Mettler-Toledo International (MTD) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2022shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-13595
Entity Registrant Name	Mettler Toledo International Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3668641
Entity Address, Address Line One	1900 Polaris Parkway
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43240
City Area Code	614
Local Phone Number	438-4511
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MTD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	22,680,305
Entity Central Index Key	0001037646
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Interim Consolidated Statements

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 897,791	$ 804,390
Gross profit	519,585	471,696
Research and development	43,028	39,272
Selling, general and administrative	235,312	221,752
Amortization	16,604	13,884
Interest Expense	11,338	9,471
Restructuring Charges	4,011	1,193
Other charges (income), net	(3,709)	710
Earnings before taxes	213,001	185,414
Provision for taxes	39,000	35,751
Net Income (Loss) Attributable to Parent	$ 174,001	$ 149,663
Basic earnings per common share:
Net earnings	$ 7.64	$ 6.41
Weighted average number of common shares	22,768,298	23,365,077
Diluted earnings per common share:
Net earnings	$ 7.55	$ 6.32
Weighted average number of common and common equivalent shares	23,040,231	23,685,665
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 178,351	$ 172,844
Product [Member]
Cost of Goods and Services Sold	289,089	245,270
Revenues	706,615	626,915
Service [Member]
Cost of Goods and Services Sold	89,117	87,424
Revenues	$ 191,176	$ 177,475

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 116,949	$ 98,564
Trade accounts receivable, less allowances of $16,571 at March 31, 2019 and $15,469 at December 31, 2018	617,880	647,335
Inventories	446,490	414,543
Other current assets and prepaid expenses	128,567	108,916
Total current assets	1,309,886	1,269,358
Property, plant and equipment, net	787,472	799,365
Goodwill	650,118	648,622
Other intangible assets, net	305,079	307,450
Deferred Income Tax Assets, Net	38,920	39,496
Other non-current assets	264,708	262,507
Total assets	3,356,183	3,326,798
Current liabilities:
Trade accounts payable	259,352	272,911
Accrued and other liabilities	214,558	208,811
Accrued compensation and related items	143,632	236,265
Deferred revenue and customer prepayments	215,680	192,648
Taxes payable	148,929	134,769
Short-term borrowings and current maturities of long-term debt	105,262	101,134
Total current liabilities	1,087,413	1,146,538
Long-term debt	1,766,832	1,580,808
Non-current deferred tax liabilities	65,174	62,230
Other non-current liabilities	352,194	365,801
Total liabilities	3,271,613	3,155,377
Commitments and Contingencies
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 24,803,286 and 24,921,963 shares at March 31, 2019 and December 31, 2018, respectively	448	448
Additional paid-in capital	831,503	825,974
Treasury stock at cost (19,982,725 shares at March 31, 2019 and 19,864,048 shares at December 31, 2018)	(6,527,380)	(6,259,049)
Retained earnings	6,030,873	5,859,272
Accumulated Other Comprehensive Income (Loss), Net of Tax	(250,874)	(255,224)
Total shareholders' equity	84,570	171,421
Total liabilities and shareholders' equity	3,356,183	3,326,798
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 116,949	$ 98,564

Interim Consolidated Balance _2

Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Accounts Receivable, Allowance for Credit Loss, Current	$ 23,098	$ 22,176
Shareholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common stock, par value	$ 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	22,680,305	22,843,103
Treasury stock, shares	22,105,706	21,942,908

Interim Consolidated Statemen_2

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, 2020	$ 282,675	$ 448	$ 805,140	$ (5,283,584)	$ 5,095,596	$ (334,925)
Beginning balance, shares at Dec. 31, 2020		23,471,841
Exercise of stock options and restricted stock units, shares	22,388	22,388
Share based compensation, exercise value	$ 5,049		1,239	4,682	872	0
Repurchases of common stock	$ (262,500)			(262,500)
Repurchases of common stock, shares	(224,808)	(224,808)
Adjustment to Additional Paid in Capital, Share-Based Compensation	$ 4,575		4,575
Net Income (Loss) Attributable to Parent	149,663				149,663
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	23,181					23,181
Ending balance at Mar. 31, 2021	202,643	$ 448	810,954	(5,541,402)	5,244,387	(311,744)
Ending balance, shares at Mar. 31, 2021		23,269,421
Beginning balance at Dec. 31, 2021	$ 171,421	$ 448	825,974	(6,259,049)	5,859,272	(255,224)
Beginning balance, shares at Dec. 31, 2021	22,843,103	22,843,103
Exercise of stock options and restricted stock units, shares	27,795	27,795
Share based compensation, exercise value	$ 5,289		1,020	6,669	2,400	0
Repurchases of common stock	$ (275,000)			$ (275,000)
Repurchases of common stock, shares	(190,593)	(190,593)
Adjustment to Additional Paid in Capital, Share-Based Compensation	$ 4,509		$ 4,509
Net Income (Loss) Attributable to Parent	174,001				$ 174,001
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	4,350					$ 4,350
Ending balance at Mar. 31, 2022	$ 84,570
Ending balance, shares at Mar. 31, 2022	22,680,305	22,680,305

Interim Consolidated Statemen_3

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent	$ 174,001	$ 149,663
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	11,880	10,943
Amortization	16,604	13,884
Deferred tax benefit	(1,096)	(5,068)
Share-based compensation	4,509	4,575
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	23,293	12,232
Inventories	(37,643)	(28,029)
Other current assets	(15,031)	(4,175)
Trade accounts payable	(15,396)	15,543
Taxes payable	16,308	15,411
Other Operating Activities, Cash Flow Statement	(86,592)	(26,102)
Net cash provided by operating activities	90,837	158,877
Cash flows from investing activities:
Purchase of property, plant and equipment	(19,151)	(24,605)
Payments to Acquire Businesses, Net of Cash Acquired	(9,704)	(185,074)
Payments for (Proceeds from) Derivative Instrument, Investing Activities	3,743	18,226
Net cash used in investing activities	(7,112)	(191,453)
Cash flows from financing activities:
Proceeds from borrowings	684,037	827,991
Repayments of borrowings	(478,479)	(523,146)
Proceeds from stock option exercises	5,289	5,049
Repurchases of common stock	(275,000)	(262,500)
Proceeds from (Payments for) Other Financing Activities	(332)	(714)
Net cash used in financing activities	(64,485)	46,680
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(855)	(1,704)
Net (decrease) increase in cash and cash equivalents	18,385	12,400
Cash and cash equivalents:
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	116,949	$ 106,654
Proceeds from government funding	$ 18,000

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Notes)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income [Abstract]
Comprehensive Income (Loss) Note [Text Block]	ACCUMULATED COMPREHENSIVE AND OTHER COMPREHENSIVE INCOME Comprehensive income (loss), net of tax consisted of the following: March 31, March 31, 2021 Net earnings $ 174,001 $ 149,663 Other comprehensive income (loss), net of tax 4,350 $ 23,181 Comprehensive income, net of tax $ 178,351 $ 172,844 The following table presents changes in accumulated other comprehensive income (loss) by component for the periods ended March 31, 2022 and 2021: Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2021 $ (19,566) $ 2 $ (235,660) $ (255,224) Other comprehensive income (loss), net of tax: Unrealized gains (losses) cash flow hedging arrangements — 3,961 — 3,961 Foreign currency translation adjustment 5,342 — (4,779) 563 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (3,623) 3,449 (174) Net change in other comprehensive income (loss), net of tax 5,342 338 (1,330) 4,350 Balance at March 31, 2022 $ (14,224) $ 340 $ (236,990) $ (250,874) Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2020 $ (31,101) $ (1,479) $ (302,345) $ (334,925) Other comprehensive income (loss), net of tax: Unrealized gains (losses) cash flow hedging arrangements — 8,274 — 8,274 Foreign currency translation adjustment 3,234 — 13,988 17,222 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (7,467) 5,152 (2,315) Net change in other comprehensive income (loss), net of tax 3,234 807 19,140 23,181 Balance at March 31, 2021 $ (27,867) $ (672) $ (283,205) $ (311,744) The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three months ended March 31: 2022 2021 Location of Amounts Recognized in Earnings Effective portion of (gains) losses on cash flow hedging arrangements: Interest rate swap agreements $ 352 $ 531 Interest expense Cross currency swap (4,797) (9,708) (a) Total before taxes (4,445) (9,177) Provision for taxes (822) (1,710) Provision for taxes Total, net of taxes $ (3,623) $ (7,467) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial (gains) losses, plan amendments and prior service cost, before taxes $ 4,393 $ 6,529 (b) Provision for taxes 944 1,377 Provision for taxes Total, net of taxes $ 3,449 $ 5,152 (a) The cross currency swap reflects an unrealized gain of $4.4 million recorded in other charges (income) that was offset by the underlying unrealized loss in the hedged debt for the three months ended March 31, 2022. The cross currency swap also reflects a realized gain of $0.4 million recorded in interest expense for the three months ended March 31, 2022. (b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the three months ended March 31, 2022 and 2021.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	he following table presents changes in accumulated other comprehensive income (loss) by component for the periods ended March 31, 2022 and 2021: Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2021 $ (19,566) $ 2 $ (235,660) $ (255,224) Other comprehensive income (loss), net of tax: Unrealized gains (losses) cash flow hedging arrangements — 3,961 — 3,961 Foreign currency translation adjustment 5,342 — (4,779) 563 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (3,623) 3,449 (174) Net change in other comprehensive income (loss), net of tax 5,342 338 (1,330) 4,350 Balance at March 31, 2022 $ (14,224) $ 340 $ (236,990) $ (250,874) Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2020 $ (31,101) $ (1,479) $ (302,345) $ (334,925) Other comprehensive income (loss), net of tax: Unrealized gains (losses) cash flow hedging arrangements — 8,274 — 8,274 Foreign currency translation adjustment 3,234 — 13,988 17,222 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (7,467) 5,152 (2,315) Net change in other comprehensive income (loss), net of tax 3,234 807 19,140 23,181 Balance at March 31, 2021 $ (27,867) $ (672) $ (283,205) $ (311,744)
Disclosure of Reclassification Amount [Text Block]	The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three months ended March 31: 2022 2021 Location of Amounts Recognized in Earnings Effective portion of (gains) losses on cash flow hedging arrangements: Interest rate swap agreements $ 352 $ 531 Interest expense Cross currency swap (4,797) (9,708) (a) Total before taxes (4,445) (9,177) Provision for taxes (822) (1,710) Provision for taxes Total, net of taxes $ (3,623) $ (7,467) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial (gains) losses, plan amendments and prior service cost, before taxes $ 4,393 $ 6,529 (b) Provision for taxes 944 1,377 Provision for taxes Total, net of taxes $ 3,449 $ 5,152
Schedule of Comprehensive Income (Loss) [Table Text Block]	ACCUMULATED COMPREHENSIVE AND OTHER COMPREHENSIVE INCOME Comprehensive income (loss), net of tax consisted of the following: March 31, March 31, 2021 Net earnings $ 174,001 $ 149,663 Other comprehensive income (loss), net of tax 4,350 $ 23,181 Comprehensive income, net of tax $ 178,351 $ 172,844 The following table presents changes in accumulated other comprehensive income (loss) by component for the periods ended March 31, 2022 and 2021: Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2021 $ (19,566) $ 2 $ (235,660) $ (255,224) Other comprehensive income (loss), net of tax: Unrealized gains (losses) cash flow hedging arrangements — 3,961 — 3,961 Foreign currency translation adjustment 5,342 — (4,779) 563 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (3,623) 3,449 (174) Net change in other comprehensive income (loss), net of tax 5,342 338 (1,330) 4,350 Balance at March 31, 2022 $ (14,224) $ 340 $ (236,990) $ (250,874) Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2020 $ (31,101) $ (1,479) $ (302,345) $ (334,925) Other comprehensive income (loss), net of tax: Unrealized gains (losses) cash flow hedging arrangements — 8,274 — 8,274 Foreign currency translation adjustment 3,234 — 13,988 17,222 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (7,467) 5,152 (2,315) Net change in other comprehensive income (loss), net of tax 3,234 807 19,140 23,181 Balance at March 31, 2021 $ (27,867) $ (672) $ (283,205) $ (311,744) The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three months ended March 31: 2022 2021 Location of Amounts Recognized in Earnings Effective portion of (gains) losses on cash flow hedging arrangements: Interest rate swap agreements $ 352 $ 531 Interest expense Cross currency swap (4,797) (9,708) (a) Total before taxes (4,445) (9,177) Provision for taxes (822) (1,710) Provision for taxes Total, net of taxes $ (3,623) $ (7,467) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial (gains) losses, plan amendments and prior service cost, before taxes $ 4,393 $ 6,529 (b) Provision for taxes 944 1,377 Provision for taxes Total, net of taxes $ 3,449 $ 5,152 (a) The cross currency swap reflects an unrealized gain of $4.4 million recorded in other charges (income) that was offset by the underlying unrealized loss in the hedged debt for the three months ended March 31, 2022. The cross currency swap also reflects a realized gain of $0.4 million recorded in interest expense for the three months ended March 31, 2022. (b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the three months ended March 31, 2022 and 2021.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (14,224)	$ (19,566)	$ (27,867)	$ (31,101)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	5,342	3,234
Amounts recognized from accumulated other comprehensive income (loss), Defined Benefit Plan, net of tax	3,449	5,152
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	338	807
Amount recognized from accumulated other comprehensive income, defined benefit plan, net of foreign currency adjustment, net of tax	(1,330)	19,140
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	3,449	5,152
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	340	2	(672)	(1,479)
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	(236,990)	(235,660)	(283,205)	(302,345)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(250,874)	(255,224)	$ (311,744)	$ (334,925)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	3,961	8,274
Foreign currency translation adjustment including defined benefit plan foreign currency adjustment, net of tax	563	17,222
Foreign currency translation adjustment, Defined Benefit Plan, net of tax	(4,779)	13,988
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	(174)	(2,315)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(3,623)	(7,467)
Other Comprehensive Income (Loss), Net of Tax	$ 4,350	$ 23,181

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income Details 1 (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income [Abstract]
Cross Currency Swap interest portion recognized in income	$ 400
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	352	$ 531
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	(4,797)	(9,708)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(4,445)	(9,177)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(822)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax		(1,710)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(3,623)	(7,467)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent	4,393	6,529
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent	944	1,377
Income Tax Expense (Benefit)	39,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	3,449	$ 5,152
Cross Currency Swap Revaluation Portion Recognized in Earnings	$ 4,400

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income Details 2 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income (Loss) Attributable to Parent	$ 174,001	$ 149,663
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	4,350	23,181
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 178,351	$ 172,844

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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 rela ted analytical inst ruments and provides automated chemistry solutions used in drug and chemical compound disco very 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, 2021. 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 months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. 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. These financial statements were prepared using information reasonably available as of March 31, 2022 and through the date of this Report. Actual results may differ from those estimates due to uncertainty relating to the COVID-19 pandemic, the invasion of Ukraine, as well as other factors.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 expected credit losses represents the Company's best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances. 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: March 31, December 31, Raw materials and parts $ 199,933 $ 184,624 Work-in-progress 84,081 76,019 Finished goods 162,476 153,900 $ 446,490 $ 414,543 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 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 to be benefited. 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 “Intangibles – Goodwill and Other” and ASC 360 “Property, Plant and Equipment.” Other intangible assets consisted of the following : March 31, 2022 December 31, 2021 Gross Accumulated Intangibles, Net Gross Accumulated Intangibles, Net Customer relationships $ 285,764 $ (82,997) $ 202,767 $ 282,470 $ (79,782) $ 202,688 Proven technology and patents 112,613 (57,775) 54,838 115,680 (56,305) 59,375 Trade name (finite life) 7,425 (2,927) 4,498 8,206 (3,731) 4,475 Trade name (indefinite life) 35,903 — 35,903 35,949 — 35,949 Other 13,056 (5,983) 7,073 10,641 (5,678) 4,963 $ 454,761 $ (149,682) $ 305,079 $ 452,946 $ (145,496) $ 307,450 The Company recognized amortization expense associated with the above intangible assets of $6.8 million and $4.1 million for the three months ended March 31, 2022 and 2021, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $26.3 million for 2022, $25.3 million for 2023, $23.1 million for 2024, $22.2 million for 2025, $20.0 million for 2026 and $18.6 million for 2027. Purchased intangible amortization was $6.6 million, $5.1 million after tax, and $3.8 million, $2.9 million after tax, for the three months ended March 31, 2022 and 2021, respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $9.7 million and $9.8 million for the three months ended March 31, 2022 and 2021, respectively. Revenue Recognition Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. 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. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements. Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location. Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. 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. Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. 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. 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 comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $4.5 million and $4.6 million of share-based compensation expense for the three months ended March 31, 2022 and 2021, respectively. Research and Development Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred. Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations utilizing the acquisition method of accounting. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the values of the acquired assets and assumed liabilities, including goodwill and intangible assets, require significant judgement. Acquisition transaction costs are expensed when incurred. In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net. Recent Accounting Pronouncements In March 2020 and January 2021, the FASB issued ASU 2020-04 and ASU 2021-01: Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2022. The Company's interest rate and cross currency swaps, as mentioned in Note 4 to the consolidated financial statements, are governed by International Swaps and Derivatives Association (ISDA) agreements, and the Company will adhere to the ISDA's fallback protocol when LIBOR is discontinued. In addition, the Company renewed the LIBOR-based credit agreement, as discussed further in Note 10 of the Annual Report Form 10-K, which includes a fallback protocol when LIBOR is discontinued. Based on these procedures, when LIBOR is discontinued, the interest rate and cross currency swaps will not require de-designation if certain criteria are met. The Company expects the financial impact of the rate change when LIBOR is discontinued to be immaterial to its financial statements.

Revenue Recognition (Notes)

Revenue Recognition (Notes)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	REVENUE The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition, and geography. A summary by the Company’s reportable segments follows: Three months ended March 31, 2022 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 248,807 $ 33,910 $ 138,009 $ 167,989 $ 117,900 $ 706,615 Service Revenue: Point in time 60,154 7,168 36,223 10,327 28,600 142,472 Over time 16,860 2,192 18,654 4,390 6,608 48,704 Total $ 325,821 $ 43,270 $ 192,886 $ 182,706 $ 153,108 $ 897,791 Three months ended March 31, 2021 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 205,191 $ 30,167 $ 136,899 $ 143,325 $ 111,333 $ 626,915 Service Revenue: Point in time 51,591 6,891 35,630 9,342 27,877 131,331 Over time 15,177 2,223 19,821 3,407 5,516 46,144 Total $ 271,959 $ 39,281 $ 192,350 $ 156,074 $ 144,726 $ 804,390 A breakdown of net sales to external customers by geographic customer destination for the three months ended March 31 follows: 2022 2021 Americas $ 352,689 $ 303,339 Europe 249,784 241,377 Asia / Rest of World 295,318 259,674 Total $ 897,791 $ 804,390 The Company's global revenue mix by product category is laboratory (57% of sales), industrial (38% of sales) and retail (5% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products, while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the three months ended March 31 follows: 2022 2021 Laboratory $ 513,550 $ 444,627 Industrial 343,738 310,777 Retail 40,503 48,986 Total $ 897,791 $ 804,390 The payment terms in the Company’s contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but not yet billed to the customer. Unbilled revenue as of March 31, 2022 and December 31, 2021 was $33.9 million and $32.1 million, respectively, and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation. Changes in the components of deferred revenue and customer prepayments during the periods ended March 31, 2022 and 2021 are as follows: 2022 2021 Beginning balances as of January 1 $ 192,648 $ 149,106 Customer pre-payments/deferred revenue 182,539 162,765 Revenue recognized (156,141) (127,985) Foreign currency translation (3,366) (3,556) Ending balance as of March 31 $ 215,680 $ 180,330 The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company has not disclosed the value of unsatisfied performance obligations other than customer pre-payments and deferred revenue above as most contracts have an expected length of one year or less and amounts greater than one year are immaterial.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative [Line Items]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTSThe 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. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portions of the cash flow hedges, also see Notes 5 and 9 to the interim consolidated financial statements. As also mentioned in Note 7, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiary. Cash Flow Hedges In November 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.64%. The swap matures in November 2023. In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.57%. The swap matures in June 2025. This cross currency swap replaced a similar $50 million swap entered into in June 2019 which matured in June 2021, which converted floating rate LIBOR to a fixed Swiss franc income of 0.95%. In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.66%. The swap matures in June 2024. This cross currency swap replaced a similar $50 million swap entered into in February 2019 and matured in June 2021, which converted floating rate LIBOR to a fixed Swiss franc income of 0.78%. In June 2019, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.82%. The swap began in June 2019 and matures in June 2023. In 2015, the Company entered into 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 borrowings under the Company's credit agreement to a fixed obligation of 2.25%. The swap began in February 2017 and matured in February 2022. The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at March 31, 2022 and December 31, 2021, respectively. A derivative gain of $4.0 million based upon interest rates at March 31, 2022, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. The cash flow hedges remain effective as of March 31, 2022. 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 March 31, 2022 and December 31, 2021, as

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS At March 31, 2022 and December 31, 2021, the Company had derivative assets totaling $8.3 million and $6.0 million, respectively, and derivative liabilities totaling $5.9 million and $10.3 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not present all the required disclosures in tabular format. The fair values of the interest rate swap agreements, the cross currency swap agreements, and the 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 March 31, 2022 and December 31, 2021. 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 the Company’s assets and liabilities, which are all categorized as Level 2 and are measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021. The Company does not have any assets or liabil ities which are categorized as Level 1. March 31, 2022 December 31, 2021 Balance Sheet Location Foreign currency forward contracts not designated as hedging instruments $ 3,320 $ 3,927 Other current assets and prepaid expenses Cash flow hedges: Cross currency swap agreements 4,947 2,119 Other non-current assets Total derivative assets $ 8,267 $ 6,046 Foreign currency forward contracts not designated as hedging instruments $ 2,113 $ 4,510 Accrued and other liabilities Cash Flow Hedges: Interest rate swap agreements — 352 Accrued and other liabilities Cross currency swap agreements 3,825 5,482 Other non-current liabilities Total derivative liabilities $ 5,938 $ 10,344

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company's reported tax rate was 18.3% and 19.3% during the three months ended March 31, 2022 and 2021, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19% and 19.5% before non-recurring discrete tax items during 2022 and 2021, respectively. The difference between the Company's projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises.

Share Repurchase Program and Tr

Share Repurchase Program and Treasury Stock - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Share Repurchase Program and Treasury Stock [Abstract]
Treasury Stock [Text Block]	$ (6,527,380)	$ (6,259,049)

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE In accordance with the treasury stock method, the Company has included 271,933 and 320,588 common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three months ended March 31, 2022 and 2021, respectively, relating to outstanding stock options and restricted stock units. Outstanding options and restricted stock units to purchase or receive 29,296 and 20,960 shares of common stock for the three months ended March 31, 2022 and 2021, respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive.

Net Periodic Benefit Cost

Net Periodic Benefit Cost	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [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 March 31: U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2022 2021 2022 2021 2022 2021 2022 2021 Service cost, net $ 416 $ 374 $ 4,990 $ 4,945 $ — $ — $ 5,406 $ 5,319 Interest cost on projected benefit obligations 674 548 1,558 850 3 2 2,235 1,400 Expected return on plan assets (1,547) (1,494) (9,424) (8,972) — — (10,971) (10,466) Recognition of prior service cost — — (1,095) (471) — — (1,095) (471) Recognition of actuarial losses/(gains) 584 729 4,930 6,299 (26) (28) 5,488 7,000 Net periodic pension cost/(credit) $ 127 $ 157 $ 959 $ 2,651 $ (23) $ (26) $ 1,063 $ 2,782 As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, the Company expects to make employer contributions of approximately $28.2 million to its non-U.S. pension plan and employer contributions of approximately $0.1 million to its U.S. post-retirement medical plan during the year ended December 31, 2022. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

Other Charges (Income), Net

Other Charges (Income), Net	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
OTHER CHARGES (INCOME), NET	OTHER CHARGES (INCOME), NETOther charges (income), net includes non-service pension costs (benefits), (gains) losses from foreign currency transactions and related hedging activities, interest income and other items. Non-service pension benefits for the three months ended March 31, 2022 and 2021 were $4.3 million and $2.5 million, respectively.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING As disclosed in Note 18 to the Company's consolidated financial statements for the year ended December 31, 2021, 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 reportable segments: Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2022 Customers Segments Sales Profit Goodwill U.S. Operations $ 325,821 $ 39,573 $ 365,394 $ 75,186 $ 514,022 Swiss Operations 43,270 193,835 237,105 71,322 23,198 Western European Operations 192,886 50,127 243,013 38,780 97,612 Chinese Operations 182,706 80,438 263,144 84,968 709 Other (a) 153,108 963 154,071 20,452 14,577 Eliminations and Corporate (b) — (364,936) (364,936) (49,463) — Total $ 897,791 $ — $ 897,791 $ 241,245 $ 650,118 Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2021 Customers Segments Sales Profit Goodwill U.S. Operations $ 271,959 $ 36,784 $ 308,743 $ 63,671 $ 509,600 Swiss Operations 39,281 184,465 223,746 64,879 23,048 Western European Operations 192,350 52,255 244,605 37,866 92,193 Chinese Operations 156,074 69,078 225,152 72,024 683 Other (a) 144,726 1,095 145,821 20,172 15,163 Eliminations and Corporate (b) — (343,677) (343,677) (47,940) — Total $ 804,390 $ — $ 804,390 $ 210,672 $ 640,687 (a) Other includes reporting units in Southeast Asia, Latin America, Eastern Europe 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. A reconciliation of earnings before taxes to segment profit for the three months ended March 31 follows: Three Months Ended March 31, 2022 March 31, 2021 Earnings before taxes $ 213,001 $ 185,414 Amortization 16,604 13,884 Interest expense 11,338 9,471 Restructuring charges 4,011 1,193 Other charges (income), net (3,709) 710 Segment profit $ 241,245 $ 210,672

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESThe 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 Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Trade Accounts Receivable	Trade Accounts ReceivableTrade accounts receivable are recorded at the invoiced amount and do not bear interest.
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: March 31, December 31, Raw materials and parts $ 199,933 $ 184,624 Work-in-progress 84,081 76,019 Finished goods 162,476 153,900 $ 446,490 $ 414,543
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 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 to be benefited. 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 “Intangibles – Goodwill and Other” and ASC 360 “Property, Plant and Equipment.” Other intangible assets consisted of the following : March 31, 2022 December 31, 2021 Gross Accumulated Intangibles, Net Gross Accumulated Intangibles, Net Customer relationships $ 285,764 $ (82,997) $ 202,767 $ 282,470 $ (79,782) $ 202,688 Proven technology and patents 112,613 (57,775) 54,838 115,680 (56,305) 59,375 Trade name (finite life) 7,425 (2,927) 4,498 8,206 (3,731) 4,475 Trade name (indefinite life) 35,903 — 35,903 35,949 — 35,949 Other 13,056 (5,983) 7,073 10,641 (5,678) 4,963 $ 454,761 $ (149,682) $ 305,079 $ 452,946 $ (145,496) $ 307,450 The Company recognized amortization expense associated with the above intangible assets of $6.8 million and $4.1 million for the three months ended March 31, 2022 and 2021, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $26.3 million for 2022, $25.3 million for 2023, $23.1 million for 2024, $22.2 million for 2025, $20.0 million for 2026 and $18.6 million for 2027. Purchased intangible amortization was $6.6 million, $5.1 million after tax, and $3.8 million, $2.9 million after tax, for the three months ended March 31, 2022 and 2021, respectively.
Revenue Recognition	Revenue Recognition Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. 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. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements. Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location. Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. 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. Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. 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.
Employee Termination Benefits	Employee Termination BenefitsIn 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 comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $4.5 million and $4.6 million of share-based compensation expense for the three months ended March 31, 2022 and 2021, respectively.
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.
Business Combinations Policy [Policy Text Block]	Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations utilizing the acquisition method of accounting. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the values of the acquired assets and assumed liabilities, including goodwill and intangible assets, require significant judgement. Acquisition transaction costs are expensed when incurred. In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In March 2020 and January 2021, the FASB issued ASU 2020-04 and ASU 2021-01: Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2022. The Company's interest rate and cross currency swaps, as mentioned in Note 4 to the consolidated financial statements, are governed by International Swaps and Derivatives Association (ISDA) agreements, and the Company will adhere to the ISDA's fallback protocol when LIBOR is discontinued. In addition, the Company renewed the LIBOR-based credit agreement, as discussed further in Note 10 of the Annual Report Form 10-K, which includes a fallback protocol when LIBOR is discontinued. Based on these procedures, when LIBOR is discontinued, the interest rate and cross currency swaps will not require de-designation if certain criteria are met. The Company expects the financial impact of the rate change when LIBOR is discontinued to be immaterial to its financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Components of inventories	Inventories consisted of the following: March 31, December 31, Raw materials and parts $ 199,933 $ 184,624 Work-in-progress 84,081 76,019 Finished goods 162,476 153,900 $ 446,490 $ 414,543
Components of other intangible assets	Other intangible assets consisted of the following : March 31, 2022 December 31, 2021 Gross Accumulated Intangibles, Net Gross Accumulated Intangibles, Net Customer relationships $ 285,764 $ (82,997) $ 202,767 $ 282,470 $ (79,782) $ 202,688 Proven technology and patents 112,613 (57,775) 54,838 115,680 (56,305) 59,375 Trade name (finite life) 7,425 (2,927) 4,498 8,206 (3,731) 4,475 Trade name (indefinite life) 35,903 — 35,903 35,949 — 35,949 Other 13,056 (5,983) 7,073 10,641 (5,678) 4,963 $ 454,761 $ (149,682) $ 305,079 $ 452,946 $ (145,496) $ 307,450

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	Three months ended March 31, 2022 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 248,807 $ 33,910 $ 138,009 $ 167,989 $ 117,900 $ 706,615 Service Revenue: Point in time 60,154 7,168 36,223 10,327 28,600 142,472 Over time 16,860 2,192 18,654 4,390 6,608 48,704 Total $ 325,821 $ 43,270 $ 192,886 $ 182,706 $ 153,108 $ 897,791 Three months ended March 31, 2021 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 205,191 $ 30,167 $ 136,899 $ 143,325 $ 111,333 $ 626,915 Service Revenue: Point in time 51,591 6,891 35,630 9,342 27,877 131,331 Over time 15,177 2,223 19,821 3,407 5,516 46,144 Total $ 271,959 $ 39,281 $ 192,350 $ 156,074 $ 144,726 $ 804,390 A breakdown of net sales to external customers by geographic customer destination for the three months ended March 31 follows: 2022 2021 Americas $ 352,689 $ 303,339 Europe 249,784 241,377 Asia / Rest of World 295,318 259,674 Total $ 897,791 $ 804,390 The Company's global revenue mix by product category is laboratory (57% of sales), industrial (38% of sales) and retail (5% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products, while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the three months ended March 31 follows: 2022 2021 Laboratory $ 513,550 $ 444,627 Industrial 343,738 310,777 Retail 40,503 48,986 Total $ 897,791 $ 804,390

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	March 31, 2022 December 31, 2021 Balance Sheet Location Foreign currency forward contracts not designated as hedging instruments $ 3,320 $ 3,927 Other current assets and prepaid expenses Cash flow hedges: Cross currency swap agreements 4,947 2,119 Other non-current assets Total derivative assets $ 8,267 $ 6,046 Foreign currency forward contracts not designated as hedging instruments $ 2,113 $ 4,510 Accrued and other liabilities Cash Flow Hedges: Interest rate swap agreements — 352 Accrued and other liabilities Cross currency swap agreements 3,825 5,482 Other non-current liabilities Total derivative liabilities $ 5,938 $ 10,344

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt consisted of the following at March 31, 2022: U.S. Dollar Other Principal Total 3.67% $50 million ten-year Senior Notes due December 17, 2022 $ 50,000 $ — $ 50,000 4.10% $50 million ten-year Senior Notes due September 19, 2023 50,000 — 50,000 3.84% $125 million ten-year Senior Notes due September 19, 2024 125,000 — 125,000 4.24% $125 million ten-year Senior Notes due June 25, 2025 125,000 — 125,000 3.91% $75 million ten-year Senior Notes due June 25, 2029 75,000 — 75,000 2.83% $125 million twelve-year Senior Notes due July 22. 2033 125,000 — 125,000 3.19% $50 million fifteen-year Senior Notes due January 24, 2035 50,000 — 50,000 2.81% $150 million fifteen-year Senior Note due March 17, 2037 150,000 — 150,000 1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030 — 138,120 138,120 1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034 — 149,170 149,170 1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036 — 138,120 138,120 Senior notes debt issuance costs, net (2,426) (1,586) (4,012) Total Senior Notes 747,574 423,824 1,171,398 $1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points 540,346 102,002 642,348 Other local arrangements 3,311 55,037 58,348 Total debt 1,291,231 580,863 1,872,094 Less: current portion (50,356) (54,906) (105,262) Total long-term debt $ 1,240,875 $ 525,957 $ 1,766,832

Net Periodic Benefit Cost (Tabl

Net Periodic Benefit Cost (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
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 March 31: U.S. Pension Benefits Non-U.S. Pension Benefits Other U.S. Post-retirement Benefits Total 2022 2021 2022 2021 2022 2021 2022 2021 Service cost, net $ 416 $ 374 $ 4,990 $ 4,945 $ — $ — $ 5,406 $ 5,319 Interest cost on projected benefit obligations 674 548 1,558 850 3 2 2,235 1,400 Expected return on plan assets (1,547) (1,494) (9,424) (8,972) — — (10,971) (10,466) Recognition of prior service cost — — (1,095) (471) — — (1,095) (471) Recognition of actuarial losses/(gains) 584 729 4,930 6,299 (26) (28) 5,488 7,000 Net periodic pension cost/(credit) $ 127 $ 157 $ 959 $ 2,651 $ (23) $ (26) $ 1,063 $ 2,782

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Operations of the Company's operating segments	The following tables show the operations of the Company’s reportable segments: Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2022 Customers Segments Sales Profit Goodwill U.S. Operations $ 325,821 $ 39,573 $ 365,394 $ 75,186 $ 514,022 Swiss Operations 43,270 193,835 237,105 71,322 23,198 Western European Operations 192,886 50,127 243,013 38,780 97,612 Chinese Operations 182,706 80,438 263,144 84,968 709 Other (a) 153,108 963 154,071 20,452 14,577 Eliminations and Corporate (b) — (364,936) (364,936) (49,463) — Total $ 897,791 $ — $ 897,791 $ 241,245 $ 650,118 Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2021 Customers Segments Sales Profit Goodwill U.S. Operations $ 271,959 $ 36,784 $ 308,743 $ 63,671 $ 509,600 Swiss Operations 39,281 184,465 223,746 64,879 23,048 Western European Operations 192,350 52,255 244,605 37,866 92,193 Chinese Operations 156,074 69,078 225,152 72,024 683 Other (a) 144,726 1,095 145,821 20,172 15,163 Eliminations and Corporate (b) — (343,677) (343,677) (47,940) — Total $ 804,390 $ — $ 804,390 $ 210,672 $ 640,687 (a) Other includes reporting units in Southeast Asia, Latin America, Eastern Europe 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.
Reconciliation of earnings before taxes to segment profit	A reconciliation of earnings before taxes to segment profit for the three months ended March 31 follows: Three Months Ended March 31, 2022 March 31, 2021 Earnings before taxes $ 213,001 $ 185,414 Amortization 16,604 13,884 Interest expense 11,338 9,471 Restructuring charges 4,011 1,193 Other charges (income), net (3,709) 710 Segment profit $ 241,245 $ 210,672

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Components of inventory
Raw materials and parts	$ 199,933	$ 184,624
Work-in-progress	84,081	76,019
Finished goods	162,476	153,900
Total Inventory, Net	$ 446,490	$ 414,543

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Finite and Indefinite-Lived Intangible Assets, Gross, Total	$ 454,761	$ 452,946
Total Accumulated Amortization	(149,682)	(145,496)
Intangible Assets, Net (Excluding Goodwill)	305,079	307,450
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount, Tradename (indefinite life)	35,903	35,949
Intangible Assets, Net (Excluding Goodwill)	35,903	35,949
Customer Relationships [Member]
Intangible Assets [Line Items]
Gross amount	285,764	282,470
Accumulated Amortization	(82,997)	(79,782)
Intangible Assets, Net (Excluding Goodwill)	202,767	202,688
Proven technology and patents [Member]
Intangible Assets [Line Items]
Gross amount	112,613	115,680
Accumulated Amortization	(57,775)	(56,305)
Intangible Assets, Net (Excluding Goodwill)	54,838	59,375
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount	7,425	8,206
Accumulated Amortization	(2,927)	(3,731)
Intangible Assets, Net (Excluding Goodwill)	4,498	4,475
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Gross amount	13,056	10,641
Accumulated Amortization	(5,983)	(5,678)
Intangible Assets, Net (Excluding Goodwill)	$ 7,073	$ 4,963

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summary of Significant Accounting Policies (Textuals) [Abstract]
Amortization expense	$ 6.8	$ 4.1
Future Amortization Expense Current Year	26.3
Aggregate amortization expense for 2020	25.3
Aggregate amortization expense for 2021	23.1
Aggregate amortization expense for 2022	22.2
Aggregate amortization expense for 2023	20
Aggregate amortization expense for 2024	18.6
Purchased Intangible Amortization, Gross	6.6		$ 3.8
Purchased intangible amortization, net of tax	5.1		$ 2.9
Amortization expense associated with capitalized software	9.7	9.8
Share - based compensation expense	$ 4.5	$ 4.6

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 897,791	$ 804,390
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	352,689	303,339
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	249,784	241,377
Total Asia Rest of World [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 295,318	259,674
Laboratory Related Products and Services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	57.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 513,550	444,627
Product Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 706,615	626,915
Industrial Related Products and Services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	38.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 343,738	310,777
Retail Related Products and Services [Member]
Disaggregation of Revenue [Line Items]
Percentage of Disaggregated Revenue in Relationship to Segments	5.00%
Revenue from Contract with Customer, Excluding Assessed Tax	$ 40,503	48,986
Service Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	142,472	131,331
Service Revenue [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	48,704	46,144
Us Operations segment Member
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	325,821	271,959
Us Operations segment Member | Product Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	248,807	205,191
Us Operations segment Member | Service Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	60,154	51,591
Us Operations segment Member | Service Revenue [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	16,860	15,177
Swiss Operations segment Member
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	43,270	39,281
Swiss Operations segment Member | Product Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	33,910	30,167
Swiss Operations segment Member | Service Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	7,168	6,891
Swiss Operations segment Member | Service Revenue [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	2,192	2,223
Western European Operations Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	192,886	192,350
Western European Operations Segment [Member] | Product Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	138,009	136,899
Western European Operations Segment [Member] | Service Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	36,223	35,630
Western European Operations Segment [Member] | Service Revenue [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	18,654	19,821
Chinese Operations Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	182,706	156,074
Chinese Operations Segment [Member] | Product Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	167,989	143,325
Chinese Operations Segment [Member] | Service Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	10,327	9,342
Chinese Operations Segment [Member] | Service Revenue [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	4,390	3,407
Other Operations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	153,108	144,726
Other Operations [Member] | Product Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	117,900	111,333
Other Operations [Member] | Service Revenue [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	28,600	27,877
Other Operations [Member] | Service Revenue [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 6,608	$ 5,516

Revenue Recognition Details 1 (

Revenue Recognition Details 1 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Unbilled Contracts Receivable	$ 33,900		$ 32,100
Deferred Revenue	215,680	$ 180,330	$ 192,648	$ 149,106
Customer pre-payments/deferred revenue	182,539	162,765
Contract with Customer, Liability, Revenue Recognized	(156,141)	(127,985)
Temporary Equity, Foreign Currency Translation Adjustments	$ (3,366)	$ (3,556)
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true

Financial Instruments (Details)

Financial Instruments (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 1,500,000		$ 12,500,000
Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	948,600,000		$ 1,000,000,000
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	4,000,000
2017 Cross Currency Swap [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	0	$ 0
2.52% $50 Million Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	0	$ 0
2.25% $100 Million Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 100,000,000
Derivative, Fixed Interest Rate	2.25%
June 2019 4 YR Cross Currency Swap | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000,000
Derivative, Fixed Interest Rate	0.82%
November 2021 2 YR Cross Currency Swap | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000,000
Derivative, Fixed Interest Rate	0.64%
June 2021 4 YR Cross Currency Swap | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000,000
Derivative, Fixed Interest Rate	0.57%
June 2021 3 YR Cross Currency Swap | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50
Derivative, Fixed Interest Rate	0.66%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets and liabilities measured at fair value on a recurring basis
Derivative Assets	$ 8,300	$ 6,000
Derivative Liabilities	5,900	10,300
Fair Value, Inputs, Level 3 [Member]
Assets and liabilities measured at fair value on a recurring basis
Business Combination, Contingent Consideration, Liability	20,000
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets and liabilities measured at fair value on a recurring basis
Derivative Assets	8,267	6,046
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	3,320	3,927
Foreign Currency Contract, Asset, Fair Value Disclosure	4,947	2,119
Derivative Liabilities	5,938	10,344
Foreign Currency Cash Flow Hedge Liability at Fair Value	3,825	5,482
Interest Rate Cash Flow Hedge Liability at Fair Value	0	352
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	$ 2,113	$ 4,510

Fair Value Measurements (Deta_2

Fair Value Measurements (Details Textuals) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Assets	$ 8,300	$ 6,000
Derivative Liabilities	5,900	10,300
Fair Value, Inputs, Level 2 [Member]
Cash Equivalents	18,800	18,500
Change in Carrying Value Verse Fair Value of Long Term Debt	67,300
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Assets	8,267	6,046
Derivative Liabilities	$ 5,938	$ 10,344

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022Rate	Mar. 31, 2021Rate
Effective Income Tax Rate, Continuing Operations	18.30%	19.30%
Annual Effective Tax Rate before recurring discrete tax items	19.00%	19.50%

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Apr. 30, 2018
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 601.7
Senior Notes	1,171,398,000
Unamortized Debt Issuance Expense	(4,012,000)
Debt, Long-term and Short-term, Combined Amount	1,872,094,000
Short-term borrowings and current maturities of long-term debt	(105,262,000)		$ (101,134,000)
Long-term Debt, Excluding Current Maturities	1,766,832,000		1,580,808,000
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax	11,300,000		$ 17,600,000
Cumulative (gain) loss in other other comprehensive income related to the change in a net investment hedge.	16,800,000
Business Combination, Acquisition Related Costs	0.5	$ 2,800,000
3.67 % Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	50,000,000
Debt Instrument, Face Amount	$ 50,000,000
Debt Instrument, Maturity Date	Dec. 17, 2022
Debt Instrument, Interest Rate, Stated Percentage	3.67%
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 50,000,000
Debt Instrument, Face Amount	$ 50,000,000
Debt Instrument, Maturity Date	Sep. 19, 2023
Debt Instrument, Interest Rate, Stated Percentage	4.10%
3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 125,000,000
Debt Instrument, Face Amount	$ 125,000,000
Debt Instrument, Maturity Date	Sep. 19, 2024
Debt Instrument, Interest Rate, Stated Percentage	3.84%
4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 125,000,000
Debt Instrument, Face Amount	$ 125,000,000
Debt Instrument, Maturity Date	Jun. 25, 2025
Debt Instrument, Interest Rate, Stated Percentage	4.24%
1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 138,120,000
Debt Instrument, Face Amount	$ 125,000,000
Debt Instrument, Maturity Date	Jun. 17, 2030
Debt Instrument, Interest Rate, Stated Percentage	1.47%
$1.1 Billion Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 642,348,000
Debt Instrument, Face Amount	$ 1,100,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.875%
3.91% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 75,000,000
Debt Instrument, Face Amount	$ 75,000,000
Debt Instrument, Maturity Date	Jun. 25, 2029
Debt Instrument, Interest Rate, Stated Percentage	3.91%
Other Local Arrangements [Member]
Debt Instrument [Line Items]
Other Borrowings	$ 58,348,000
Swiss Pension Loan [Member]
Debt Instrument [Line Items]
Loan from Swiss Pension Plan USD Amount				$ 39,600,000
Swiss Pension Plan Loan in Swiss franc				$ 38,000,000
3.19% Senior Notes
Debt Instrument [Line Items]
Senior Notes	50,000,000
Debt Instrument, Face Amount	$ 50,000,000
Debt Instrument, Maturity Date	Jan. 24, 2035
Debt Instrument, Interest Rate, Stated Percentage	3.19%
1.30% EURO Senior Notes
Debt Instrument [Line Items]
Senior Notes	$ 149,170,000
Debt Instrument, Face Amount	$ 135,000,000
Debt Instrument, Maturity Date	Nov. 6, 2034
Debt Instrument, Interest Rate, Stated Percentage	1.30%
1.06% EURO Senior Notes
Debt Instrument [Line Items]
Senior Notes	$ 138,120,000
Debt Instrument, Face Amount	$ 125,000,000
Debt Instrument, Maturity Date	Mar. 19, 2036
Debt Instrument, Interest Rate, Stated Percentage	1.06%
2.81% Senior Notes
Debt Instrument [Line Items]
Senior Notes	$ 150
Debt Instrument, Interest Rate, Stated Percentage	281.00%
2.91% Senior Notes
Debt Instrument [Line Items]
Senior Notes	$ 150
Debt Instrument, Interest Rate, Stated Percentage	291.00%
Us Dollar Amounts Member
Debt Instrument [Line Items]
Senior Notes	$ 747,574,000
Unamortized Debt Issuance Expense	(2,426,000)
Debt, Long-term and Short-term, Combined Amount	1,291,231,000
Short-term borrowings and current maturities of long-term debt	(50,356,000)
Long-term Debt, Excluding Current Maturities	1,240,875,000
Us Dollar Amounts Member | 3.67 % Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	50,000,000
Us Dollar Amounts Member | 4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	50,000,000
Us Dollar Amounts Member | 3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	125,000,000
Us Dollar Amounts Member | 4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	125,000,000
Us Dollar Amounts Member | 1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Us Dollar Amounts Member | $1.1 Billion Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	540,346,000
Us Dollar Amounts Member | 3.91% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	75,000,000
Us Dollar Amounts Member | Other Local Arrangements [Member]
Debt Instrument [Line Items]
Other Borrowings	3,311,000
Us Dollar Amounts Member | 3.19% Senior Notes
Debt Instrument [Line Items]
Senior Notes	50,000,000
Us Dollar Amounts Member | 1.30% EURO Senior Notes
Debt Instrument [Line Items]
Senior Notes	0
Us Dollar Amounts Member | 1.06% EURO Senior Notes
Debt Instrument [Line Items]
Senior Notes	0
Us Dollar Amounts Member | 2.83% Senior Note
Debt Instrument [Line Items]
Senior Notes	125,000,000
Us Dollar Amounts Member | 2.81% Senior Notes
Debt Instrument [Line Items]
Senior Notes	150,000,000
Other Principal Trading Currencies [Member]
Debt Instrument [Line Items]
Senior Notes	423,824,000
Unamortized Debt Issuance Expense	(1,586,000)
Debt, Long-term and Short-term, Combined Amount	580,863,000
Short-term borrowings and current maturities of long-term debt	(54,906,000)
Long-term Debt, Excluding Current Maturities	525,957,000
Other Principal Trading Currencies [Member] | 3.67 % Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	138,120,000
Other Principal Trading Currencies [Member] | $1.1 Billion Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	102,002,000
Other Principal Trading Currencies [Member] | 3.91% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | Other Local Arrangements [Member]
Debt Instrument [Line Items]
Other Borrowings	55,037,000
Other Principal Trading Currencies [Member] | 3.19% Senior Notes
Debt Instrument [Line Items]
Senior Notes	0
Other Principal Trading Currencies [Member] | 1.30% EURO Senior Notes
Debt Instrument [Line Items]
Senior Notes	149,170,000
Other Principal Trading Currencies [Member] | 1.06% EURO Senior Notes
Debt Instrument [Line Items]
Senior Notes	$ 138,120,000

Share Repurchase Program and _2

Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]
Shares Purchased Under Share Repurchase Program	30,400,000
Repurchases of common stock	$ (275,000)	$ (262,500)
Number of shares repurchased	(190,593)	(224,808)
Average price of share repurchased, per share	$ 1,442.84	$ 1,167.64
Exercise of stock options and restricted stock units, shares reissued	27,795	22,388
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1,800,000
2.91% Senior Notes
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	291.00%

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract]
Weighted Average Number of Shares Outstanding, Diluted, Total	271,933	320,588
Antidilutive Shares Outstanding
Weighted Average Number of Shares Outstanding, Antidilutive, Total	29,296	20,960

Net Periodic Benefit Cost (Deta

Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Impact of Adopting ASU 2017-07 ASC 715 Compensation-Retirement Benefits	$ 4,300	$ 2,500
Defined Benefit Plan, Service Cost	5,406	5,319
Defined Benefit Plan, Interest Cost	2,235	1,400
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(10,971)	(10,466)
Defined Benefits Plan Net amortization and deferral	(1,095)	(471)
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	5,488	7,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	1,063	2,782
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	28,200
Pension Plan [Member] | Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	4,990	4,945
Defined Benefit Plan, Interest Cost	1,558	850
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(9,424)	(8,972)
Defined Benefits Plan Net amortization and deferral	(1,095)	(471)
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	4,930	6,299
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	959	2,651
Pension Plan [Member] | UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	416	374
Defined Benefit Plan, Interest Cost	674	548
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(1,547)	(1,494)
Defined Benefits Plan Net amortization and deferral	0	0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	584	729
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	127	157
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	0	0
Defined Benefit Plan, Interest Cost	3	2
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0
Defined Benefits Plan Net amortization and deferral	0	0
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	(26)	(28)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	(23)	$ (26)
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 100

Other Charges , Net Other Charg

Other Charges , Net Other Charges, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Impact of Adopting ASU 2017-07 ASC 715 Compensation-Retirement Benefits	$ 4,300,000	$ 2,500,000
Business Combination, Acquisition Related Costs	$ 0.5	$ 2,800,000

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operations of the Company's operating segments
Net Sales to External Customers	$ 897,791,000	$ 804,390,000
Revenue Transactions With Other Operating Segments	0	0
Net Sales	897,791,000	804,390,000
Segment Profit	241,245,000	210,672,000
Goodwill	650,118,000	640,687,000	$ 648,622,000
Us Operations segment Member
Operations of the Company's operating segments
Net Sales to External Customers	325,821,000	271,959,000
Revenue Transactions With Other Operating Segments	39,573,000	36,784,000
Net Sales	365,394,000	308,743,000
Segment profit	75,186,000	63,671,000
Goodwill	514,022,000	509,600,000
Swiss Operations segment Member
Operations of the Company's operating segments
Net Sales to External Customers	43,270,000	39,281,000
Revenue Transactions With Other Operating Segments	193,835,000	184,465,000
Net Sales	237,105,000	223,746,000
Segment profit	71,322,000	64,879,000
Goodwill	23,198,000	23,048,000
Western European Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	192,886,000	192,350,000
Revenue Transactions With Other Operating Segments	50,127,000	52,255,000
Net Sales	243,013,000	244,605,000
Segment profit	38,780,000	37,866,000
Goodwill	97,612,000	92,193,000
Chinese Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	182,706,000	156,074,000
Revenue Transactions With Other Operating Segments	80,438,000	69,078,000
Net Sales	263,144,000	225,152,000
Segment profit	84,968,000	72,024,000
Goodwill	709,000	683,000
Other Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	153,108,000	144,726,000
Revenue Transactions With Other Operating Segments	963,000	1,095,000
Net Sales	154,071,000	145,821,000
Segment profit	20,452,000	20,172,000
Goodwill	14,577,000	15,163,000
Intersegment Elimination [Member]
Operations of the Company's operating segments
Net Sales to External Customers	0	0
Revenue Transactions With Other Operating Segments	(364,936,000)	(343,677,000)
Net Sales	(364,936,000)	(343,677,000)
Segment profit	(49,463,000)	(47,940,000)
Goodwill	$ 0	$ 0

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of earnings before taxes to segment profit
Amortization	$ 16,604	$ 13,884
Interest Expense	11,338	9,471
Restructuring Charges	4,011	1,193
Other charges (income), net	(3,709)	710
Segment Profit Information	241,245	210,672
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 213,001	$ 185,414

Segment Reporting (Details Text

Segment Reporting (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 4,011	$ 1,193