Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
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, $0.01 par value |
Trading Symbol | MTD |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 21,357,370 |
Entity Central Index Key | 0001037646 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Interim Consolidated Statements
Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 925,949 | $ 928,738 |
Gross profit | 548,133 | 546,566 |
Research and development | 46,415 | 45,477 |
Selling, general and administrative | 234,390 | 234,638 |
Amortization | 18,228 | 17,779 |
Interest Expense | 19,232 | 18,184 |
Restructuring Charges | 9,664 | 4,274 |
Other charges (income), net | (343) | (396) |
Earnings before taxes | 220,547 | 226,610 |
Provision for taxes | 43,038 | 38,184 |
Net Income (Loss) Attributable to Parent | $ 177,509 | $ 188,426 |
Basic earnings per common share: | ||
Net earnings | $ 8.28 | $ 8.53 |
Weighted average number of common shares | 21,437,673 | 22,083,456 |
Diluted earnings per common share: | ||
Net earnings | $ 8.24 | $ 8.47 |
Weighted average number of common and common equivalent shares | 21,543,313 | 22,253,435 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 199,250 | $ 187,143 |
Product [Member] | ||
Cost of Goods and Services Sold | 271,927 | 285,751 |
Revenues | 700,968 | 716,001 |
Service [Member] | ||
Cost of Goods and Services Sold | 105,889 | 96,421 |
Revenues | $ 224,981 | $ 212,737 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 70,191 | $ 69,807 |
Trade accounts receivable, less allowances of $16,571 at March 31, 2019 and $15,469 at December 31, 2018 | 650,333 | 663,893 |
Inventories | 373,670 | 385,865 |
Other current assets and prepaid expenses | 116,920 | 110,638 |
Total current assets | 1,211,114 | 1,230,203 |
Property, plant and equipment, net | 773,495 | 803,374 |
Goodwill | 665,816 | 670,108 |
Other intangible assets, net | 274,375 | 285,429 |
Deferred Income Tax Assets, Net | 31,478 | 31,199 |
Other non-current assets | 326,839 | 335,242 |
Total assets | 3,283,117 | 3,355,555 |
Current liabilities: | ||
Trade accounts payable | 189,449 | 210,411 |
Accrued and other liabilities | 190,023 | 196,138 |
Accrued compensation and related items | 129,526 | 160,308 |
Deferred revenue and customer prepayments | 216,659 | 202,022 |
Taxes payable | 223,102 | 219,984 |
Short-term borrowings and current maturities of long-term debt | 183,173 | 192,219 |
Total current liabilities | 1,131,932 | 1,181,082 |
Long-term debt | 1,903,574 | 1,888,620 |
Non-current deferred tax liabilities | 100,115 | 108,679 |
Other non-current liabilities | 306,213 | 327,112 |
Total liabilities | 3,441,834 | 3,505,493 |
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 | 876,417 | 871,110 |
Treasury stock at cost (19,982,725 shares at March 31, 2019 and 19,864,048 shares at December 31, 2018) | (8,425,613) | (8,212,437) |
Retained earnings | 7,688,105 | 7,510,756 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (298,074) | (319,815) |
Total shareholders' equity | (158,717) | (149,938) |
Total liabilities and shareholders' equity | 3,283,117 | 3,355,555 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 70,191 | 69,807 |
Treasury Stock, Common | ||
Shareholders' equity: | ||
Total shareholders' equity | $ (8,212,437) |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 19,069 | $ 20,103 |
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 | 21,357,370 | 21,526,172 |
Treasury Stock, Common, Shares | 23,428,641 | 23,259,839 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Shareholders' Equity and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock, Common |
Beginning balance at Dec. 31, 2022 | $ 24,793 | $ 448 | $ 850,368 | $ 6,726,866 | $ (227,233) | $ (7,325,656) |
Beginning balance, shares at Dec. 31, 2022 | 22,139,009 | |||||
Exercise of stock options and restricted stock units, shares | 47,849 | 47,849 | ||||
Share based compensation, exercise value | $ 11,473 | 1,278 | 2,525 | 0 | 12,720 | |
Repurchases of common stock | $ (249,999) | (249,999) | ||||
Repurchases of common stock, shares | (166,628) | (166,628) | ||||
Adjustment to Additional Paid in Capital, Share-Based Compensation | $ 4,027 | 4,027 | ||||
Net Income (Loss) Attributable to Parent | 188,426 | 188,426 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,283) | (1,283) | ||||
Ending balance at Mar. 31, 2023 | (24,469) | $ 448 | 855,673 | 6,912,767 | (228,516) | (7,564,841) |
Ending balance, shares at Mar. 31, 2023 | 22,020,230 | |||||
Sales and Excise Tax Payable | (1,906) | |||||
Beginning balance at Dec. 31, 2023 | $ (149,938) | $ 448 | 871,110 | 7,510,756 | (319,815) | (8,212,437) |
Beginning balance, shares at Dec. 31, 2023 | 21,526,172 | 21,526,172 | ||||
Exercise of stock options and restricted stock units, shares | 4,898 | 4,898 | ||||
Share based compensation, exercise value | $ 1,831 | 585 | 160 | 0 | 1,406 | |
Repurchases of common stock | $ (212,499) | $ (212,499) | ||||
Repurchases of common stock, shares | (173,700) | (173,700) | ||||
Adjustment to Additional Paid in Capital, Share-Based Compensation | $ 4,722 | $ 4,722 | ||||
Net Income (Loss) Attributable to Parent | 177,509 | $ 177,509 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 21,741 | $ 21,741 | ||||
Ending balance at Mar. 31, 2024 | $ (158,717) | |||||
Ending balance, shares at Mar. 31, 2024 | 21,357,370 | 21,357,370 | ||||
Sales and Excise Tax Payable | $ (2,083) |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net Income (Loss) Attributable to Parent | $ 177,509 | $ 188,426 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 12,522 | 12,023 |
Amortization | 18,228 | 17,779 |
Deferred tax benefit | (2,063) | 602 |
Share-based compensation | 4,722 | 4,027 |
Increase (decrease) in cash resulting from changes in: | ||
Trade accounts receivable, net | (1,708) | 72,109 |
Inventories | (3,954) | 15,559 |
Other current assets | (7,469) | (3,720) |
Trade accounts payable | (15,944) | (71,941) |
Taxes payable | 16,632 | (3,752) |
Other Operating Activities, Cash Flow Statement | (8,488) | (77,850) |
Net cash provided by operating activities | 189,987 | 153,262 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (17,391) | (23,196) |
Payments to Acquire Businesses, Net of Cash Acquired | (1,000) | (613) |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 9,456 | 1,423 |
Net cash used in investing activities | (8,935) | (22,386) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 449,863 | 605,018 |
Repayments of borrowings | (418,280) | (503,516) |
Proceeds from stock option exercises | 1,831 | 11,473 |
Repurchases of common stock | (212,499) | (249,999) |
Proceeds from (Payments for) Other Financing Activities | 0 | (611) |
Net cash used in financing activities | (179,085) | (137,635) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (1,583) | (122) |
Net (decrease) increase in cash and cash equivalents | 384 | (6,881) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 70,191 | 89,085 |
Cash and cash equivalents: | $ 384 | $ (6,881) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 Net earnings $ 177,509 $ 188,426 Other comprehensive income (loss), net of tax 21,741 $ (1,283) Comprehensive income, net of tax $ 199,250 $ 187,143 The following table presents changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023: Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2023 $ (117,230) $ 120 $ (202,705) $ (319,815) Other comprehensive income (loss), net of tax: Unrealized gains from cash flow hedging arrangements — 16,074 — 16,074 Foreign currency translation adjustment 8,519 — 11,841 20,360 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (17,169) 2,476 (14,693) Net change in other comprehensive income (loss), net of tax 8,519 (1,095) 14,317 21,741 Balance at March 31, 2024 $ (108,711) $ (975) $ (188,388) $ (298,074) Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2022 $ (82,864) $ 4,256 $ (148,625) $ (227,233) Other comprehensive income (loss), net of tax: Unrealized gains from cash flow hedging arrangements — 19 — 19 Foreign currency translation adjustment (893) — (728) (1,621) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (1,259) 1,578 319 Net change in other comprehensive income (loss), net of tax (893) (1,240) 850 (1,283) Balance at March 31, 2023 $ (83,757) $ 3,016 $ (147,775) $ (228,516) The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three months ended March 31: 2024 2023 Location of Amounts Recognized in Earnings Effective portion of (gains) losses on cash flow hedging arrangements: Cross currency swap (21,196) (1,554) (a) Provision for taxes (4,027) (295) Provision for taxes Total, net of taxes $ (17,169) $ (1,259) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial (gains) losses, plan amendments and prior service cost, before taxes $ 3,108 $ 2,002 (b) Provision for taxes 632 424 Provision for taxes Total, net of taxes $ 2,476 $ 1,578 (a) The cross currency swap reflects an unrealized gain of $18.2 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, 2024. The cross currency swap also reflects a realized gain of $3.0 million recorded in interest expense for the three months ended March 31, 2024. (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, 2024 and 2023. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 and 2023: Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2023 $ (117,230) $ 120 $ (202,705) $ (319,815) Other comprehensive income (loss), net of tax: Unrealized gains from cash flow hedging arrangements — 16,074 — 16,074 Foreign currency translation adjustment 8,519 — 11,841 20,360 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (17,169) 2,476 (14,693) Net change in other comprehensive income (loss), net of tax 8,519 (1,095) 14,317 21,741 Balance at March 31, 2024 $ (108,711) $ (975) $ (188,388) $ (298,074) Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2022 $ (82,864) $ 4,256 $ (148,625) $ (227,233) Other comprehensive income (loss), net of tax: Unrealized gains from cash flow hedging arrangements — 19 — 19 Foreign currency translation adjustment (893) — (728) (1,621) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (1,259) 1,578 319 Net change in other comprehensive income (loss), net of tax (893) (1,240) 850 (1,283) Balance at March 31, 2023 $ (83,757) $ 3,016 $ (147,775) $ (228,516) |
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: 2024 2023 Location of Amounts Recognized in Earnings Effective portion of (gains) losses on cash flow hedging arrangements: Cross currency swap (21,196) (1,554) (a) Provision for taxes (4,027) (295) Provision for taxes Total, net of taxes $ (17,169) $ (1,259) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial (gains) losses, plan amendments and prior service cost, before taxes $ 3,108 $ 2,002 (b) Provision for taxes 632 424 Provision for taxes Total, net of taxes $ 2,476 $ 1,578 |
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, 2023 Net earnings $ 177,509 $ 188,426 Other comprehensive income (loss), net of tax 21,741 $ (1,283) Comprehensive income, net of tax $ 199,250 $ 187,143 The following table presents changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023: Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2023 $ (117,230) $ 120 $ (202,705) $ (319,815) Other comprehensive income (loss), net of tax: Unrealized gains from cash flow hedging arrangements — 16,074 — 16,074 Foreign currency translation adjustment 8,519 — 11,841 20,360 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (17,169) 2,476 (14,693) Net change in other comprehensive income (loss), net of tax 8,519 (1,095) 14,317 21,741 Balance at March 31, 2024 $ (108,711) $ (975) $ (188,388) $ (298,074) Currency Translation Adjustment Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2022 $ (82,864) $ 4,256 $ (148,625) $ (227,233) Other comprehensive income (loss), net of tax: Unrealized gains from cash flow hedging arrangements — 19 — 19 Foreign currency translation adjustment (893) — (728) (1,621) Amounts recognized from accumulated other comprehensive income (loss), net of tax — (1,259) 1,578 319 Net change in other comprehensive income (loss), net of tax (893) (1,240) 850 (1,283) Balance at March 31, 2023 $ (83,757) $ 3,016 $ (147,775) $ (228,516) The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three months ended March 31: 2024 2023 Location of Amounts Recognized in Earnings Effective portion of (gains) losses on cash flow hedging arrangements: Cross currency swap (21,196) (1,554) (a) Provision for taxes (4,027) (295) Provision for taxes Total, net of taxes $ (17,169) $ (1,259) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial (gains) losses, plan amendments and prior service cost, before taxes $ 3,108 $ 2,002 (b) Provision for taxes 632 424 Provision for taxes Total, net of taxes $ 2,476 $ 1,578 (a) The cross currency swap reflects an unrealized gain of $18.2 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, 2024. The cross currency swap also reflects a realized gain of $3.0 million recorded in interest expense for the three months ended March 31, 2024. (b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 12 for additional details for the three months ended March 31, 2024 and 2023. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (108,711) | $ (117,230) | $ (83,757) | $ (82,864) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 8,519 | (893) | ||
Amounts recognized from accumulated other comprehensive income (loss), Defined Benefit Plan, net of tax | 2,476 | 1,578 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (1,095) | (1,240) | ||
Amount recognized from accumulated other comprehensive income, defined benefit plan, net of foreign currency adjustment, net of tax | 14,317 | 850 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 2,476 | 1,578 | ||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | (975) | 120 | 3,016 | 4,256 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (188,388) | (202,705) | (147,775) | (148,625) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (298,074) | (319,815) | $ (228,516) | $ (227,233) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 16,074 | 19 | ||
Foreign currency translation adjustment including defined benefit plan foreign currency adjustment, net of tax | 20,360 | (1,621) | ||
Foreign currency translation adjustment, Defined Benefit Plan, net of tax | 11,841 | (728) | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (14,693) | 319 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (17,169) | (1,259) | ||
Other Comprehensive Income (Loss), Net of Tax | $ 21,741 | $ (1,283) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income Details 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income [Abstract] | ||
Cross Currency Swap interest portion recognized in income | $ 3,000 | |
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (21,196) | $ (1,554) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (4,027) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (295) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (17,169) | (1,259) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | 3,108 | 2,002 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 632 | 424 |
Income Tax Expense (Benefit) | 43,038 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 2,476 | $ 1,578 |
Cross Currency Swap Revaluation Portion Recognized in Earnings | $ 18,200 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income Details 2 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Income (Loss) Attributable to Parent | $ 177,509 | $ 188,426 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 21,741 | (1,283) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 199,250 | $ 187,143 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, the United States and Mexico. 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, 2023. 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, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024. 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, 2024 and through the date of this report. Actual results may differ from those estimates due to uncertainty around the ongoing developments related to Ukraine and the Israel-Hamas war, as well as other factors. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 th e 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 in the future. Inventories consisted of the following: March 31, December 31, Raw materials and parts $ 169,556 $ 180,352 Work-in-progress 75,135 81,181 Finished goods 128,979 124,332 $ 373,670 $ 385,865 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 an nually 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 values of the assets are less than their carrying amounts. 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, 2024 December 31, 2023 Gross Accumulated Intangibles, Net Gross Accumulated Intangibles, Net Customer relationships $ 286,364 $ (106,405) $ 179,959 $ 294,180 $ (107,665) $ 186,515 Proven technology and patents 125,662 (74,198) 51,464 129,227 (75,014) 54,213 Trade name (finite life) 7,718 (4,614) 3,104 7,908 (4,535) 3,373 Trade name (indefinite life) 35,110 — 35,110 36,320 — 36,320 Other 12,997 (8,259) 4,738 13,236 (8,228) 5,008 $ 467,851 $ (193,476) $ 274,375 $ 480,871 $ (195,442) $ 285,429 The Company recognized amortization expense associated with the above intangible assets of $6.8 million and $6.9 million for the three months ended March 31, 2024 and 2023, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $27.2 million for 2024, $26.2 million for 2025, $22.2 million for 2026, $20.7 million for 2027, $19.4 million for 2028 and $17.7 million for 2029. Purchased intangible amortization was $6.6 million, $5.1 million after tax for both three month periods ended March 31, 2024 and 2023. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $11.3 million and $10.8 million for the three months ended March 31, 2024 and 2023, respectively. Revenue Recogniti on 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 ob servable 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 limited number of software applications. The Company primarily sells software products with 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 p roducts. 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. 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 recognized $4.7 million and $4.0 million of share-based compensation expense for the three months ended March 31, 2024 and 2023, 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 generally 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 sign ificant 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, January 2021 and December 2022, the FASB issued ASU 2020-04, ASU 2021-01 and ASU 2022-06: 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, 2024. The Company amended its credit agreement and cross currency swap agreements in June 2023 to change the interest rate benchmark from LIBOR to SOFR and other non-U.S. dollar references, which did not change the amount or timing of cash flows. As a result, the discontinuation of LIBOR did not have a material impact on the Company's financial statements. In November 2023, the FASB issued ASU 2023-07: Improvements to Reportable Segment Disclosures which requires incremental disclosures about a public entity's reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The Company will adopt the annual disclosure requirements in 2024 and is currently evaluating the impact of these requirements on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09: Improvements to Income Tax Disclosures, which enhances income tax disclosures, especially related to the rate reconciliation and income taxes paid information. The Company will adopt the annual disclosure requirements in 2025 and is currently evaluating the impact of these requirements on the consolidated financial statements. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 250,737 $ 43,621 $ 151,535 $ 129,011 $ 126,064 $ 700,968 Service Revenue: Point in time 73,133 7,765 42,821 9,901 31,210 164,830 Over time 22,253 2,865 20,409 4,286 10,338 60,151 Total $ 346,123 $ 54,251 $ 214,765 $ 143,198 $ 167,612 $ 925,949 Three months ended March 31, 2023 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 246,529 $ 36,461 $ 140,707 $ 170,430 $ 121,874 $ 716,001 Service Revenue: Point in time 70,626 7,461 41,165 11,347 30,045 160,644 Over time 20,247 2,447 17,552 3,990 7,857 52,093 Total $ 337,402 $ 46,369 $ 199,424 $ 185,767 $ 159,776 $ 928,738 A breakdown of net sales to external customers by geographic customer destination for the three months ended March 31 follows: 2024 2023 Americas $ 384,342 $ 372,073 Europe 273,861 253,974 Asia / Rest of World 267,746 302,691 Total $ 925,949 $ 928,738 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 revenue mix except the Company's Swiss Operations is largely comprised of la boratory 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 fo llows: 2024 2023 Laboratory $ 525,056 $ 520,031 Industrial 351,845 355,181 Retail 49,048 53,526 Total $ 925,949 $ 928,738 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, 2024 and December 31, 2023 was $40.1 million and $35.7 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 performa nce 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, 2024 and 2023 are as follows: 2024 2023 Beginning balances as of January 1 $ 202,022 $ 192,759 Customer pre-payments/deferred revenue 188,295 190,262 Revenue recognized (169,663) (172,890) Foreign currency translation (3,995) 1,171 Ending balance as of March 31 $ 216,659 $ 211,302 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 value of unsatisfied performance obligations other than customer prepayments and deferred revenue associated with contracts greater than one year is immaterial. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative [Line Items] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. 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 subsidiaries. Cash Flow Hedges The Company has entered into a number of cross currency swaps designated as cash flow hedges. The agreements convert borrowings under the Company’s credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread, to a fixed Swiss franc income or expense as follows: Agreement Date Amount Effective Swiss Franc Maturity Date June 2019 $50 million (0.82)% June 2023 November 2021 $50 million (0.67)% November 2023 June 2021 $50 million (0.73)% June 2024 June 2021 $50 million (0.59)% June 2025 December 2023 $50 million 1.04% November 2026 November 2023 $50 million 1.16% November 2026 June 2023 $50 million 1.55% June 2027 The Company amended all active cross currency swap agreements to replace all references of LIBOR to SOFR as the interest rate benchmark to align with the amendment to the Company's Credit Facility Agreement, as discussed in Note 10 to the consolidated financial statements for the year ended December 31, 2023. As part of these amendments, the corresponding fixed Swiss franc interest rates were amended as well to reflect the change in the benchmark. The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at March 31, 2024 and December 31, 2023, respectively. A derivative gain of $7.2 million based upon interest rates at March 31, 2024, 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, 2024. 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, 2024 and December 31, 2023, as disclosed in Note 5. The Company recognized in other charges (income) a net gain of $8.8 million and net gain of $3.5 million during the three months ended March 31, 2024 and 2023, respectively, which offset the related transaction gains (losses) associated with these contracts. At March 31, 2024 and December 31, 2023, these contracts had a notional value of $774.3 million and $793.9 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS At March 31, 2024 and December 31, 2023, the Company had derivative assets totaling $13.2 million and $8.3 million, respectively, and derivative liabilities totaling $8.1 million and $25.2 million, respectivel y. 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, 2024 and December 31, 2023. 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, 2024 and December 31, 2023. The Company does not have any assets or liabil ities which are categorized as Level 1. March 31, 2024 December 31, 2023 Balance Sheet Location Foreign currency forward contracts not designated as hedging instruments $ 10,306 $ 8,330 Other current assets and prepaid expenses Cash Flow Hedges: Cross currency swap agreements 577 — Other current assets and prepaid expenses Cross currency swap agreements 2,275 — Other non-current assets Total derivative assets $ 13,158 $ 8,330 Foreign currency forward contracts not designated as hedging instruments $ 5,652 $ 8,245 Accrued and other liabilities Cash Flow Hedges: Cross currency swap agreements — 2,678 Accrued and other liabilities Cross currency swap agreements 2,429 14,270 Other non-current liabilities Total derivative liabilities $ 8,081 $ 25,193 The Company had $5.2 million and $4.0 million of cash equivalents at March 31, 2024 and December 31, 2023, respectively, the fair value of which is determined using Level 2 inputs, through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe Company's reported tax rate was 19.5% and 16.9% during the three months ended March 31, 2024 and 2023, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.0% and 18.5% before non-recurring discrete tax items during 2024 and 2023, respectively. The difference between the Company's projected annual effective tax rate and the reported tax rate is related to the timing of excess tax benefits associated with stock option exercises. |
Share Repurchase Program and Tr
Share Repurchase Program and Treasury Stock - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Share Repurchase Program and Treasury Stock [Abstract] | ||
Treasury Stock [Text Block] | $ (8,425,613) | $ (8,212,437) |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE In accordance with the treasury stock method, the Company has included 105,640 and 169,979 common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three months ended March 31, 2024 and 2023, respectively, relating to outstanding stock options and restricted stock units. Outstanding options and restricted stock units to purchase or receive 72,089 and 35,063 shares of common stock for the three months ended March 31, 2024 and 2023, 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, 2024 | |
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 2024 2023 2024 2023 2024 2023 2024 2023 Service cost, net $ 397 $ 289 $ 4,020 $ 3,396 $ — $ — $ 4,417 $ 3,685 Interest cost on projected benefit obligations 1,192 1,256 4,479 4,876 7 7 5,678 6,139 Expected return on plan assets (1,368) (1,383) (9,345) (8,567) — — (10,713) (9,950) Recognition of prior service cost — — (1,161) (1,050) (19) (19) (1,180) (1,069) Recognition of actuarial losses/(gains) 521 548 3,761 2,537 8 — 4,290 3,085 Net periodic pension cost/(credit) $ 742 $ 710 $ 1,754 $ 1,192 $ (4) $ (12) $ 2,492 $ 1,890 As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company expects to make employer contributions of approximately $27.3 million to its non-U.S. pension plan during the year ended December 31, 2024. 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, 2024 | |
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, 2024 and 2023 were $2.0 million and $1.8 million, respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023, 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, 2024 Customers Segments Sales Profit Goodwill U.S. Operations $ 346,123 $ 37,418 $ 383,541 $ 93,636 $ 526,385 Swiss Operations 54,251 223,371 277,622 59,086 25,601 Western European Operations 214,765 47,738 262,503 50,311 99,985 Chinese Operations 143,198 80,641 223,839 75,823 605 Other (a) 167,612 3,331 170,943 25,182 13,240 Eliminations and Corporate (b) — (392,499) (392,499) (36,710) — Total $ 925,949 $ — $ 925,949 $ 267,328 $ 665,816 Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2023 Customers Segments Sales Profit Goodwill U.S. Operations $ 337,402 $ 33,248 $ 370,650 $ 81,796 $ 524,470 Swiss Operations 46,369 202,134 248,503 76,422 25,195 Western European Operations 199,424 44,876 244,300 44,523 97,558 Chinese Operations 185,767 60,452 246,219 81,241 643 Other (a) 159,776 957 160,733 24,243 13,876 Eliminations and Corporate (b) — (341,667) (341,667) (41,774) — Total $ 928,738 $ — $ 928,738 $ 266,451 $ 661,742 (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, 2024 March 31, 2023 Earnings before taxes $ 220,547 $ 226,610 Amortization 18,228 17,779 Interest expense 19,232 18,184 Restructuring charges 9,664 4,274 Other charges (income), net (343) (396) Segment profit $ 267,328 $ 266,451 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Trade Accounts Receivable | Trade Accounts Receivable |
Inventories | Inventories Inventories are valued at th e 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 in the future. Inventories consisted of the following: March 31, December 31, Raw materials and parts $ 169,556 $ 180,352 Work-in-progress 75,135 81,181 Finished goods 128,979 124,332 $ 373,670 $ 385,865 |
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 an nually 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 values of the assets are less than their carrying amounts. 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, 2024 December 31, 2023 Gross Accumulated Intangibles, Net Gross Accumulated Intangibles, Net Customer relationships $ 286,364 $ (106,405) $ 179,959 $ 294,180 $ (107,665) $ 186,515 Proven technology and patents 125,662 (74,198) 51,464 129,227 (75,014) 54,213 Trade name (finite life) 7,718 (4,614) 3,104 7,908 (4,535) 3,373 Trade name (indefinite life) 35,110 — 35,110 36,320 — 36,320 Other 12,997 (8,259) 4,738 13,236 (8,228) 5,008 $ 467,851 $ (193,476) $ 274,375 $ 480,871 $ (195,442) $ 285,429 The Company recognized amortization expense associated with the above intangible assets of $6.8 million and $6.9 million for the three months ended March 31, 2024 and 2023, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $27.2 million for 2024, $26.2 million for 2025, $22.2 million for 2026, $20.7 million for 2027, $19.4 million for 2028 and $17.7 million for 2029. Purchased intangible amortization was $6.6 million, $5.1 million after tax for both three month periods ended March 31, 2024 and 2023. In |
Revenue Recognition | Revenue Recogniti on 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 ob servable 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 limited number of software applications. The Company primarily sells software products with 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 p roducts. 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. |
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 recognized $4.7 million and $4.0 million of share-based compensation expense for the three months ended March 31, 2024 and 2023, 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 generally 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 sign ificant 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, January 2021 and December 2022, the FASB issued ASU 2020-04, ASU 2021-01 and ASU 2022-06: 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, 2024. The Company amended its credit agreement and cross currency swap agreements in June 2023 to change the interest rate benchmark from LIBOR to SOFR and other non-U.S. dollar references, which did not change the amount or timing of cash flows. As a result, the discontinuation of LIBOR did not have a material impact on the Company's financial statements. In November 2023, the FASB issued ASU 2023-07: Improvements to Reportable Segment Disclosures which requires incremental disclosures about a public entity's reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The Company will adopt the annual disclosure requirements in 2024 and is currently evaluating the impact of these requirements on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09: Improvements to Income Tax Disclosures, which enhances income tax disclosures, especially related to the rate reconciliation and income taxes paid information. The Company will adopt the annual disclosure requirements in 2025 and is currently evaluating the impact of these requirements on the consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Components of inventories | Inventories consisted of the following: March 31, December 31, Raw materials and parts $ 169,556 $ 180,352 Work-in-progress 75,135 81,181 Finished goods 128,979 124,332 $ 373,670 $ 385,865 |
Components of other intangible assets | Other intangible assets consisted of the following : March 31, 2024 December 31, 2023 Gross Accumulated Intangibles, Net Gross Accumulated Intangibles, Net Customer relationships $ 286,364 $ (106,405) $ 179,959 $ 294,180 $ (107,665) $ 186,515 Proven technology and patents 125,662 (74,198) 51,464 129,227 (75,014) 54,213 Trade name (finite life) 7,718 (4,614) 3,104 7,908 (4,535) 3,373 Trade name (indefinite life) 35,110 — 35,110 36,320 — 36,320 Other 12,997 (8,259) 4,738 13,236 (8,228) 5,008 $ 467,851 $ (193,476) $ 274,375 $ 480,871 $ (195,442) $ 285,429 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2024 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 250,737 $ 43,621 $ 151,535 $ 129,011 $ 126,064 $ 700,968 Service Revenue: Point in time 73,133 7,765 42,821 9,901 31,210 164,830 Over time 22,253 2,865 20,409 4,286 10,338 60,151 Total $ 346,123 $ 54,251 $ 214,765 $ 143,198 $ 167,612 $ 925,949 Three months ended March 31, 2023 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 246,529 $ 36,461 $ 140,707 $ 170,430 $ 121,874 $ 716,001 Service Revenue: Point in time 70,626 7,461 41,165 11,347 30,045 160,644 Over time 20,247 2,447 17,552 3,990 7,857 52,093 Total $ 337,402 $ 46,369 $ 199,424 $ 185,767 $ 159,776 $ 928,738 A breakdown of net sales to external customers by geographic customer destination for the three months ended March 31 follows: 2024 2023 Americas $ 384,342 $ 372,073 Europe 273,861 253,974 Asia / Rest of World 267,746 302,691 Total $ 925,949 $ 928,738 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 revenue mix except the Company's Swiss Operations is largely comprised of la boratory 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 fo llows: 2024 2023 Laboratory $ 525,056 $ 520,031 Industrial 351,845 355,181 Retail 49,048 53,526 Total $ 925,949 $ 928,738 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | March 31, 2024 December 31, 2023 Balance Sheet Location Foreign currency forward contracts not designated as hedging instruments $ 10,306 $ 8,330 Other current assets and prepaid expenses Cash Flow Hedges: Cross currency swap agreements 577 — Other current assets and prepaid expenses Cross currency swap agreements 2,275 — Other non-current assets Total derivative assets $ 13,158 $ 8,330 Foreign currency forward contracts not designated as hedging instruments $ 5,652 $ 8,245 Accrued and other liabilities Cash Flow Hedges: Cross currency swap agreements — 2,678 Accrued and other liabilities Cross currency swap agreements 2,429 14,270 Other non-current liabilities Total derivative liabilities $ 8,081 $ 25,193 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt consisted of the following at March 31, 2024: U.S. Dollar Other Principal Total 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 5.45% $150 million ten-year Senior Notes due March 1, 2033 150,000 — 150,000 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 Notes due March 17, 2037 150,000 — 150,000 2.91% $150 million fifteen-year Senior Notes due September 1, 2037 150,000 — 150,000 1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030 — 135,303 135,303 1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034 — 146,127 146,127 1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036 — 135,303 135,303 Senior notes debt issuance costs, net (2,573) (1,323) (3,896) Total Senior Notes 947,427 415,410 1,362,837 $1.25 billion Credit Agreement, interest at SOFR plus 87.5 basis points 446,920 214,704 661,624 Other local arrangements 8,534 53,752 62,286 Total debt 1,402,881 683,866 2,086,747 Less: current portion (129,694) (53,479) (183,173) Total long-term debt $ 1,273,187 $ 630,387 $ 1,903,574 |
Net Periodic Benefit Cost (Tabl
Net Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 2024 2023 2024 2023 2024 2023 Service cost, net $ 397 $ 289 $ 4,020 $ 3,396 $ — $ — $ 4,417 $ 3,685 Interest cost on projected benefit obligations 1,192 1,256 4,479 4,876 7 7 5,678 6,139 Expected return on plan assets (1,368) (1,383) (9,345) (8,567) — — (10,713) (9,950) Recognition of prior service cost — — (1,161) (1,050) (19) (19) (1,180) (1,069) Recognition of actuarial losses/(gains) 521 548 3,761 2,537 8 — 4,290 3,085 Net periodic pension cost/(credit) $ 742 $ 710 $ 1,754 $ 1,192 $ (4) $ (12) $ 2,492 $ 1,890 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Customers Segments Sales Profit Goodwill U.S. Operations $ 346,123 $ 37,418 $ 383,541 $ 93,636 $ 526,385 Swiss Operations 54,251 223,371 277,622 59,086 25,601 Western European Operations 214,765 47,738 262,503 50,311 99,985 Chinese Operations 143,198 80,641 223,839 75,823 605 Other (a) 167,612 3,331 170,943 25,182 13,240 Eliminations and Corporate (b) — (392,499) (392,499) (36,710) — Total $ 925,949 $ — $ 925,949 $ 267,328 $ 665,816 Net Sales to Net Sales to For the three months ended External Other Total Net Segment March 31, 2023 Customers Segments Sales Profit Goodwill U.S. Operations $ 337,402 $ 33,248 $ 370,650 $ 81,796 $ 524,470 Swiss Operations 46,369 202,134 248,503 76,422 25,195 Western European Operations 199,424 44,876 244,300 44,523 97,558 Chinese Operations 185,767 60,452 246,219 81,241 643 Other (a) 159,776 957 160,733 24,243 13,876 Eliminations and Corporate (b) — (341,667) (341,667) (41,774) — Total $ 928,738 $ — $ 928,738 $ 266,451 $ 661,742 (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, 2024 March 31, 2023 Earnings before taxes $ 220,547 $ 226,610 Amortization 18,228 17,779 Interest expense 19,232 18,184 Restructuring charges 9,664 4,274 Other charges (income), net (343) (396) Segment profit $ 267,328 $ 266,451 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Components of inventory | ||
Raw materials and parts | $ 169,556 | $ 180,352 |
Work-in-progress | 75,135 | 81,181 |
Finished goods | 128,979 | 124,332 |
Total Inventory, Net | $ 373,670 | $ 385,865 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Intangible Assets [Line Items] | ||
Finite and Indefinite-Lived Intangible Assets, Gross, Total | $ 467,851 | $ 480,871 |
Total Accumulated Amortization | (193,476) | (195,442) |
Intangible Assets, Net (Excluding Goodwill) | 274,375 | 285,429 |
Tradename (indefinite life) [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount, Tradename (indefinite life) | 35,110 | 36,320 |
Intangible Assets, Net (Excluding Goodwill) | 35,110 | 36,320 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount | 286,364 | 294,180 |
Accumulated Amortization | (106,405) | (107,665) |
Intangible Assets, Net (Excluding Goodwill) | 179,959 | 186,515 |
Proven technology and patents [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount | 125,662 | 129,227 |
Accumulated Amortization | (74,198) | (75,014) |
Intangible Assets, Net (Excluding Goodwill) | 51,464 | 54,213 |
Tradename (indefinite life) [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount | 7,718 | 7,908 |
Accumulated Amortization | (4,614) | (4,535) |
Intangible Assets, Net (Excluding Goodwill) | 3,104 | 3,373 |
Other Intangible Assets [Member] | ||
Intangible Assets [Line Items] | ||
Gross amount | 12,997 | 13,236 |
Accumulated Amortization | (8,259) | (8,228) |
Intangible Assets, Net (Excluding Goodwill) | $ 4,738 | $ 5,008 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Summary of Significant Accounting Policies (Textuals) [Abstract] | ||
Amortization expense | $ 6.8 | $ 6.9 |
Future Amortization Expense Current Year | 27.2 | |
Aggregate amortization expense for 2020 | 26.2 | |
Aggregate amortization expense for 2021 | 22.2 | |
Aggregate amortization expense for 2022 | 20.7 | |
Aggregate amortization expense for 2023 | 19.4 | |
Aggregate amortization expense for 2024 | 17.7 | |
Purchased Intangible Amortization, Gross | 6.6 | |
Purchased intangible amortization, net of tax | 5.1 | |
Amortization expense associated with capitalized software | 11.3 | 10.8 |
Share - based compensation expense | $ 4.7 | $ 4 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 925,949 | $ 928,738 |
Americas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 384,342 | 372,073 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 273,861 | 253,974 |
Total Asia Rest of World [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 267,746 | 302,691 |
Laboratory Related Products and Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Disaggregated Revenue in Relationship to Segments | 57% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 525,056 | 520,031 |
Product Revenue [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 700,968 | 716,001 |
Industrial Related Products and Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Disaggregated Revenue in Relationship to Segments | 38% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 351,845 | 355,181 |
Retail Related Products and Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Disaggregated Revenue in Relationship to Segments | 5% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 49,048 | 53,526 |
Service Revenue [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 164,830 | 160,644 |
Service Revenue [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 60,151 | 52,093 |
Us Operations segment Member | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 346,123 | 337,402 |
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 | 250,737 | 246,529 |
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 | 73,133 | 70,626 |
Us Operations segment Member | Service Revenue [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,253 | 20,247 |
Swiss Operations segment Member | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 54,251 | 46,369 |
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 | 43,621 | 36,461 |
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 | 7,765 | 7,461 |
Swiss Operations segment Member | Service Revenue [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,865 | 2,447 |
Western European Operations Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 214,765 | 199,424 |
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 | 151,535 | 140,707 |
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 | 42,821 | 41,165 |
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 | 20,409 | 17,552 |
Chinese Operations Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 143,198 | 185,767 |
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 | 129,011 | 170,430 |
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 | 9,901 | 11,347 |
Chinese Operations Segment [Member] | Service Revenue [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,286 | 3,990 |
Other Operations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 167,612 | 159,776 |
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 | 126,064 | 121,874 |
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 | 31,210 | 30,045 |
Other Operations [Member] | Service Revenue [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,338 | $ 7,857 |
Revenue Recognition Details 1 (
Revenue Recognition Details 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Unbilled Contracts Receivable | $ 40,100 | $ 35,700 | ||
Deferred Revenue | 216,659 | $ 211,302 | $ 202,022 | $ 192,759 |
Customer pre-payments/deferred revenue | 188,295 | 190,262 | ||
Contract with Customer, Liability, Revenue Recognized | (169,663) | (172,890) | ||
Temporary Equity, Foreign Currency Translation Adjustments | $ (3,995) | $ 1,171 | ||
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false] | true |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 8,800 | $ 3,500 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 774,300 | $ 793,900 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 7,200 | ||
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 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative Assets | $ 13,200 | $ 8,300 |
Derivative Liabilities | 8,100 | 25,200 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets and liabilities measured at fair value on a recurring basis | ||
Derivative Assets | 13,158 | 8,330 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value | 10,306 | 8,330 |
Foreign Currency contract, current asset, fair value | 577 | 0 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 2,275 | 0 |
Derivative Liabilities | 8,081 | 25,193 |
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value | 5,652 | 8,245 |
Foreign Currency contract, current liability, fair value | 0 | 2,678 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 2,429 | $ 14,270 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details Textuals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Assets | $ 13,200 | $ 8,300 |
Derivative Liabilities | 8,100 | 25,200 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash Equivalents | 5,200 | 4,000 |
Change in Carrying Value Verse Fair Value of Long Term Debt | 211,500 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Assets | 13,158 | 8,330 |
Derivative Liabilities | $ 8,081 | $ 25,193 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2024 Rate | Mar. 31, 2023 Rate | |
Effective Income Tax Rate, Continuing Operations | 19.50% | 16.90% |
Annual Effective Tax Rate before recurring discrete tax items | 19% | 18.50% |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Apr. 30, 2018 | |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 583.6 | ||
Senior Notes | 1,362,837,000 | ||
Unamortized Debt Issuance Expense | (3,896,000) | ||
Debt, Long-term and Short-term, Combined Amount | 2,086,747,000 | ||
Short-term borrowings and current maturities of long-term debt | (183,173,000) | $ (192,219,000) | |
Long-term Debt, Excluding Current Maturities | 1,903,574,000 | 1,888,620,000 | |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 8,200,000 | $ 5,300,000 | |
Cumulative (gain) loss in other other comprehensive income related to the change in a net investment hedge. | 25,500,000 | ||
3.67 % Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
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] | |||
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 | $ 135,303,000 | ||
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 | $ 661,624,000 | ||
Debt Instrument, Face Amount | $ 1,250,000,000,000 | ||
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 | $ 62,286,000 | ||
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 | $ 146,127,000 | ||
Debt Instrument, Face Amount | $ 135,000,000 | ||
Debt Instrument, Maturity Date | Nov. 06, 2034 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.30% | ||
1.06% EURO Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 135,303,000 | ||
Debt Instrument, Face Amount | $ 125,000,000 | ||
Debt Instrument, Maturity Date | Mar. 19, 2036 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.06% | ||
5.45% Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 150,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | ||
Us Dollar Amounts Member | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 947,427,000 | ||
Unamortized Debt Issuance Expense | (2,573,000) | ||
Debt, Long-term and Short-term, Combined Amount | 1,402,881,000 | ||
Short-term borrowings and current maturities of long-term debt | (129,694,000) | ||
Long-term Debt, Excluding Current Maturities | 1,273,187,000 | ||
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 | 446,920,000 | ||
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 | 8,534,000 | ||
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 | ||
Us Dollar Amounts Member | 5.45% Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior Notes | 150,000,000 | ||
Us Dollar Amounts Member | 2.91% Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior Notes | 150,000,000 | ||
Other Principal Trading Currencies [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 415,410,000 | ||
Unamortized Debt Issuance Expense | (1,323,000) | ||
Debt, Long-term and Short-term, Combined Amount | 683,866,000 | ||
Short-term borrowings and current maturities of long-term debt | (53,479,000) | ||
Long-term Debt, Excluding Current Maturities | 630,387,000 | ||
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 | 135,303,000 | ||
Other Principal Trading Currencies [Member] | $1.1 Billion Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 214,704,000 | ||
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 | 53,752,000 | ||
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 | 146,127,000 | ||
Other Principal Trading Currencies [Member] | 1.06% EURO Senior Notes | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 135,303,000 |
Share Repurchase Program and _2
Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Repurchase Program and Treasury Stock (Textuals) [Abstract] | ||
Shares Purchased Under Share Repurchase Program | 31,900,000 | |
Repurchases of common stock | $ (212,499) | $ (249,999) |
Number of shares repurchased | (173,700) | (166,628) |
Average price of share repurchased, per share | $ 1,223.35 | $ 1,511.78 |
Exercise of stock options and restricted stock units, shares reissued | 4,898 | 47,849 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,300,000 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | ||
Weighted Average Number of Shares Outstanding, Diluted, Total | 105,640 | 169,979 |
Antidilutive Shares Outstanding | ||
Weighted Average Number of Shares Outstanding, Antidilutive, Total | 72,089 | 35,063 |
Net Periodic Benefit Cost (Deta
Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Impact of Adopting ASU 2017-07 ASC 715 Compensation-Retirement Benefits | $ 2,000 | $ 1,800 |
Defined Benefit Plan, Service Cost | 4,417 | 3,685 |
Defined Benefit Plan, Interest Cost | 5,678 | 6,139 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (10,713) | (9,950) |
Defined Benefits Plan Net amortization and deferral | (1,180) | (1,069) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 4,290 | 3,085 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2,492 | 1,890 |
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 | 27,300 | |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Service Cost | 4,020 | 3,396 |
Defined Benefit Plan, Interest Cost | 4,479 | 4,876 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (9,345) | (8,567) |
Defined Benefits Plan Net amortization and deferral | (1,161) | (1,050) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 3,761 | 2,537 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,754 | 1,192 |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Service Cost | 397 | 289 |
Defined Benefit Plan, Interest Cost | 1,192 | 1,256 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1,368) | (1,383) |
Defined Benefits Plan Net amortization and deferral | 0 | 0 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 521 | 548 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 742 | 710 |
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 | 7 | 7 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 |
Defined Benefits Plan Net amortization and deferral | (19) | (19) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 8 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (4) | $ (12) |
Other Charges , Net Other Charg
Other Charges , Net Other Charges, Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Impact of Adopting ASU 2017-07 ASC 715 Compensation-Retirement Benefits | $ 2 | $ 1.8 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operations of the Company's operating segments | |||
Net Sales to External Customers | $ 925,949,000 | $ 928,738,000 | |
Revenue Transactions With Other Operating Segments | 0 | 0 | |
Net Sales | 925,949,000 | 928,738,000 | |
Segment Profit | 267,328,000 | 266,451,000 | |
Goodwill | 665,816,000 | 661,742,000 | $ 670,108,000 |
Us Operations segment Member | |||
Operations of the Company's operating segments | |||
Net Sales to External Customers | 346,123,000 | 337,402,000 | |
Revenue Transactions With Other Operating Segments | 37,418,000 | 33,248,000 | |
Net Sales | 383,541,000 | 370,650,000 | |
Segment profit | 93,636,000 | 81,796,000 | |
Goodwill | 526,385,000 | 524,470,000 | |
Swiss Operations segment Member | |||
Operations of the Company's operating segments | |||
Net Sales to External Customers | 54,251,000 | 46,369,000 | |
Revenue Transactions With Other Operating Segments | 223,371,000 | 202,134,000 | |
Net Sales | 277,622,000 | 248,503,000 | |
Segment profit | 59,086,000 | 76,422,000 | |
Goodwill | 25,601,000 | 25,195,000 | |
Western European Operations [Member] | |||
Operations of the Company's operating segments | |||
Net Sales to External Customers | 214,765,000 | 199,424,000 | |
Revenue Transactions With Other Operating Segments | 47,738,000 | 44,876,000 | |
Net Sales | 262,503,000 | 244,300,000 | |
Segment profit | 50,311,000 | 44,523,000 | |
Goodwill | 99,985,000 | 97,558,000 | |
Chinese Operations [Member] | |||
Operations of the Company's operating segments | |||
Net Sales to External Customers | 143,198,000 | 185,767,000 | |
Revenue Transactions With Other Operating Segments | 80,641,000 | 60,452,000 | |
Net Sales | 223,839,000 | 246,219,000 | |
Segment profit | 75,823,000 | 81,241,000 | |
Goodwill | 605,000 | 643,000 | |
Other Operations [Member] | |||
Operations of the Company's operating segments | |||
Net Sales to External Customers | 167,612,000 | 159,776,000 | |
Revenue Transactions With Other Operating Segments | 3,331,000 | 957,000 | |
Net Sales | 170,943,000 | 160,733,000 | |
Segment profit | 25,182,000 | 24,243,000 | |
Goodwill | 13,240,000 | 13,876,000 | |
Intersegment Elimination [Member] | |||
Operations of the Company's operating segments | |||
Net Sales to External Customers | 0 | 0 | |
Revenue Transactions With Other Operating Segments | (392,499,000) | (341,667,000) | |
Net Sales | (392,499,000) | (341,667,000) | |
Segment profit | (36,710,000) | (41,774,000) | |
Goodwill | $ 0 | $ 0 |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of earnings before taxes to segment profit | ||
Amortization | $ 18,228 | $ 17,779 |
Interest Expense | 19,232 | 18,184 |
Restructuring Charges | 9,664 | 4,274 |
Other charges (income), net | (343) | (396) |
Segment Profit Information | 267,328 | 266,451 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 220,547 | $ 226,610 |
Segment Reporting (Details Text
Segment Reporting (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting (Textuals) [Abstract] | ||
Restructuring Charges | $ 9,664 | $ 4,274 |