,890 ) 14,122 45,588 (30,761 ) 14,827 Tradename (finite life) 4,317 (2,230 ) 2,087 4,140 (1,786 ) 2,354 Tradename (indefinite life) 24,775 — 24,775 24,947 — 24,947 Other 1,555 (1,181 ) 374 1,573 (1,083 ) 490 $ 174,055 $ (64,399 ) $ 109,656 $ 174,573 $ (61,789 ) $ 112,784
Changes to the Company's accrual for product warranties	.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following table presents for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 7,689 $ — $ 7,689 $ — $ 14,188 $ — $ 14,188 $ — Interest rate swap agreement 440 — 440 — — — — — Foreign currency forwards contracts designed as cash flow hedges 18,142 — 18,142 — 567 — 567 — Foreign currency forward contracts not designated as hedging instruments 1,279 — 1,279 — 1,611 — 1,611 — Total $ 27,550 $ — $ 27,550 $ — $ 16,366 $ — $ 16,366 $ — Liabilities: Interest rate swap agreement $ 2,871 $ — $ 2,871 $ — $ 3,768 $ — $ 3,768 $ — Foreign currency forward contracts not designated as hedging instruments 534 — 534 — 1,799 — 1,799 — Total $ 3,405 $ — $ 3,405 $ — $ 5,567 $ — $ 5,567 $ —

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt consisted of the following at June 30, 2015 : June 30, 2015 U.S. Dollar Other Principal Trading Currencies Total 3.67% $50 million Senior Notes due December 17, 2022 50,000 — 50,000 4.10% $50 million Senior Notes due September 19, 2023 50,000 — 50,000 3.84% $125 million Senior Notes due September 19, 2024 125,000 — 125,000 4.24% $125 million Senior Notes due June 25, 2025 125,000 — 125,000 1.47% Euro 125 million Senior Notes due June 17, 2030 — 139,665 139,665 $800 million Credit Agreement, interest at LIBOR plus 75 basis points 100,000 15,476 115,476 Other local arrangements 457 22,896 23,353 Total debt 450,457 178,037 628,494 Less: current portion (457 ) (22,896 ) (23,353 ) Total long-term debt $ 450,000 $ 155,141 $ 605,141

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2015 and 2014: 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, 2014 $ (4,960 ) $ (1,944 ) $ (206,045 ) $ (212,949 ) Other comprehensive income (loss), net of tax: Unrealized gains (losses) on cash flow hedging arrangements — 19,932 — 19,932 Foreign currency translation adjustment (1,655 ) (817 ) (2,655 ) (5,127 ) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (4,321 ) 5,040 719 Net change in other comprehensive income (loss), net of tax (1,655 ) 14,794 2,385 15,524 Balance at June 30, 2015 $ (6,615 ) $ 12,850 $ (203,660 ) $ (197,425 )
Disclosure of Reclassification Amount [Text Block]	The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30 : Three months ended June 30, 2015 2014 Location of Amounts Recognized in Earnings Effective portion of losses on cash flow hedging arrangements: Interest rate swap agreements $ 771 $ 778 Interest expense Foreign currency forward contracts (3,532 ) (164 ) Cost of sales - products Total before taxes (2,761 ) 614 Provision for taxes (427 ) 266 Provision for taxes Total, net of taxes $ (2,334 ) $ 348 Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments and prior service cost, before taxes $ 3,428 $ 717 (a) Provision for taxes 911 316 Provision for taxes Total, net of taxes $ 2,517 $ 401
Schedule of Comprehensive Income (Loss) [Table Text Block]	Comprehensive income (loss), net of tax consisted of the following as of June 30 : Three Months Ended Six Months Ended 2015 2014 2015 2014 Net earnings $ 77,557 $ 74,022 $ 140,608 $ 132,073 Other comprehensive income (loss), net of tax 21,780 (2,391 ) 15,524 (537 ) Comprehensive income, net of tax $ 99,337 $ 71,631 $ 156,132 $ 131,536

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Diluted weighted average number of common shares outstanding	In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six month periods ended June 30, solely relating to outstanding stock options and restricted stock units: 2015 2014 Three months ended 616,431 676,120 Six months ended 632,823 696,809

Net Periodic Benefit Cost (Tabl

Net Periodic Benefit Cost (Tables)	6 Months Ended
	Jun. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2015 2014 2015 2014 2015 2014 2015 2014 Service cost, net $ 208 $ 223 $ 4,711 $ 3,923 $ — $ 43 $ 4,919 $ 4,189 Interest cost on projected benefit obligations 1,608 1,599 3,515 5,519 35 60 5,158 7,178 Expected return on plan assets (2,394 ) (2,137 ) (9,340 ) (9,596 ) — — (11,734 ) (11,733 ) Recognition of prior service cost — — (984 ) (1,030 ) (469 ) (195 ) (1,453 ) (1,225 ) Recognition of actuarial losses/(gains) 1,907 1,200 3,817 1,100 (843 ) (358 ) 4,881 1,942 Net periodic pension cost/(credit) $ 1,329 $ 885 $ 1,719 $ (84 ) $ (1,277 ) $ (450 ) $ 1,771 $ 351 Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30 : U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2015 2014 2015 2014 2015 2014 2015 2014 Service cost, net $ 417 $ 446 $ 9,456 $ 7,885 $ — $ 85 $ 9,873 $ 8,416 Interest cost on projected benefit obligations 3,216 3,198 7,069 11,002 69 120 10,354 14,320 Expected return on plan assets (4,788 ) (4,274 ) (18,639 ) (19,140 ) — — (23,427 ) (23,414 ) Recognition of prior service cost — — (1,957 ) (2,070 ) (938 ) (389 ) (2,895 ) (2,459 ) Recognition of actuarial losses/(gains) 3,814 2,400 7,635 2,206 (1,685 ) (718 ) 9,764 3,888 Net periodic pension cost/(credit) $ 2,659 $ 1,770 $ 3,564 $ (117 ) $ (2,554 ) $ (902 ) $ 3,669 $ 751

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2015
Restructuring Cost and Reserve [Line Items]
Company's accrual for restructuring activities	A rollforward of the Company’s accrual for restructuring activities for the six months ended June 30, 2015 is as follows: Total Balance at December 31, 2014 $ 8,436 Restructuring charges 2,627 Cash payments and utilization (2,022 ) Impact of foreign currency (421 ) Balance at June 30, 2015 $ 8,620

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Operations of the Company's operating segments	The following tables show the operations of 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 2015 June 30, 2015 Customers Segments Sales Profit Goodwill U.S. Operations $ 203,352 $ 22,840 $ 226,192 $ 36,964 $ 308,863 Swiss Operations 33,234 102,019 135,253 33,654 23,198 Western European Operations 150,143 27,540 177,683 23,346 96,552 Chinese Operations 91,012 45,250 136,262 36,179 746 Other (a) 104,316 1,588 105,904 9,990 13,123 Eliminations and Corporate (b) — (199,237 ) (199,237 ) (21,823 ) — Total $ 582,057 $ — $ 582,057 $ 118,310 $ 442,482 Net Sales to Net Sales to For the six months ended External Other Total Net Segment June 30, 2015 Customers Segments Sales Profit U.S. Operations $ 381,572 $ 41,132 $ 422,704 $ 61,190 Swiss Operations 64,458 201,802 266,260 70,224 Western European Operations 292,219 54,900 347,119 43,687 Chinese Operations 177,461 88,755 266,216 69,415 Other (a) 202,048 2,945 204,993 18,972 Eliminations and Corporate (b) — (389,534 ) (389,534 ) (47,872 ) Total $ 1,117,758 $ — $ 1,117,758 $ 215,616 (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 2014 June 30, 2014 Customers Segments Sales Profit (c) Goodwill U.S. Operations $ 193,354 $ 21,136 $ 214,490 $ 32,383 $ 307,975 Swiss Operations 34,141 108,163 142,304 31,917 24,229 Western European Operations 169,517 27,435 196,952 23,685 109,921 Chinese Operations 99,922 37,398 137,320 38,488 738 Other (a) 111,900 1,947 113,847 10,929 14,896 Eliminations and Corporate (b) — (196,079 ) (196,079 ) (24,454 ) — Total $ 608,834 $ — $ 608,834 $ 112,948 $ 457,759 Net Sales to Net Sales to For the six months ended External Other Total Net Segment June 30, 2014 Customers Segments Sales Profit (c) U.S. Operations $ 357,348 $ 41,912 $ 399,260 $ 54,020 Swiss Operations 67,147 216,388 283,535 64,145 Western European Operations 330,084 56,874 386,958 44,561 Chinese Operations 191,543 72,942 264,485 70,284 Other (a) 213,333 3,082 216,415 20,088 Eliminations and Corporate (b) — (391,198 ) (391,198 ) (49,197 ) Total $ 1,159,455 $ — $ 1,159,455 $ 203,901 (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. (c) 2014 Segment profit between the U.S., Swiss, and Chinese Operations has been reclassified to conform to the current period.
Reconciliation of earnings before taxes to segment profit	A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 Earnings before taxes $ 102,047 $ 97,398 $ 185,010 $ 173,782 Amortization 7,634 7,283 15,162 14,377 Interest expense 6,942 5,956 13,667 11,622 Restructuring charges 1,720 1,905 2,627 3,397 Other charges (income), net (33 ) 406 (850 ) 723 Segment profit $ 118,310 $ 112,948 $ 215,616 $ 203,901

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Components of inventory
Raw materials and parts	$ 100,031	$ 97,969
Work-in-progress	41,625	34,973
Finished goods	81,619	71,589
Total Inventory, Net	$ 223,275	$ 204,531

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 174,055	$ 174,573
Accumulated Amortization	(64,399)	(61,789)
Intangible Assets, Net (Excluding Goodwill)	109,656	112,784
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount, Tradename (indefinite life)	24,775	24,947
Intangible Assets, Net (Excluding Goodwill)	24,775	24,947
Customer Relationships [Member]
Intangible Assets [Line Items]
Gross amount	97,396	98,325
Accumulated Amortization	(29,098)	(28,159)
Intangible Assets, Net (Excluding Goodwill)	68,298	70,166
Proven technology and patents [Member]
Intangible Assets [Line Items]
Gross amount	46,012	45,588
Accumulated Amortization	(31,890)	(30,761)
Intangible Assets, Net (Excluding Goodwill)	14,122	14,827
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount	4,317	4,140
Accumulated Amortization	(2,230)	(1,786)
Intangible Assets, Net (Excluding Goodwill)	2,087	2,354
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Gross amount	1,555	1,573
Accumulated Amortization	(1,181)	(1,083)
Intangible Assets, Net (Excluding Goodwill)	$ 374	$ 490

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of Significant Accounting Policies (Textuals) [Abstract]
Amortization expense	$ 1.6		$ 3.1	$ 3.2
Future Amortization Expense Current Year			6.1
Aggregate amortization expense for 2015	5.7		5.7
Aggregate amortization expense for 2016	5.3		5.3
Aggregate amortization expense for 2017	5		5
Aggregate amortization expense for 2018	4.7		4.7
Aggregate amortization expense for 2019	4.5		4.5
Purchased Intangible Amortization, Gross	1.4	$ 1.4	2.8	2.7
Purchased intangible amortization, net of tax	0.9	1	1.9	1.9
Amortization expense associated with capitalized software	6	5.6	$ 11.9	11.2
Standard Warranty Period
Share - based compensation expense	$ 3.5	$ 3.3	$ 7	$ 6.5

Financial Instruments Financial

Financial Instruments Financial Instruments Textual (Details) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Rate	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Rate	Jun. 30, 2014USD ($)	Jun. 30, 2015EUR (€)Rate	Dec. 31, 2014USD ($)
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ 9,000
Designated as a Cash Flow Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member]
Derivative [Line Items]
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ 0		0
Designated as a Cash Flow Hedging Instrument [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	0		0
Designated as Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 100,000		$ 100,000
Derivative, Fixed Interest Rate | Rate	3.24%		3.24%		3.24%
Designated as Hedging Instrument [Member] | 2.52% $50 Million Interest Rate Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000		$ 50,000
Derivative, Fixed Interest Rate | Rate	2.52%		2.52%		2.52%
Designated as Hedging Instrument [Member] | 2.25% $100 Million Interest Rate Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 100,000		$ 100,000
Derivative, Fixed Interest Rate | Rate	2.25%		2.25%		2.25%
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Notional Value Local Currency						$ 71,500
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	$ 1,400	$ (100)	$ 24,200	$ (200)
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	313,800		313,800			325,400
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	(200)	$ (700)	(9,500)	$ (900)
Derivative Maturing in 2015 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Notional Value Local Currency | €					€ 47
Derivative, Notional Amount	52,500		52,500			$ 87,000
Maturing in 2016 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Notional Value Local Currency	66,500		66,500
Derivative, Notional Amount	$ 74,300		$ 74,300

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Cash Equivalents	$ 7,700	$ 14,200
Interest Rate Derivative Assets, at Fair Value	440	0
Fair Value, Measurements, Recurring [Member]
Assets:
Foreign Currency Cash Flow Hedge Asset at Fair Value	18,142	567
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	1,279	1,611
Total Assets at Fair Value	27,550	16,366
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	2,871	3,768
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	534	1,799
Total Liabilities at Fair Value	3,405	5,567
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Cash Equivalents	0	0
Interest Rate Derivative Assets, at Fair Value	0	0
Foreign Currency Cash Flow Hedge Asset at Fair Value	0	0
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	0	0
Total Assets at Fair Value	0	0
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	0	0
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	0	0
Total Liabilities at Fair Value	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Cash Equivalents	7,689	14,188
Interest Rate Derivative Assets, at Fair Value	440	0
Foreign Currency Cash Flow Hedge Asset at Fair Value	18,142	567
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	1,279	1,611
Total Assets at Fair Value	27,550	16,366
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	2,871	3,768
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	534	1,799
Total Liabilities at Fair Value	3,405	5,567
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Cash Equivalents	0	0
Interest Rate Derivative Assets, at Fair Value	0	0
Foreign Currency Cash Flow Hedge Asset at Fair Value	0	0
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	0	0
Total Assets at Fair Value	0	0
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	0	0
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	0	0
Total Liabilities at Fair Value	$ 0	$ 0

Fair Value Measurements (Deta35

Fair Value Measurements (Details Textuals) - Fair Value, Measurements, Fair Value Hierarchy [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Asset	$ 19,900	$ 2,200
Cash Equivalents	7,700	14,200
Change in Carrying Value Verse Fair Value of Long Term Debt	(4,100)	17,800
Fair Value, Measurements, Recurring [Member]
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 3,405	$ 5,567

Income Taxes (Details)

Income Taxes (Details) - Jun. 30, 2015	Total	Total
Effective Income Tax Rate, Continuing Operations	24.00%	24.00%

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	$ 628,494
Less: current portion	(23,353)	$ (116,164)
Long-Term Debt
Long-term debt	605,141	$ 335,790
US Dollar Amounts [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	450,457
Less: current portion	(457)
Long-Term Debt
Long-term debt	450,000
Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	178,037
Less: current portion	(22,896)
Long-Term Debt
Long-term debt	155,141
3.67% Senior Notes [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	50,000
3.67% Senior Notes [Member] | US Dollar Amounts [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	50,000
3.67% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	0
4.10% Senior Notes [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	50,000
4.10% Senior Notes [Member] | US Dollar Amounts [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	50,000
4.10% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	0
3.84% Senior Notes [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	125,000
3.84% Senior Notes [Member] | US Dollar Amounts [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	125,000
3.84% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	0
4.24% Senior Notes [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	125,000
4.24% Senior Notes [Member] | US Dollar Amounts [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	125,000
4.24% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	0
1.47% EURO Senior Notes [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	139,665
1.47% EURO Senior Notes [Member] | US Dollar Amounts [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	0
1.47% EURO Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	139,665
Credit facility [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	115,476
Credit facility [Member] | US Dollar Amounts [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	100,000
Credit facility [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	15,476
Other local arrangements [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	23,353
Other local arrangements [Member] | US Dollar Amounts [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	457
Other local arrangements [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Total debt	$ 22,896

Debt Debt Parathenticals (Detai

Debt Debt Parathenticals (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 250,000
4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.24%
Debt Instrument, Face Amount	$ 125,000
Debt Instrument, Maturity Date	Jun. 25, 2025
3.67% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.67%
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Dec. 17, 2022
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.10%
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Sep. 19, 2023
3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.84%
Debt Instrument, Face Amount	$ 125,000
Debt Instrument, Maturity Date	Sep. 19, 2024
1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.47%
Debt Instrument, Face Amount	$ 0
Debt Instrument, Maturity Date	Jun. 17, 2030
Amortized Issuance Costs Period	15 years

Debt (Details Textuals)

Debt (Details Textuals) - Long-term Debt, Type [Domain] € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2015EUR (€)
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 680.1
Debt Instrument, Face Amount	250
1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount | €		€ 125
Debt Instrument, Interest Rate, Stated Percentage		1.47%
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	1
Debt Issuance Cost	$ (0.4)

Share Repurchase Program and 40

Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]
Remaining Amount to Repurchase under the program	$ 230,900
Shares Purchased Under Share Repurchase Program	23,900,000
Treasury Stock, Value, Acquired, Cost Method	$ 247,473	$ 184,000	$ 414,000
Number of shares repurchased	777,248	757,374
Average price of share repurchased, per share	$ 318.38	$ 242.89
Exercise of stock options and restricted stock units, shares reissued	233,593	157,857

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (197,425)	$ (35,573)	$ (212,949)	$ (35,036)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	19,932	(854)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(5,127)	(1,268)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	719	1,585
Other Comprehensive Income (Loss), Net of Tax	15,524	(537)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(6,615)	76,629	(4,960)	77,915
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(1,655)	(1,286)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Other Comprehensive Income (Loss), Net of Tax	(1,655)	(1,286)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	12,850	(2,489)	(1,944)	(2,433)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	19,932	(854)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(817)	10
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(4,321)	788
Other Comprehensive Income (Loss), Net of Tax	14,794	(56)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(203,660)	(109,713)	$ (206,045)	$ (110,518)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(2,655)	8
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	5,040	797
Other Comprehensive Income (Loss), Net of Tax	$ 2,385	$ 805

Other Comprehensive Income Deta

Other Comprehensive Income Details 2 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (2,761)	$ 614	$ (5,088)	$ 1,341
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	(427)	266	(767)	553
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax	(2,334)	348	(4,321)	788
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent	3,428	717	6,869	1,429
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent	911	316	1,829	632
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	2,517	401	5,040	797
Designated as a Cash Flow Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	771	778	1,535	1,546
Designated as a Cash Flow Hedging Instrument [Member] | Foreign Exchange Forward [Member]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ (3,532)	$ (164)	$ (6,623)	$ (205)

Other Comprehensive Income De43

Other Comprehensive Income Details 3 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Net earnings	$ 77,557	$ 74,022	$ 140,608	$ 132,073	$ 338,241
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	21,780	(2,391)	15,524	(537)	$ (177,913)
Comprehensive Income, Net of Tax (Note 8)	$ 99,337	$ 71,631	$ 156,132	$ 131,536

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Weighted Average Number of Shares Outstanding, Diluted, Total	616,431	676,120	632,823	696,809
Antidilutive Shares Outstanding
Weighted Average Number of Shares Outstanding, Antidilutive, Total	95,535	158,484	95,725	158,548

Net Periodic Benefit Cost (Deta

Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	$ 4,919	$ 4,189	$ 9,873	$ 8,416
Interest cost on projected benefit obligations	5,158	7,178	10,354	14,320
Expected return on plan assets	(11,734)	(11,733)	(23,427)	(23,414)
Net amortization and deferral	(1,453)	(1,225)	(2,895)	(2,459)
Recognition of actuarial losses/(gains)	4,881	1,942	9,764	3,888
Net periodic pension cost/(credit)	1,771	351	3,669	751
United States Pension Plans of US Entity, Defined Benefit [Member]
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	208	223	417	446
Interest cost on projected benefit obligations	1,608	1,599	3,216	3,198
Expected return on plan assets	(2,394)	(2,137)	(4,788)	(4,274)
Net amortization and deferral	0	0	0	0
Recognition of actuarial losses/(gains)	1,907	1,200	3,814	2,400
Net periodic pension cost/(credit)	1,329	885	2,659	1,770
Foreign Pension Plans, Defined Benefit [Member]
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	4,711	3,923	9,456	7,885
Interest cost on projected benefit obligations	3,515	5,519	7,069	11,002
Expected return on plan assets	(9,340)	(9,596)	(18,639)	(19,140)
Net amortization and deferral	(984)	(1,030)	(1,957)	(2,070)
Recognition of actuarial losses/(gains)	3,817	1,100	7,635	2,206
Net periodic pension cost/(credit)	1,719	(84)	3,564	(117)
Net Periodic Benefit Cost (Textuals) [Abstract]
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year			19,600
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	0	43	0	85
Interest cost on projected benefit obligations	35	60	69	120
Expected return on plan assets	0	0	0	0
Net amortization and deferral	(469)	(195)	(938)	(389)
Recognition of actuarial losses/(gains)	(843)	(358)	(1,685)	(718)
Net periodic pension cost/(credit)	$ (1,277)	$ (450)	(2,554)	$ (902)
Net Periodic Benefit Cost (Textuals) [Abstract]
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year			$ 700

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Company's accrual for restructuring activities:-
Beginning Restructuring Accrual Balance, as of December 31, 2014			$ 8,436
Restructuring Charges	$ 1,720	$ 1,905	2,627	$ 3,397
Restructuring Cash Payments			(2,022)
Impact of foreign currency on restructuring reserve			(421)
Ending Restructuring Accrual Balance, as of June 30, 2015	$ 8,620		$ 8,620

Restructuring Charges Restructu

Restructuring Charges Restructuring Charges (textuals) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restructuring Charges [Abstract]
Restructuring Charges	$ 1,720	$ 1,905	$ 2,627	$ 3,397

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Operations of the Company's operating segments
Net Sales to External Customers	$ 582,057	$ 608,834	$ 1,117,758	$ 1,159,455
Revenue Transactions With Other Operating Segments	0	0	0	0
Total net sales	582,057	608,834	1,117,758	1,159,455
Segment Profit	118,310	112,948	215,616	203,901
Goodwill	442,482		442,482		$ 444,085	$ 457,759
US Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	203,352	193,354	381,572	357,348
Revenue Transactions With Other Operating Segments	22,840	21,136	41,132	41,912
Total net sales	226,192	214,490	422,704	399,260
Segment profit	36,964	32,383	61,190	54,020
Goodwill	308,863		308,863			307,975
Swiss Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	33,234	34,141	64,458	67,147
Revenue Transactions With Other Operating Segments	102,019	108,163	201,802	216,388
Total net sales	135,253	142,304	266,260	283,535
Segment profit	33,654	31,917	70,224	64,145
Goodwill	23,198		23,198			24,229
Western European Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	150,143	169,517	292,219	330,084
Revenue Transactions With Other Operating Segments	27,540	27,435	54,900	56,874
Total net sales	177,683	196,952	347,119	386,958
Segment profit	23,346	23,685	43,687	44,561
Goodwill	96,552		96,552			109,921
Chinese Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	91,012	99,922	177,461	191,543
Revenue Transactions With Other Operating Segments	45,250	37,398	88,755	72,942
Total net sales	136,262	137,320	266,216	264,485
Segment profit	36,179	38,488	69,415	70,284
Goodwill	746		746			738
Other Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	104,316	111,900	202,048	213,333
Revenue Transactions With Other Operating Segments	1,588	1,947	2,945	3,082
Total net sales	105,904	113,847	204,993	216,415
Segment profit	9,990	10,929	18,972	20,088
Goodwill	13,123		13,123			14,896
Intersegment Elimination [Member]
Operations of the Company's operating segments
Net Sales to External Customers	0	0	0	0
Revenue Transactions With Other Operating Segments	(199,237)	(196,079)	(389,534)	(391,198)
Total net sales	(199,237)	(196,079)	(389,534)	(391,198)
Segment profit	(21,823)	$ (24,454)	(47,872)	$ (49,197)
Goodwill	$ 0		$ 0			$ 0

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of earnings before taxes to segment profit
Earnings before taxes	$ 102,047	$ 97,398	$ 185,010	$ 173,782
Amortization	7,634	7,283	15,162	14,377
Interest expense	6,942	5,956	13,667	11,622
Restructuring Charges	1,720	1,905	2,627	3,397
Other charges (income), net	(33)	406	(850)	723
Segment Profit Information	$ 118,310	$ 112,948	$ 215,616	$ 203,901

Segment Reporting (Details Text

Segment Reporting (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 1,720	$ 1,905	$ 2,627	$ 3,397
US Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	100	1,000	100	1,600
Swiss Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	400	300	1,100	600
Western European Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	700	500	500	600
Chinese Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	200	$ 100	300	300
Other Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 300		$ 600	$ 300

Uncategorized Items - mtd-20150

Label	Element	Value
6.3% Senior Notes [Member]
Debt Instrument, Face Amount	us-gaap_DebtInstrumentFaceAmount	$ 100
Debt Instrument, Interest Rate, Stated Percentage	us-gaap_DebtInstrumentInterestRateStatedPercentage	6.30%