Document and Entity Information
Document and Entity Information Document - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | |||
Dec. 31, 2021 | Jan. 27, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Document and Entity Information | ||||
Amendment Flag | false | |||
City Area Code | 44 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Transition Report | false | |||
Document Period End Date | Dec. 31, 2021 | |||
Entity Central Index Key | 0001037646 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity File Number | 001-13595 | |||
Document Fiscal Year Focus | 2021 | |||
Document Fiscal Period Focus | FY | |||
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 | Im Langacher 44 | |||
Entity Address, City or Town | Greifensee | |||
Entity Address, Postal Zip Code | CH 8606 | |||
Entity Address, Country | CH | |||
Local Phone Number | 944-22-11 | |||
Title of 12(b) Security | Common Stock, $0.01 par value | |||
Trading Symbol | MTD | |||
Security Exchange Name | NYSE | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Common Stock, Shares Outstanding | 22,805,615 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Entity Public Float | $ 32 | |||
ICFR Auditor Attestation Flag | true | |||
Other Address | ||||
Document and Entity Information | ||||
City Area Code | 614 | |||
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 | |||
Local Phone Number | 438-4511 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Columbus, Ohio |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 3,717,930 | $ 3,085,177 | $ 3,008,652 |
Gross profit | 2,171,553 | 1,801,031 | 1,741,211 |
Research and development | 169,766 | 140,102 | 143,950 |
Selling, general and administrative | 943,976 | 820,221 | 819,183 |
Amortization | 63,075 | 56,665 | 49,690 |
Interest Expense | 43,242 | 38,616 | 37,411 |
Restructuring Charges | 5,239 | 10,516 | 15,760 |
Other Charges (Income), Net | (3,106) | (13,832) | (6,177) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (949,361) | (748,743) | (681,394) |
Provision for taxes | 180,376 | 146,004 | 120,285 |
Net earnings | $ 768,985 | $ 602,739 | $ 561,109 |
Basic earnings per common share: | |||
Net earnings | $ 33.25 | $ 25.24 | $ 22.84 |
Weighted average number of common shares | 23,129,862 | 23,882,648 | 24,567,609 |
Diluted earnings per common share: | |||
Net earnings | $ 32.78 | $ 24.91 | $ 22.47 |
Weighted average number of common and common equivalent shares | 23,457,630 | 24,199,230 | 24,974,457 |
Product [Member] | |||
Revenues | $ 2,960,615 | $ 2,405,172 | $ 2,346,845 |
Cost of Sales | 1,181,020 | 954,697 | 929,669 |
Service [Member] | |||
Revenues | 757,315 | 680,005 | 661,807 |
Cost of Sales | $ 365,357 | $ 329,449 | $ 337,772 |
Statement of Comprehensive Inco
Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 768,985 | $ 602,739 | $ 561,109 |
Foreign currency translation adjustment | 11,535 | 29,914 | 2,898 |
Unrealized gains (losses) on cash flow hedging arrangements: | |||
Unrealized gains (losses) | 4,394 | (11,323) | (1,063) |
Effective portion of (gains) losses included in net earnings | (2,913) | 11,066 | (861) |
Defined benefit pension and post-retirement plans: | |||
Net actuarial gains (losses) | 19,293 | (35,662) | (32,699) |
Plan amendments and prior service cost | 18,831 | (93) | 430 |
Amortization of actuarial (gains) losses and plan amendments and prior service cost | 19,326 | 14,547 | 12,144 |
Impact of foreign currency | 9,235 | (19,701) | (2,108) |
Total other comprehensive income (loss), net of tax | 79,701 | (11,252) | (21,259) |
Total other comprehensive income (loss), net of tax | $ 848,686 | $ 591,487 | $ 539,850 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 98,564 | $ 94,254 |
Trade accounts receivable, less allowances of $17,009 in 2019 and $15,469 in 2018 | 647,335 | 593,809 |
Inventories | 414,543 | 297,611 |
Other current assets and prepaid expenses | 108,916 | 71,230 |
Total current assets | 1,269,358 | 1,056,904 |
Property, plant and equipment, Net | 799,365 | 798,868 |
Goodwill | 648,622 | 550,270 |
Other intangible assets, net | 307,450 | 196,785 |
Deferred tax assets, net | 39,496 | 41,836 |
Other non-current assets | 262,507 | 169,886 |
Total assets | 3,326,798 | 2,814,549 |
Current liabilities: | ||
Trade accounts payable | 272,911 | 175,801 |
Accrued and other liabilities | 208,811 | 196,834 |
Accrued compensation and related items | 236,265 | 179,252 |
Contract with Customer, Liability | 192,648 | 149,106 |
Taxes payable | 134,769 | 89,017 |
Short-term borrowings and current maturities of long-term debt | 101,134 | 50,317 |
Total current liabilities | 1,146,538 | 840,327 |
Long-term debt | 1,580,808 | 1,284,174 |
Non-current deferred tax liabilities | 62,230 | 34,448 |
Other non-current liabilities | 365,801 | 372,925 |
Total liabilities | 3,155,377 | 2,531,874 |
Commitments and contingencies (Note 16) | ||
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 24,125,317 and 24,921,963 shares at December 31, 2018 and 2017, respectively | 448 | 448 |
Additional paid-in capital | 825,974 | 805,140 |
Treasury stock at cost (20,660,694 and 19,864,048 shares at December 31, 2019 and 2018, respectively) | (6,259,049) | (5,283,584) |
Retained earnings | 5,859,272 | 5,095,596 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (255,224) | (334,925) |
Total shareholders’ equity | 171,421 | 282,675 |
Total liabilities and shareholders’ equity | $ 3,326,798 | $ 2,814,549 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance For Bad Debt | $ 22,176 | $ 18,625 |
Preferred stock - par value per share | $ 0.01 | $ 0.01 |
Preferred stock - authorized shares | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common stock - authorized shares | 125,000,000 | 125,000,000 |
Common stock - issued shares | 44,786,011 | 44,786,011 |
Common stock - outstanding shares | 22,843,103 | 23,471,841 |
Treasury shares | 21,942,908 | 21,314,170 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2018 | $ 590,063 | $ 448 | $ 764,717 | $ (3,814,604) | $ 3,941,916 | $ (302,414) |
Beginning balance, shares at Dec. 31, 2018 | 24,921,963 | |||||
Exercise of stock options and restricted stock units, shares | 298,002 | 298,002 | ||||
Exercise of stock options and restricted stock units, Value | $ (47,581) | (50,449) | (3,737) | |||
Repurchases of Common Stock, Shares | (1,094,648) | (1,094,648) | ||||
Repurchases of Common Stock, Value | $ (774,999) | (774,999) | ||||
APIC, Share-based Payment Arrangement, Other, Increase for Cost Recognition | 18,285 | 18,285 | ||||
Net earnings | 561,109 | 561,109 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (21,259) | (21,259) | ||||
Ending balance at Dec. 31, 2019 | $ 420,780 | $ 448 | 783,871 | (4,539,154) | 4,499,288 | (323,673) |
Ending balance, shares at Dec. 31, 2019 | 24,125,317 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 869 | |||||
Exercise of stock options and restricted stock units, shares | 162,176 | 162,176 | ||||
Exercise of stock options and restricted stock units, Value | $ (26,719) | (30,568) | (6,431) | |||
Repurchases of Common Stock, Shares | (815,652) | (815,652) | ||||
Repurchases of Common Stock, Value | $ (774,998) | (774,998) | ||||
APIC, Share-based Payment Arrangement, Other, Increase for Cost Recognition | 18,687 | 18,687 | ||||
Net earnings | 602,739 | 602,739 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (11,252) | (11,252) | ||||
Ending balance at Dec. 31, 2020 | $ 282,675 | $ 448 | 805,140 | (5,283,584) | 5,095,596 | (334,925) |
Ending balance, shares at Dec. 31, 2020 | 23,471,841 | 23,471,841 | ||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 2,582 | |||||
Exercise of stock options and restricted stock units, shares | 110,748 | 110,748 | ||||
Exercise of stock options and restricted stock units, Value | $ (20,463) | (24,533) | (5,309) | |||
Repurchases of Common Stock, Shares | (739,486) | (739,486) | ||||
Repurchases of Common Stock, Value | $ (999,998) | (999,998) | ||||
APIC, Share-based Payment Arrangement, Other, Increase for Cost Recognition | 19,595 | 19,595 | ||||
Net earnings | 768,985 | 768,985 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 79,701 | 79,701 | ||||
Ending balance at Dec. 31, 2021 | $ 171,421 | $ 448 | 825,974 | $ (6,259,049) | $ 5,859,272 | $ (255,224) |
Ending balance, shares at Dec. 31, 2021 | 22,843,103 | 22,843,103 | ||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | $ 1,239 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net earnings | $ 768,985 | $ 602,739 | $ 561,109 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 44,982 | 42,044 | 38,991 |
Amortization | 63,075 | 56,665 | 49,690 |
Deferred tax (benefit) provision | 563 | (12,784) | 11,203 |
Share-based compensation | 19,595 | 18,687 | 18,285 |
Swiss tax reform (Note 14) | 0 | 0 | (15,833) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 6,849 | ||
Other | 381 | (2,399) | 133 |
Increase (decrease) in cash resulting from changes in: | |||
Trade accounts receivable, net | (66,468) | (4,495) | (31,408) |
Inventories | (118,718) | (3,836) | (4,603) |
Other current assets | (5,040) | (4,763) | (335) |
Trade accounts payable | 93,973 | (17,803) | (12,221) |
Taxes payable | 19,688 | 14,049 | (6,176) |
Accruals and other | 80,960 | 36,595 | (5,385) |
Net Cash Provided by (Used in) Operating Activities | 908,825 | 724,699 | 603,450 |
Cash flows from investing activities: | |||
Proceeds from sale of property, plant and equipment | 3,652 | 3,106 | 1,422 |
Purchase of property, plant and equipment | (107,580) | (92,494) | (97,341) |
Acquisitions | (220,862) | (6,242) | (2,004) |
Net hedging settlements on intercompany loans | (10,682) | 4,730 | 1,160 |
Net cash used in investing activities | (314,108) | (100,360) | (99,083) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 2,427,519 | 1,489,040 | 1,435,081 |
Repayments of borrowings | (2,035,546) | (1,483,869) | (1,176,784) |
Proceeds from exercise of stock options | 20,463 | 26,719 | 47,581 |
Repurchases of common stock | (999,998) | (774,998) | (774,999) |
Acquisition contingent consideration paid | 0 | 0 | (10,000) |
Other financing activities | (2,987) | (800) | 1,753 |
Net cash provided by (used in) financing activities | (590,549) | (743,908) | (477,368) |
Effect of exchange rate changes on cash and cash equivalents | 142 | 6,038 | 2,676 |
Net increase (decrease) in cash and cash equivalents | 4,310 | (113,531) | 29,675 |
Cash and cash equivalents: | |||
Cash and Cash Equivalents, at Carrying Value, Beginning | 94,254 | 207,785 | 178,110 |
Cash and Cash Equivalents, at Carrying Value, End | 98,564 | 94,254 | 207,785 |
Supplemental disclosures of cash flow information: | |||
Interest | 41,338 | 37,772 | 37,499 |
Taxes | $ 152,657 | $ 134,674 | $ 129,347 |
Statement of Financial Position
Statement of Financial Position, Classified | 12 Months Ended |
Dec. 31, 2021 | |
Statement of Financial Position [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II — Valuation and Qualifying Accounts (in thousands) Column A Column B Column C Column D Column E Additions (1) (2) Balance at the Charged to Charged to Balance at End Description -Deductions- Note (A) Note (B) Deferred tax valuation allowance: Year ended December 31, 2021 $ 52,388 $ 2,058 $ — $ 3,320 $ 51,126 Year ended December 31, 2020 $ 50,853 $ 2,824 $ 3,009 $ 4,298 $ 52,388 Year ended December 31, 2019 $ 15,084 $ 36,658 $ — $ 889 $ 50,853 _______________________________________ Note (A) Amounts in 2020 relate primarily to changes in currency translation adjustments. Note (B) |
Business Description and Basis
Business Description and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
BUSINESS DESCRIPTION AND BASIS OF PRESENTATION [Abstract] | |
Business Description and Basis of Presentation Disclosure | BUSINESS DESCRIPTION AND BASIS OF PRESENTATION Mettler-Toledo International Inc. (Mettler-Toledo or the Company) is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics, and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company’s primary manufacturing facilities are located in China, Switzerland, the United States, Germany, the United Kingdom, and Mexico. The Company’s principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland. The 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 preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates due to uncertainty around the magnitude and duration of the COVID-19 pandemic, as well as other factors. A discussion of the Company's significant accounting policies is included in the Notes to the Consolidated Financial Statements included within this filing. All intercompany transactions and balances have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Disclosure | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturity dates of three months or less. The carrying value of these cash equivalents approximates fair value. 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 current and historical information and reasonable and supportable forecasts of future events and circumstances. Inventories Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor, and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, expected future 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. Long-Lived Assets a) Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Repair and maintenance costs are charged to expense as incurred. The Company capitalizes certain direct costs related to the acquisition and development of internal-use computer software. Externally purchased software is capitalized when we obtain legal ownership and is amortized over its useful life ranging from three to five years. Internally developed software costs for internal use are capitalized once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. Costs associated with internal-use software are amortized on a straight-line basis over 10 years. Fully depreciated assets other than capitalized internally developed software are retained in property, plant, and equipment and accumulated depreciation accounts until disposal. Depreciation and amortization are charged on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term In September 2021, the Company entered into an agreement with the U.S. Department of Defense to increase domestic production capacity of pipette tips and enhance manufacturing automation and logistics. The Company will receive funding of $35.8 million over the next two years, which will offset future capital expenditures. In accordance with ASU 2021-10: Government Assistance, the Company will apply guidance within IAS 20 - Accounting for Government Grants and Disclosure and will account for the government agreement by reducing the cost of the asset within property, plant, and equipment in the consolidated balance sheets by the amount of the funds received. b) Goodwill and Other Intangible Assets Goodwill, representing the excess of purchase price over the fair value of the net assets of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluations of goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If the Company is unable to conclude whether the goodwill or indefinite-lived intangible asset is not impaired after considering the totality of events and circumstances during its qualitative assessment, the Company performs a quantitative assessment by estimating the fair value of the respective reporting unit or indefinite-lived intangible asset and comparing the fair value to the carrying amount. If the carrying amount of the reporting unit or indefinite-lived intangible asset exceeds its fair value, an impairment charge equal to the difference is recognized. 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 - Intangible - Goodwill and Other and ASC 360 - Property, Plant, and Equipment. Accounting for Impairment of Long-Lived Assets The Company assesses the need to record impairment losses on long-lived assets (asset group) with finite lives when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use and eventually disposition of that asset (asset group) are less than the asset’s carrying value, with the loss measured as the difference between carrying value and estimated fair value. Taxation The Company files tax returns in each jurisdiction in which it operates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The valuation allowance is based on management’s estimates of future taxable income and application of relevant income tax law. Deferred taxes are not provided on the unremitted earnings of subsidiaries outside of the United States when it is expected that these earnings are permanently reinvested. Such earnings may become taxable upon the sale or liquidation of these subsidiaries or upon the remittance of dividends. Deferred taxes are provided when the Company no longer considers subsidiary earnings to be permanently invested, such as in situations where the Company’s subsidiaries plan to make future dividend distributions. In accordance with the Tax Cuts and Jobs Act, the Company treats taxes due on future Global Intangible Low-Taxed Income (GILTI) inclusions in U.S. taxable income as a current period expense when incurred. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of income tax expense within its consolidated statement of operations. Currency Translation and Transactions The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s operations is generally the applicable local currency. Accordingly, the assets and liabilities of companies whose functional currency is other than the U.S. dollar are included in the consolidated financial statements by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. The statements of operations and cash flows of such non-U.S. dollar functional currency operations are translated at the monthly weighted average exchange rates during the year. Translation gains or losses are accumulated in other comprehensive income (loss) in the consolidated statements of shareholders’ equity. Transaction gains and losses are included as a component of net earnings or in certain circumstances as a component of other comprehensive income (loss) where the underlying item is considered a hedge of a net investment or relates to intercompany notes that are long term in nature. Revenue Recognition Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s contracts have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end-customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements. Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company’s control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location. Software is generally not considered a distinct performance obligation with the exception of a limited number of small software applications. The Company generally 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 products. Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period. Leases The Company considers an arrangement a lease if the arrangement transfers the right to control the use of an identified asset in exchange for consideration. The Company has operating leases, but does not have material financing leases. Operating lease right-of-use assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make payments arising from the lease agreement. These assets and liabilities are recognized at the commencement of the lease based upon the present value of the lease payments over the lease term. Lease payments include both lease and non-lease components for items or activities that transfer a good and service. Vehicle lease and non-lease components are separately accounted for based on stand-alone value. Real estate lease and non-lease components are accounted for as a single component. Operating lease right-of-use assets include initial direct costs, advanced lease payments, and lease incentives. The lease term reflects the noncancellable period of the lease together with periods covered by an option to extend or terminate the lease when management is reasonably certain that it will exercise such option. The Company applies its incremental borrowing rate at the lease commencement date in determining the present value of lease payments as the information necessary to determine the rate implicit in the lease is not readily available. The incremental borrowing rate reflects similar terms by geographic location to the underlying leases. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the right-of-use asset and lease liabilities and are expensed as incurred. Short-term leases are less than one year without purchase or renewal options that are reasonably certain to be exercised and are recognized on a straight-line basis over the lease term. The right-of-use asset is tested for impairment in accordance with ASC 360. Research and Development Research and development costs primarily consist of salaries, consulting, and other costs. The Company expenses these costs as incurred. Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. Earnings per Common Share In accordance with the treasury stock method, the Company has included 327,768, 316,582, and 406,848 common equivalent shares in the calculation of diluted weighted average number of common shares for the years ended December 31, 2021, 2020, and 2019, respectively, relating to outstanding stock options and restricted stock units. Outstanding options and restricted stock units to purchase or receive 24,036, 36,263, and 71,660 shares of common stock for the years ended December 31, 2021, 2020, and 2019, 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. Equity-Based Compensation The Company applies the fair value methodology in accounting for its equity-based compensation plan. Derivative Financial Instruments The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. As described more fully in Note 6, the Company primarily enters into foreign currency forward exchange contracts to economically hedge certain short-term intercompany balances involving its international businesses. Such contracts limit the Company’s exposure to currency fluctuations on the underlying hedged item. These contracts are adjusted to fair market value as of each balance sheet date, with the resulting changes in fair value being recognized in other charges (income), consistent with the underlying hedged item. The Company also enters into interest rate swap agreements and cross currency swaps in order to manage its exposure to changes in interest rates. The differential paid or received on interest rate swap agreements is recognized as incurred in interest expense over the life of the hedge agreements. Floating to fixed interest rate swap agreements are accounted for as cash flow hedges. Changes in fair value of outstanding interest rate swap agreements that are effective as cash flow hedges are initially recognized in other comprehensive income as incurred. Fair Value Measurements The Company measures or monitors certain assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities in which fair value is the primary basis of accounting, mainly derivative instruments. 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. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the fair value hierarchy established under U.S. GAAP and when possible looks to active and observable markets to price identical assets and liabilities. If identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company’s consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. Acquisition transaction costs are expensed when incurred. In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net. Recent Accounting Pronouncements In March 2020 and January 2021, the FASB issued ASU 2020-04 and ASU 2021-01: Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2022. The Company's interest rate and cross currency swaps, as mentioned in Note 6 to the consolidated financial statements, are governed by International Swaps and Derivatives Association (ISDA) agreements, and the Company will adhere to the ISDA's fallback protocol when LIBOR is discontinued. In addition, the Company renewed the LIBOR-based credit agreement, as discussed further in Note 10, which includes a fallback protocol when LIBOR is discontinued. Based on these procedures, when LIBOR is discontinued, the interest rate and cross currency swaps will not require de-designation if certain criteria are met. The Company expects the financial impact of the rate change when LIBOR is discontinued to be immaterial to its financial statements. In November 2021, the FASB issued ASU 2021-10: Government Assistance, which increases the transparency of government assistance including the disclosure of the types of assistance, an entity's accounting for the assistance, and the effect of the assistance on an entity's financial statements. The Company early adopted this guidance on a prospective basis in the fourth quarter of 2021. The adoption of this guidance did not have a material impact on the Company's disclosures. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
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 for the years ended December 31: Twelve months ended December 31, 2021 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 1,004,891 $ 135,987 $ 600,527 $ 707,355 $ 511,855 $ 2,960,615 Service Revenue: Point in time 218,306 26,764 151,656 48,343 120,860 565,929 Over time 64,786 8,882 77,578 15,953 24,187 191,386 Total $ 1,287,983 $ 171,633 $ 829,761 $ 771,651 $ 656,902 $ 3,717,930 Twelve months ended December 31, 2020 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 815,046 $ 112,542 $ 509,385 $ 526,231 $ 441,968 $ 2,405,172 Service Revenue: Point in time 199,247 22,733 135,793 39,705 110,542 508,020 Over time 58,026 8,648 71,537 12,674 21,100 171,985 Total $ 1,072,319 $ 143,923 $ 716,715 $ 578,610 $ 573,610 $ 3,085,177 Twelve months ended December 31, 2019 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 801,181 $ 110,390 $ 500,978 $ 495,579 $ 438,717 $ 2,346,845 Service Revenue: Point in time 207,707 20,968 135,612 37,370 109,802 511,459 Over time 48,227 8,141 64,151 11,767 18,062 150,348 Total $ 1,057,115 $ 139,499 $ 700,741 $ 544,716 $ 566,581 $ 3,008,652 The Company's global revenue mix by product category for the year ended December 31, 2021 is laboratory (56% of sales), industrial (39% of sales), and retail (5% of sales). The Company’s product revenue by reportable segment is proportionately similar to the Company’s global mix with the exception of the Company’s Swiss Operations, which is largely comprised of laboratory products, and the Company’s Chinese Operations, which has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the year ended December 31 follows: 2021 2020 2019 Laboratory $ 2,083,025 $ 1,669,791 $ 1,578,625 Industrial 1,446,544 1,224,497 1,233,970 Retail 188,361 190,889 196,057 Total net sales $ 3,717,930 $ 3,085,177 $ 3,008,652 A breakdown of net sales to external customers by geographic customer destination, net for the year ended December 31 follows: 2021 2020 2019 Americas $ 1,419,832 $ 1,180,626 $ 1,165,847 Europe 1,062,961 921,266 892,092 Asia/Rest of World 1,235,137 983,285 950,713 Total $ 3,717,930 $ 3,085,177 $ 3,008,652 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 December 31, 2021 and 2020 was $32.1 million and $22.6 million, respectively, and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation. Changes in the components of deferred revenue and customer prepayments during the period are as follows: 2021 2020 2019 Beginning balances as of January 1 $ 149,106 $ 122,489 $ 105,381 Customer prepayments/deferred revenue 711,067 617,643 633,190 Revenue recognized (667,245) (595,802) (615,957) Foreign currency translation (280) 4,776 (125) Ending balance as of December 31 $ 192,648 $ 149,106 $ 122,489 The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company has not disclosed the value of unsatisfied performance obligations other than customer prepayments and deferred revenue as most contracts have an expected length of one year or less and amounts greater than one year are immaterial. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS In March 2021, the Company acquired all the membership interests of Mayfair Technology, LLC (PendoTECH), a manufacturer and distributor of single-use sensors, transmitters, control systems, and software for measuring, monitoring, and data collection primarily in bioprocess applications. PendoTECH serves biopharmaceutical manufacturers and life science laboratories and is located in the United States. The initial cash payment was $185.0 million and the Company made other post-closing payments of $7.4 million. The Company may be required to pay additional consideration of up to $20.0 million, which is based upon financial thresholds in 2022 and 2023. The estimated fair value of the contingent consideration obligation at the time of acquisition of $13.5 million was determined using a Monte Carlo simulation based on the Company's forecast of future financial results. During the fourth quarter of 2021, the Company increased the contingent consideration obligation to $20.0 million, based upon actual results and future financial projections, plus related obligations of $0.3 million due to the sellers. The $6.8 million increase to the contingent consideration and related obligations to the sellers was recorded in other charges (income), net. Goodwill recorded in connection with the acquisition totaled $93.1 million, which is deductible for tax purposes. Identified intangible finite-lived assets acquired include customer relationships of $78.6 million, technology and patents of $21.7 million, trade name of $3.4 million, and other intangibles of $2.4 million. The Company used variations of the income statement approach in determining the fair value of the intangible assets acquired. Specifically, the multi-period excess earnings method was used to determine the fair value of the customer relationships acquired and the relief from royalty method was used to determine the fair value of the technology and patents. The Company's determination of the fair value of the intangible assets acquired involved the use of significant estimates and assumptions principally related to revenue growth, royalty, and customer attrition rates. The identifiable finite-lived intangible assets will be amortized on a straight-line basis over periods of 5 to 20 years and the annual aggregate amortization expense is estimated at $6.9 million. Net tangible assets acquired were $7.4 million and were recorded at fair value in the consolidated financial statements. All of the acquired assets are included in the Company's U.S. Operations segment. In October 2021, the Company acquired Scale-up Systems Inc., a leading software provider for scale-up and reaction modeling serving the biopharma and chemical markets. The initial cash payment was $20.2 million and the Company may be required to pay additional amounts up to EUR 3.0 million. Goodwill recorded in connection with the acquisition totaled $11.1 million, which is deductible for tax purposes. The Company also recorded $11.4 million of identifiable finite-lived intangibles primarily pertaining to technology and patents and customer relationships in connection with this acquisition, which will be amortized on a straight-line basis over 7 to 10 years. All of the acquired assets are included in the Company's Western European Operations segment. In 2021, 2020, and 2019, the Company also incurred additional acquisition payments totaling $8.3 million, $6.2 million, and $2.0 million, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
INVENTORIES [Abstract] | |
Inventory Disclosure | INVENTORIES Inventories consisted of the following at December 31: 2021 2020 Raw materials and parts $ 184,624 $ 132,041 Work-in-progress 76,019 55,688 Finished goods 153,900 109,882 Total inventory $ 414,543 $ 297,611 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Financial Instruments Disclosure | 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 and cross currency swap agreements in order to manage its exposure to changes in interest rates. At December 31, 2021, the interest payments associated with 79% of the Company’s debt are fixed obligations. The amount of the Company’s fixed obligation interest payments may change based upon the expiration dates of its interest rate and cross currency swap agreement 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 portion of the cash flow hedges, also see Note 7 and Note 11 to the consolidated financial statements. As also mentioned in Note 10, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in a euro-denominated foreign subsidiary. Cash Flow Hedges In November 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.64%. The swap matures in November 2023. In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.57%. The swap matures in June 2025. This cross currency swap replaced a similar $50 million swap entered into in June 2019 which matured in June 2021, which converted floating rate LIBOR to a fixed Swiss franc income of 0.95%. In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.66%. The swap matures in June 2024. This cross currency swap replaced a similar $50 million swap entered into in February 2019 and maturing in June 2021, which converted floating rate LIBOR to a fixed Swiss franc income of 0.78%. In June 2019, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payment, excluding the credit spread, to a fixed Swiss franc income of 0.82%. The swap matures in June 2023. In 2015, the Company entered into a forward-starting interest rate swap agreement. The agreement changes the floating rate LIBOR-based interest payments associated with $100 million in borrowings under the Company’s credit agreement to a fixed obligation of 2.25%, which began in February 2017 and matures in February 2022. The Company’s cash flow hedges are recorded gross at fair value in the consolidated balance sheet at December 31, 2021 and 2020 and are disclosed in Note 7 to the consolidated financial statements. A derivative gain of $1.6 million based upon interest rates at December 31, 2021 is expected to be reclassified from other comprehensive income (loss) to earnings in the next 12 months. Through December 31, 2021, no hedge ineffectiveness has occurred in relation to these cash flow hedges. Other Derivatives The Company primarily enters into foreign currency forward contracts in order to economically hedge short-term 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 December 31, 2021 and 2020, as disclosed in Note 7 to the consolidated financial statements. The Company recognized in other charges (income) net gains of $13.5 million and $4.8 million and a net loss of $3.7 million during the years ended December 31, 2021, 2020, and 2019, respectively, which offset the related net transaction gains (losses) associated with these contracts. At December 31, 2021 and 2020, these contracts had a notional value of $1.0 billion and $536.5 million, respectively. The Company may be exposed to credit losses in the event of nonperformance by the counterparties to its derivative financial instrument contracts. Counterparties are established banks and financial institutions with high credit ratings. The Company believes that such counterparties will be able to fully satisfy their obligations under these contracts. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures | FAIR VALUE MEASUREMENTSAt December 31, 2021 and 2020, the Company had derivative assets totaling $6.0 million and $2.2 million, respectively, and derivative liabilities totaling $10.3 million and $23.3 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not present all the required disclosures in tabular format. The fair values of the interest rate swap agreements, the cross currency swap agreements, and the foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant for the years ended December 31, 2021 and 2020. 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 December 31, 2021 and 2020. The Company does not have any assets or liabilities which are categorized as Level 1. 2021 2020 Balance Sheet Location Foreign currency forward contracts not designated as hedging instruments $ 3,927 $ 2,227 Other current assets and prepaid expenses Cash flow hedges: Cross currency swap agreement 2,119 — Other non-current assets Total derivative assets $ 6,046 $ 2,227 Foreign currency forward contracts not designated as hedging instruments $ 4,510 $ 1,399 Accrued and other liabilities Cash flow hedges: Cross currency swap agreements 4,493 13,093 Accrued and other liabilities Interest rate swap agreements 352 2,502 Other non-current liabilities Cross currency swap agreements 989 6,297 Other non-current liabilities Total derivative liabilities $ 10,344 $ 23,291 The Company had $18.5 million and $14.3 million of cash equivalents at December 31, 2021 and 2020, 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. The fair value of the Company’s debt exceeds the carrying value by approximately $32.8 million as of December 31, 2021. The fair value of the Company’s fixed interest rate debt was estimated using Level 2 inputs and primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The initial estimated fair value of the contingent consideration obligation of $13.5 million relating to the PendoTECH acquisition was determined using a Monte Carlo simulation based on the Company's forecast of future financial results. During the fourth quarter of 2021, the Company increased the contingent consideration obligation to $20.0 million based upon actual results and future financial |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment Disclosure | PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net consisted of the following at December 31: 2021 2020 Land $ 61,883 $ 61,838 Building and leasehold improvements 367,846 356,699 Machinery and equipment 473,914 458,174 Computer software 502,198 544,490 Property, plant, and equipment, gross 1,405,841 1,421,201 Less accumulated depreciation and amortization (606,476) (622,333) Property, plant, and equipment, net $ 799,365 $ 798,868 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows the changes in the carrying amount of goodwill for the years ended December 31: 2021 2020 Balance at beginning of year $ 550,270 $ 535,979 Goodwill acquired 103,882 6,169 Foreign currency translation (5,530) 8,122 Balance at year end $ 648,622 $ 550,270 Goodwill and indefinite-lived assets are reviewed for impairment on an annual basis in the fourth quarter. The Company completed its impairment review and determined that there had been no impairment of these assets through December 31, 2021. The Company identified no triggering events or other circumstances which indicated the carrying amount of goodwill or intangible assets may not be recoverable. The components of other intangible assets as of December 31 are as follows: 2021 2020 Gross Accumulated Intangibles, Net Gross Accumulated Intangibles, Net Customer relationships $ 282,470 $ (79,782) $ 202,688 $ 201,445 $ (68,319) $ 133,126 Proven technology and patents 115,680 (56,305) 59,375 78,312 (52,138) 26,174 Tradenames (finite life) 8,206 (3,731) 4,475 4,896 (3,444) 1,452 Tradenames (indefinite life) 35,949 — 35,949 35,595 — 35,595 Other 10,641 (5,678) 4,963 5,215 (4,777) 438 $ 452,946 $ (145,496) $ 307,450 $ 325,463 $ (128,678) $ 196,785 The Company recognized amortization expense associated with the above intangible assets of $22.5 million, $15.7 million, and $15.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $26.1 million for 2022, $24.8 million for 2023, $22.7 million for 2024, $21.8 million for 2025, and $19.6 million for 2026. The finite-lived intangible assets are amortized on a straight-line basis over periods ranging from 3 to 45 years. 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. Purchased intangibles amortization was $21.6 million, $16.3 million after tax, $14.9 million, $11.2 million after tax, and $14.3 million, $10.8 million after tax, for the years ended December 31, 2021, 2020, and 2019, respectively. In addition to the above amortization, the Company recorded amortization expense associated with capitalized software, which is included in property, plant, and equipment in Note 8, of $40.4 million, $40.7 million, and $34.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | DEBT Debt consisted of the following at December 31: 2021 2020 3.67% $50 million 10-year Senior Notes due December 17, 2022 $ 50,000 $ 50,000 4.10% $50 million 10-year Senior Notes due September 19, 2023 50,000 50,000 3.84% $125 million 10-year Senior Notes due September 19, 2024 125,000 125,000 4.24% $125 million 10-year Senior Notes due June 25, 2025 125,000 125,000 3.91% $75 million 10-year Senior Notes due June 25, 2029 75,000 75,000 2.83% $125 million 12-year Senior Notes due July 22, 2033 125,000 — 3.19% $50 million 15-year Senior Notes due January 24, 2035 50,000 50,000 1.47% EUR 125 million 15-year Senior Notes due June 17, 2030 141,789 153,299 1.30% EUR 135 million 15-year Senior Notes due November 6, 2034 153,132 165,563 1.06% EUR 125 million 15-year Senior Notes due March 19, 2036 141,789 — Senior Notes debt issuance costs, net (4,115) (2,760) Total Senior Notes 1,032,595 791,102 $1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points (1) 595,041 491,419 Other local arrangements 54,306 51,970 Total debt 1,681,942 1,334,491 Less: current portion (101,134) (50,317) Total long-term debt $ 1,580,808 $ 1,284,174 (1) See Note 6 and Note 7 for additional disclosures on the financial instruments associated with the Credit Agreement. The Company’s weighted average interest rate was 2.7% and 2.9% for the years ended December 31, 2021 and 2020, respectively. Senior Notes The Senior Notes listed above are senior unsecured obligations of the Company and interest is payable semi-annually. The Company may at any time prepay the Senior Notes, in whole or in part, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interests, and in some instances a “make whole” prepayment premium. The Euro Senior Notes, if prepaid, may also include a swap related currency loss. The Senior Notes each contain customary affirmative and negative covenants including, among others, limitations on the Company and its subsidiaries with respect to incurrence of liens and priority indebtedness, disposition of assets, mergers, and transactions with affiliates. In December 2021, the Company amended all of its U.S. Senior Note agreements to conform to the financial covenants in the underlying agreements. The amended agreements require the Company to maintain a consolidated interest coverage ratio of not less than 3.0 to 1.0 and a net consolidated leverage ratio of not more than 3.5 to 1.0. The Senior Notes also contain customary events of default with customary grace periods, as applicable. The Company was in compliance with its covenants at December 31, 2021. Total issuance costs of approximately $4.1 million have been incurred by the Company related to the Senior Notes mentioned above and are being amortized to interest expense over the various terms. In December 2021, the Company entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. The Company will issue $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022 and will issue $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022. The Senior Notes will be senior unsecured obligations of the Company. The 2.81% Senior Notes mature in March 2037 and the 2.91% Senior Notes mature in September 2037. Interest on the 2.81% and 2.91% Senior Notes will be payable semi-annually in March and September each year. Interest on the 2.81% Senior Notes will begin in September 2022 and interest on the 2.91% will begin in March 2023. The terms of the Senior Notes are consistent with the previous Senior Notes as described above. The Company will use the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes. In May 2021, the Company entered into an agreement to issue and sell $125 million 12-year Senior Notes with a fixed interest rate of 2.83%. The Senior Notes were issued in July 2021 and will mature in July 2033. The terms of the Senior Notes are consistent with the previous Senior Notes as described above. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes. In December 2020, the Company entered into an agreement to issue and sell EUR 125.0 million 15-year 1.06% Euro Senior Notes (1.06% Euro Senior Notes). The terms of the Euro Senior Notes are consistent with the previous Euro Senior Notes as described above. The Company also entered into a forward contract to receive $152.1 million at the time of issuing the 1.06% Euro Senior Notes in March 2021. The proceeds will be used to repay outstanding amounts on the Company’s credit facility and fund operational expenses. The 1.06% Euro Senior Notes will be designated as a hedge of a portion of the Company’s net investment in a euro-denominated foreign subsidiary to reduce foreign currency risk associated with this net investment. The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% Euro Senior Notes as a hedge of a portion of its net investment in a euro-denominated foreign subsidiary to reduce foreign currency risk associated with this net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized gain of $34.3 million, an unrealized loss of $27.3 million, and an unrealized gain of $1.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. The Company has a gain of $5.5 million recorded in accumulated other comprehensive income (loss) as of December 31, 2021. Credit Agreement On June 25, 2021, the Company entered into a $1.25 billion Credit Agreement (the Credit Agreement), which amended its $1.1 billion Amended and Restated Credit Agreement (the Prior Credit Agreement). As of December 31, 2021, the Company had $649.0 million of additional borrowings available under its Credit Agreement. The Credit Agreement is provided by a group of financial institutions (similar to the Company's Prior Credit Agreement) and has a maturity date of June 25, 2026. It is a revolving credit facility and is not subject to any scheduled principal payments prior to maturity. The obligations under the Credit Agreement are unsecured. Borrowings under the Credit Agreement bear interest at current market rates plus a margin based on the Company’s consolidated leverage ratio. The Company must also pay facility fees that are tied to its leverage ratio. The Credit Agreement contains covenants that are similar to those contained in the Prior Credit Agreement, with which the Company was in compliance as of December 31, 2021. The Company is required to maintain (i) a ratio of net funded indebtedness to EBITDA of 3.5 to 1.0 or less except in certain circumstances and (ii) an interest coverage ratio of 3.0 to 1.0 or greater. The Credit Agreement also places certain limitations on the Company, including limiting the ability to incur liens or indebtedness at a subsidiary level. In addition, the Credit Agreement has several events of default, with customary grace periods as applicable. The Company incurred approximately $0.2 million of debt extinguishment costs during 2021 related to the Prior Credit Agreement. The Company capitalized $2.0 million in financing fees during 2021 associated with the Credit Agreement, which will be amortized to interest expense through 2026. Other Local Arrangements In April 2018, two of the Company’s non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of Swiss franc LIBOR plus 87.5 basis points. The loans were renewed for one year in April 2021. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure | SHAREHOLDERS’ EQUITY Common Stock The number of authorized shares of the Company’s common stock is 125,000,000 shares with a par value of $0.01 per share. Holders of the Company’s common stock are entitled to one vote per share. At December 31, 2021, 3,611,750 shares of the Company’s common stock were reserved for issuance pursuant to the Company’s stock option plans. Preferred Stock The Board of Directors, without further shareholder authorization, is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.01 per share in one or more series and to determine and fix the rights, preferences, and privileges of each series, including dividend rights and preferences over dividends on the common stock and one or more series of the preferred stock, conversion rights, voting rights (in addition to those provided by law), redemption rights, and the terms of any sinking fund therefore, and rights upon liquidation, dissolution, or winding up, including preferences over the common stock and one or more series of the preferred stock. The issuance of shares of preferred stock, or the issuance of rights to purchase such shares, may have the effect of delaying, deferring, or preventing a change in control of the Company or an unsolicited acquisition proposal. Share Repurchase Program In November 2020, the Company’s Board of Directors authorized an additional $2.5 billion to the share repurchase program, which had $2.1 billion of remaining availability as of December 31, 2021. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors. The Company has purchased 30.2 million of common shares since the inception of the program in 2004 through December 31, 2021, at a total cost of $6.9 billion. The Company spent $1.0 billion in 2021 and $775 million in both 2020 and 2019 on the repurchase of 739,486 shares, 815,652 shares, and 1,094,648 shares at an average price per share of $1,352.27, $950.14, and $707.97, respectively. The Company reissued 110,748 shares, 162,176 shares, and 298,002 shares held in treasury for the exercise of stock options and restricted stock units during 2021, 2020, and 2019, respectively. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income by component for the period ended December 31, 2021, 2020, and 2019: Currency Translation Adjustment, Net of Tax Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2018 $ (63,913) $ 702 $ (239,203) $ (302,414) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service cost, and plan amendments — — (32,269) (32,269) Net unrealized gains (loss) on cash flow hedging arrangements — (1,063) — (1,063) Foreign currency translation adjustment 2,898 — (2,108) 790 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (861) 12,144 11,283 Net change in other comprehensive income (loss), net of tax 2,898 (1,924) (22,233) (21,259) Balance at December 31, 2019 $ (61,015) $ (1,222) $ (261,436) $ (323,673) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service cost, and plan amendments — — (35,755) (35,755) Net unrealized gains (loss) on cash flow hedging arrangements — (11,323) — (11,323) Foreign currency translation adjustment 29,914 — (19,701) 10,213 Amounts recognized from accumulated other comprehensive income (loss), net of tax — 11,066 14,547 25,613 Net change in other comprehensive income (loss), net of tax 29,914 (257) (40,909) (11,252) Balance at December 31, 2020 $ (31,101) $ (1,479) $ (302,345) $ (334,925) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service cost, and plan amendments — — 38,124 38,124 Net unrealized gains (loss) on cash flow hedging arrangements — 4,394 — 4,394 Foreign currency translation adjustment 11,535 — 9,235 20,770 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (2,913) 19,326 16,413 Net change in other comprehensive income (loss), net of tax 11,535 1,481 66,685 79,701 Balance at December 31, 2021 $ (19,566) $ 2 $ (235,660) $ (255,224) The following table presents amounts recognized from accumulated other comprehensive income (loss) during the years ended December 31, 2021, 2020, and 2019: 2021 2020 2019 Location of Amounts Recognized in Earnings Effective portion of losses (gains) on cash flow hedging arrangements: Interest rate swap agreements $ 2,178 $ 2,413 $ 109 Interest expense Cross currency swap (5,604) 11,531 (1,022) (a) Total before taxes (3,426) 13,944 (913) Provision for taxes (513) 2,878 (52) Provision for taxes Total, net of taxes $ (2,913) $ 11,066 $ (861) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments, prior service cost, and settlement charge before taxes $ 24,529 $ 18,609 $ 15,467 (b) Provision for taxes 5,203 4,062 3,323 Provision for taxes Total, net of taxes $ 19,326 $ 14,547 $ 12,144 (a) The cross currency swap reflects an unrealized gain of $4.2 million and an unrealized loss of $13.8 million and $3.6 million recorded in other charges (income) during the years ended December 31, 2021, 2020, and 2019, respectively, that was offset by the underlying unrealized gain or loss on the hedged debt. The cross currency swap also reflects a realized gain of $1.4 million, $2.3 million, and $4.6 million recorded in interest expense during the years ended December 31, 2021, 2020, and 2019, respectively. (b) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 13 for additional details. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Disclosure | EQUITY INCENTIVE PLAN The Company’s equity incentive plan provides employees and directors of the Company additional incentives to join and/or remain in the service of the Company as well as to maintain and enhance the long-term performance and profitability of the Company. The Company’s 2013 Equity Incentive Plan was approved by shareholders on May 2, 2013 and provides that 2 million shares of common stock, plus any shares that remained available for grant under the Company’s prior equity incentive plan as well as options outstanding that terminate without being exercised, may be the subject of awards. The plan provides for the grant of options, restricted stock units, and other equity-based awards. The exercise price of options granted shall not be less than the fair market value of the common stock on the date of the award. Options primarily vest equally over a five-year period from the date of grant and have a maximum term of up to 10 years. Restricted units primarily vest equally over a five-year period from the date of grant. Performance share units generally vest after a three-year period from the date of the grant based upon satisfaction of the performance condition. The compensation committee of the Board of Directors has generally granted restricted share units to participating managers and non-qualified stock options and performance share units to executive officers. On May 6, 2021, the Company's shareholders approved the adoption of the Company's 2013 Equity Incentive Plan (Amended and Restated), with the effect that approximately 0.9 million additional shares of common stock were added to the 2.1 million shares that remained available under the plan prior to its amendment. In addition, shares subject to options granted under the Company's prior equity incentive plan that terminate or are forfeited without being exercised are also available for awards under the amended plan. The amended plan expires in 2031. All share-based compensation arrangements granted to employees, including stock option grants, are recognized in the consolidated statement of operations based on the grant-date fair value of the award over the period during which an employee is required to provide service in exchange for the award. Share-based compensation expense is recorded within selling, general, and administrative in the consolidated statement of operations with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The fair values of stock options granted were calculated using the Black-Scholes pricing model. The aggregate intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. The following table summarizes all stock option activity from December 31, 2020 through December 31, 2021: Number of Weighted Average Aggregate Intrinsic Outstanding at December 31, 2020 474,103 $ 400.21 $ 350.6 Granted 28,116 1,390.31 Exercised (95,549) 214.17 Forfeited (886) 546.20 Outstanding at December 31, 2021 405,784 512.30 480.8 Options exercisable at December 31, 2021 309,558 $ 391.69 $ 404.1 The following table details the weighted average remaining contractual life of options outstanding at December 31, 2021 by range of exercise prices: Number of Options Weighted Average Remaining Contractual Options 245,906 $ 301.84 3.28 233,228 115,489 $ 663.34 6.92 72,155 44,389 $ 1,285.26 9.33 4,175 405,784 5.28 309,558 As of the date granted, the weighted average grant-date fair value of the options granted during the years ended December 31, 2021, 2020, and 2019 was $377.89, $284.25, and $196.40, respectively. Such weighted average grant-date fair value was determined using the following assumptions: 2021 2020 2019 Risk-free interest rate 0.95 % 0.34 % 1.74 % Expected life in years 6.3 6.0 6.0 Expected volatility 25 % 26 % 24 % Expected dividend yield — — — The total intrinsic value of options exercised during the years ended December 31, 2021, 2020, and 2019 was approximately $116.0 million, $84.5 million, and $146.6 million, respectively. The compensation expense for options recognized during the years ended December 31, 2021, 2020, and 2019 was $7.8 million, $7.7 million, and $8.0 million, respectively. The following table summarizes all restricted stock unit and performance share unit activity from December 31, 2020 through December 31, 2021: Number of Restricted Aggregate Intrinsic Number of Performance Share Units Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2020 33,096 $37.7 15,341 $17.5 Granted 7,871 2,737 Adjustment for performance results achieved (1) — 927 Vested (11,485) (4,067) Forfeited (2,583) (94) Outstanding at December 31, 2021 26,899 $45.6 14,844 $25.2 (1) 2017 performance share units vested in the first quarter 2021. The weighted average grant-date fair value of the restricted stock units granted during the years ended 2021, 2020, and 2019 was $1,445.37, $1,104.02, and $720.81 per unit, respectively, which primarily vest ratably over a five-year period. The total fair value of the restricted stock units on the date of grant was $11.4 million for 2021, $9.1 million for 2020, and $8.9 million for 2019 and will be recorded as compensation expense on a straight-line basis over the vesting period. The total fair value of restricted stock units vested during the years ended December 31, 2021, 2020, and 2019 was approximately $11.4 million, $7.7 million, and $7.0 million, respectively. Approximately $7.6 million, $7.9 million, and $7.1 million of compensation expense was recognized during the years ended December 31, 2021, 2020, and 2019, respectively. The Company granted performance share units with a market condition during 2021, 2020, and 2019. Grantees of performance share units will be eligible to receive shares of the Company’s common stock depending upon the Company’s total shareholder return relative to the performance of companies in the S&P 500 Health Care and S&P 500 Industrials over a three-year period. The awards actually earned will range from zero to 200% of the targeted number of performance share units for the three-year performance period and will be paid, to the extent earned, in the fiscal quarter following the end of the applicable three-year performance period. During 2021, the market conditions for the 2018 performance share units were met and will vest in the first quarter 2022 with a payout of 200%. Performance share unit awards were valued using a Monte Carlo simulation based on the following assumptions: 2021 2020 2019 Risk-free interest rate 0.61 % 0.18 % 1.69 % Expected life in years 3 3 3 Expected volatility 25 % 26 % 24 % Expected dividend yield — — — As of the date granted, the fair value of the performance share units granted was $1,447.75 for 2021, $1,345.03 for 2020, and $803.26 for 2019. The total fair value of the performance share units on the date of the grant was $4.0 million for 2021 and $3.6 million for both 2020 and 2019, and will be recorded as compensation expense on a straight-line basis over the three-year performance period. The compensation expense for performance share units recognized during the years ended December 31, 2021, 2020, and 2019 was $4.2 million, $3.1 million, and $3.2 million, respectively. At December 31, 2021, a total of 3,858,825 shares of common stock were available for grant in the form of stock options, restricted stock units, or performance share units. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan [Abstract] | |
Benefits Plans Disclosure | BENEFIT PLANS The Company maintains a number of retirement and other post-retirement employee benefit plans. Certain subsidiaries sponsor defined contribution plans. Benefits are determined and funded annually based upon the terms of the plans. Amounts recognized as cost under these plans amounted to $24.8 million, $19.3 million, and $18.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. Certain subsidiaries sponsor defined benefit plans. Benefits are provided to employees primarily based upon years of service and employees’ compensation for certain periods during the last years of employment. Prior to 2002, the Company’s U.S. operations also provided post-retirement medical benefits to their employees. Contributions for medical benefits are related to employee years of service. The following tables set forth the change in benefit obligation, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the Company’s defined benefit plans and post-retirement plan at December 31, 2021 and 2020: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2021 2020 2021 2020 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 149,947 $ 142,450 $ 1,091,811 $ 961,263 $ 1,030 $ 1,295 $ 1,242,788 $ 1,105,008 Service cost, gross 1,498 1,304 35,675 33,995 — — 37,173 35,299 Interest cost 2,194 3,556 3,347 4,778 8 25 5,549 8,359 Actuarial losses (gains) (3,399) 10,733 1,904 43,508 37 (70) (1,458) 54,171 Plan amendments and other — — (23,196) 112 — — (23,196) 112 Benefits paid (8,334) (8,096) (39,911) (39,412) (200) (220) (48,445) (47,728) Impact of foreign currency — — (42,297) 87,567 — — (42,297) 87,567 Benefit obligation at end of year $ 141,906 $ 149,947 $ 1,027,333 $ 1,091,811 $ 875 $ 1,030 $ 1,170,114 $ 1,242,788 Change in plan assets: Fair value of plan assets at beginning of year $ 109,462 $ 102,812 $ 984,322 $ 861,962 $ — $ — $ 1,093,784 $ 964,774 Actual return on plan assets 12,307 9,223 52,922 39,535 — — 65,229 48,758 Employer contributions 88 5,523 27,088 26,249 200 220 27,376 31,992 Plan participants’ contributions — — 16,102 15,681 — — 16,102 15,681 Benefits paid (8,334) (8,096) (39,911) (39,412) (200) (220) (48,445) (47,728) Impact of foreign currency — — (32,262) 80,307 — — (32,262) 80,307 Fair value of plan assets at end of year $ 113,523 $ 109,462 $ 1,008,261 $ 984,322 $ — $ — $ 1,121,784 $ 1,093,784 Funded status $ (28,383) $ (40,485) $ (19,072) $ (107,489) $ (875) $ (1,030) $ (48,330) $ (149,004) The change in the benefit obligation for 2021 and 2020 is primarily related to the impact of foreign currency and a plan amendment within one of the Company's non-U.S. plans. The accumulated benefit obligations at December 31, 2021 and 2020 were $141.9 million and $149.9 million, respectively, for the U.S. defined benefit pension plan and $867.0 million and $920.3 million, respectively, for all non-U.S. plans. Certain of the plans included within non-U.S. pension benefits have accumulated benefit obligations which exceed the fair value of plan assets. The projected benefit obligation, the accumulated benefit obligation, and fair value of assets of these plans as of December 31, 2021 were $181.3 million, $174.1 million, and $40.3 million, respectively. The projected benefit obligation, the accumulated benefit obligation, and fair value of assets of these plans as of December 31, 2020 were $216.7 million, $205.3 million, and $57.4 million, respectively. Amounts recognized in the consolidated balance sheets consist of: U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2021 2020 2021 2020 2021 2020 2021 2020 Other non-current assets $ — $ — $ 122,049 $ 51,619 $ — $ — $ 122,049 $ 51,619 Accrued and other liabilities (136) (133) (5,289) (5,549) (129) (153) (5,554) (5,835) Pension and other post-retirement liabilities (28,246) (40,353) (135,833) (153,559) (746) (877) (164,825) (194,789) Accumulated other comprehensive loss (income) 56,648 69,296 259,714 332,280 (742) (891) 315,620 400,685 Total $ 28,266 $ 28,810 $ 240,641 $ 224,791 $ (1,617) $ (1,921) $ 267,290 $ 251,680 The following amounts have been recognized in accumulated other comprehensive income (loss), before taxes, at December 31, 2021 and have not yet been recognized as a component of net periodic pension cost: U.S. Pension Non-U.S. Pension Other Benefits Total Total, After Tax 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Plan amendments and prior service cost $ — $ — $ (29,446) $ (9,857) $ (426) $ (501) $ (29,872) $ (10,358) $ (24,118) $ (8,262) Actuarial losses (gains) 56,648 69,296 289,160 342,137 (316) (390) 345,492 411,043 272,118 $ 322,947 Total $ 56,648 $ 69,296 $ 259,714 $ 332,280 $ (742) $ (891) $ 315,620 $ 400,685 $ 248,000 $ 314,685 The following changes in plan assets and benefit obligations were recognized in other comprehensive income (loss), before taxes, for the year ended December 31, 2021: U.S. Pension Non-U.S. Pension Other Benefits Total Total, After Tax Net actuarial losses (gains) $ (9,732) $ (15,507) $ 37 $ (25,202) $ (19,293) Plan amendment — (23,196) — (23,196) (18,831) Amortization of: Actuarial (losses) gains (2,916) (24,899) 37 (27,778) (21,958) Plan amendments and prior service cost — 3,174 75 3,249 2,632 Impact of foreign currency — (12,138) — (12,138) (9,235) Total $ (12,648) $ (72,566) $ 149 $ (85,065) $ (66,685) The assumed discount rates and rates of increase in future compensation levels used in calculating the projected benefit obligations vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows: U.S. Non-U.S. 2021 2020 2021 2020 Discount rate 2.57 % 2.22 % 0.40 % 0.32 % Compensation increase rate n/a n/a 0.85 % 0.86 % Expected long-term rate of return on plan assets 5.75 % 5.75 % 3.78 % 3.73 % Interest crediting rate n/a n/a 1.00 % 0.50 % The assumed discount rates, rates of increase in future compensation levels, and the long-term rate of return used in calculating the net periodic pension cost vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows: U.S. Non-U.S. 2021 2020 2019 2021 2020 2019 Discount rate 2.22 % 3.03 % 4.11 % 0.63 % 0.51 % 1.22 % Compensation increase rate n/a n/a n/a 0.85 % 0.86 % 0.87 % Expected long-term rate of return on plan assets 5.75 % 6.25 % 6.50 % 3.78 % 3.76 % 3.84 % Net periodic pension cost and net periodic post-retirement benefit for the defined benefit plans and U.S. post-retirement plan include the following components for the years ended December 31: U.S. Non-U.S. Other Benefits Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost, net $ 1,498 $ 1,304 $ 1,063 $ 19,558 $ 18,314 $ 15,534 $ — $ — $ — $ 21,056 $ 19,618 $ 16,597 Interest cost on projected benefit obligations 2,194 3,556 4,585 3,347 4,778 10,192 8 25 64 5,549 8,359 14,841 Expected return on plan assets (5,974) (6,094) (5,887) (35,511) (33,067) (29,162) — — — (41,485) (39,161) (35,049) Recognition of actuarial losses/(gains) and prior service cost 2,916 2,578 2,374 21,725 16,134 13,784 (112) (103) (691) 24,529 18,609 15,467 Net periodic pension cost/(benefit) $ 634 $ 1,344 $ 2,135 $ 9,119 $ 6,159 $ 10,348 $ (104) $ (78) $ (627) $ 9,649 $ 7,425 $ 11,856 The projected post-retirement benefit obligation was principally determined using discount rates of 1.94% in 2021 and 1.47% in 2020. Net periodic post-retirement benefit cost was principally determined using discount rates of 1.47% in 2021, 2.54% in 2020, and 3.75% in 2019. The health care cost trend rate was 5.9% in 2021, 6.0% in 2020, and 6.2% in 2019, decreasing to 4.50% in 2029. The Company’s overall asset investment strategy is to achieve long-term growth while minimizing volatility by widely diversifying among asset types and strategies. Target asset allocations and investment return criteria are established by the pension committee or designated officers of each plan. Target asset allocation ranges for the U.S. pension plan include 40-60% in equity securities, 23-33% in fixed income securities, and 15-25% in other types of investments. International plan assets relate primarily to the Company’s Swiss plan with target allocations of 24-45% in equities, 35-55% in fixed income securities, and 15-25% in other types of investments. Actual results are monitored against targets and the trustees are required to report to the members of each plan, including an analysis of investment performance on an annual basis at a minimum. Day-to-day asset management is typically performed by third-party asset managers, reporting to the pension committees or designated officers. The long-term rate of return on plan asset assumptions used to determine pension expense under U.S. GAAP is generally based on estimated future returns for the target investment mix determined by the trustees as well as historical investment performance. The following table presents the fair value measurement of the Company’s plan assets by hierarchy level: December 31, 2021 December 31, 2020 Quoted Observable Unobservable Total Quoted Observable Unobservable Total Asset Category: Cash and Cash Equivalents $ 92,207 $ — $ — $ 92,207 $ 166,614 $ — $ — $ 166,614 Equity Securities: Mettler-Toledo Stock 3,639 — — 3,639 3,767 — — 3,767 Equity Mutual Funds: U.S. (1) 8,197 43,287 — 51,484 7,467 30,460 — 37,927 International (2) 100,197 23,022 — 123,219 83,309 41,027 — 124,336 Emerging Markets (3) 157,814 3,315 — 161,129 131,103 966 — 132,069 Fixed Income Securities: Corporate/Government Bonds (4) 87,772 — — 87,772 92,085 — — 92,085 Fixed Income Mutual Funds: Insurance Contracts (5) — 38,555 1,787 40,342 — 43,055 1,793 44,848 Core Bond (6) 107,394 71,608 — 179,002 72,061 64,111 — 136,172 Real Asset Mutual Funds: Real Estate (7) — 153,954 — 153,954 117,089 15,864 — 132,953 Commodities (8) 50,525 — — 50,525 53,088 — — 53,088 Other Types of Investments: Debt Securities (9) 41,628 — — 41,628 43,060 — — 43,060 Global Allocation Funds (10) 5,680 — — 5,680 12,359 — — 12,359 Multi-Strategy Fund of Hedge Funds (11) — 16,103 — 16,103 — — — — Insurance Linked Securities (12) 19,287 — — 19,287 19,038 — — 19,038 Total assets in fair value hierarchy $ 674,340 $ 349,844 $ 1,787 $ 1,025,971 $ 801,040 $ 195,483 $ 1,793 $ 998,316 Investments measured at net asset value: International (13) 3,568 2,930 Emerging Markets (13) 7,211 7,262 Multi-Strategy Fund of Hedge Funds (13) 85,034 85,276 Total pension assets at fair value $ 1,121,784 $ 1,093,784 _______________________________________ (1) Represents primarily large capitalization equity mutual funds tracking the S&P 500 Index. (2) Represents all capitalization core and value equity mutual funds located primarily in Switzerland, the United Kingdom, and Canada. (3) Represents core and growth mutual funds and funds of mutual funds invested in emerging markets primarily in Eastern Europe, Latin America, and Asia. (4) Represents investments in high-grade corporate and government bonds located in Switzerland and the European Union. (5) Represents fixed and variable rate annuity contracts provided by insurance companies. (6) Represents fixed income mutual funds invested in the U.S., the United Kingdom, Switzerland, and European government bonds, high-grade corporate bonds, mortgage-backed securities, and collateralized mortgage obligations. (7) Represents mutual funds invested in real estate located primarily in Switzerland. (8) Represents commodity funds invested across a broad range of sectors. (9) Represents a loan to a wholly owned subsidiary of the Company. See Note 10 for additional disclosure. (10) Represents mutual funds invested globally in both equities and fixed income securities. (11) Represents currency hedged versions of the non-currency hedged equity funds held in the United Kingdom. (12) Represents a broadly diversified portfolio of assets that carry exposure to insurance risks, particularly insurance linked securities. (13) Investments that are measured using the net asset value (NAV) per share practical expedient have not been categorized in the fair value hierarchy. The amounts presented above are intended to permit reconciliation of the fair value hierarchy to the fair value of total plan assets in order to determine the amounts included in the consolidated balance sheet. The fair values of the Company’s stock and corporate and government bonds are valued at the year-end closing price as reported on the securities exchange on which they are traded. Mutual funds are valued at the exchange-listed year-end closing price or at the net asset value of shares held by the fund at the end of the year. Insurance contracts are valued by discounting the related cash flows using a current year-end market rate or at cash surrender value, which is presumed to equal fair value. Funds of hedge funds are valued at the net asset value of shares held by the fund at the end of the year. The following table presents a roll-forward of activity for the years ended December 31, 2021 and 2020 for Level 3 asset categories: Insurance Balance at December 31, 2019 $ 1,486 Actual return on plan assets related to assets held at end of year 22 Purchases 99 Impact of foreign currency 186 Balance at December 31, 2020 $ 1,793 Actual return on plan assets related to assets held at end of year 26 Purchases 70 Impact of foreign currency (102) Balance at December 31, 2021 $ 1,787 There were no transfers between any asset levels during the years ended December 31, 2021 and 2020. The following benefit payments, which reflect expected future service as appropriate, are expected to be paid: U.S. Pension Non-U.S. Pension Other Benefits, Net of Total 2022 $ 8,715 $ 48,030 $ 129 $ 56,874 2023 8,789 48,345 111 57,245 2024 8,848 50,636 99 59,583 2025 8,859 49,528 88 58,475 2026 8,809 50,121 78 59,008 2027-2031 42,737 251,739 269 294,745 In 2022, the Company expects to make employer pension contributions of approximately $28.2 million to its non-U.S. pension plan and employer contributions of approximately $0.1 million to its U.S. post-retirement medical plan. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | TAXES The sources of the Company’s earnings before taxes were as follows for the years ended December 31: 2021 2020 2019 United States $ 109,918 $ 94,651 $ 102,262 Non-United States 839,443 654,092 579,132 Earnings before taxes $ 949,361 $ 748,743 $ 681,394 The provision for taxes consists of: Current Deferred Total Year ended December 31, 2021: United States federal $ 7,750 $ (7,415) $ 335 United States state and local 3,670 (1,099) 2,571 Non-United States 168,393 9,077 177,470 Total $ 179,813 $ 563 $ 180,376 Year ended December 31, 2020: United States federal $ 6,242 $ (6,311) $ (69) United States state and local 5,563 (1,736) 3,827 Non-United States 146,983 (4,737) 142,246 Total $ 158,788 $ (12,784) $ 146,004 Year ended December 31, 2019: United States federal $ 3,033 $ (2,622) $ 411 United States state and local (996) (1,950) (2,946) Non-United States 122,878 (58) 122,820 Total $ 124,915 $ (4,630) $ 120,285 The provision for tax expense differed from the amounts computed by applying the United States federal income tax rate of 21% for the years ended December 31, 2021, 2020, and 2019 to earnings before taxes as a result of the following: 2021 2020 2019 Expected tax $ 199,365 $ 157,236 $ 143,092 United States state and local income taxes, net of federal income tax benefit 1,235 3,320 499 Net effect of Swiss tax reform implementation (see below) — — (15,833) Non-United States income taxes at other than U.S. federal rate 3,439 179 18,546 Excess tax benefits from stock option exercises (22,843) (17,261) (28,279) Other, net (820) 2,530 2,260 Total provision for taxes $ 180,376 $ 146,004 $ 120,285 The Company’s reported effective tax rate was 19.0% in 2021, 19.5% in 2020, and 17.7% in 2019. As discussed below, the provision for income taxes included a net benefit of $15.8 million in 2019 related to Swiss tax reform, which had the effect of reducing the Company’s effective tax rate by 2.3% in 2019. In May 2019, a public referendum was held in Switzerland that approved Swiss federal tax reform proposals previously approved by the Swiss Parliament. Additional changes in Swiss cantonal law were enacted in October 2019 (collectively Swiss Tax Reform). The changes in Swiss federal tax had an immaterial effect on our financial statements. As a result of the enactment of the cantonal law, the Company recognized a deferred tax asset of $48.1 million less a valuation allowance of $31.9 million in the fourth quarter of 2019. The amount primarily related to deferred benefits associated with an allowed step-up of intangible assets for tax purposes. The rate impact of Swiss Tax Reform was effective January 1, 2020 and did not have a material impact on the Company’s consolidated effective tax rate. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below at December 31: 2021 2020 Deferred tax assets: Inventory $ 24,007 $ 18,849 Lease liability, accrued and other liabilities 103,900 94,113 Accrued post-retirement benefit and pension costs 49,774 56,618 Net operating loss and tax credit carryforwards 26,808 27,717 Swiss tax reform intangible assets 51,194 53,080 Other 1,006 12,408 Total deferred tax assets 256,689 262,785 Less valuation allowance (51,126) (52,388) Total deferred tax assets less valuation allowance 205,563 210,397 Deferred tax liabilities: Inventory 6,905 6,029 Lease right-of-use assets and other assets 31,164 29,553 Property, plant, and equipment 68,701 60,047 Acquired intangibles amortization 61,289 62,584 Prepaid post-retirement benefit and pension costs 41,524 28,270 International earnings 15,001 16,526 Unrealized currency gains 3,713 — Total deferred tax liabilities 228,297 203,009 Net deferred tax (liability) asset $ (22,734) $ 7,388 The Company continues to record valuation allowances related to certain of its deferred income tax assets due to the uncertainty of the ultimate realization of future benefits from such assets. The potential decrease or increase of the valuation allowance in the near term is dependent on the future ability of the Company to realize the deferred tax assets that are affected by the future profitability of operations in the respective/relevant jurisdictions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2021 2020 Unrecognized tax benefits at beginning of year $ 38,294 $ 29,934 Increases related to current tax positions 12,200 9,503 Decreases related to prior year tax positions (2,905) (2,900) Impact of foreign currency (1,157) 1,757 Unrecognized tax benefits at end of year $ 46,432 $ 38,294 Included in the balance of unrecognized tax benefits at December 31, 2021 and 2020 were $46.4 million and $38.3 million, respectively, of tax benefits that if recognized would reduce the Company’s effective tax rate. Increases and decreases related to current and prior year tax positions during 2021 and 2020 primarily related to non-United States income taxes. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of its income tax expense within its consolidated statement of operations. The amount of accrued interest and penalties included within other non-current liabilities within the Company’s consolidated balance sheet as of December 31, 2021 and 2020 was $7.7 million and $6.2 million, respectively. The Company believes that it is reasonably possible that the unrecognized tax benefit balance could change over the next 12 months, primarily related to potential disputes raised by the taxing authorities over income and expense recognition. The Company does not expect a change would have a material impact on its financial position, results of operations, or cash flows. The Company plans to repatriate earnings from China, Switzerland, Germany, the United Kingdom, and certain other countries in future years and believes that there will be no additional tax costs associated with the repatriation of such foreign earnings other than non-U.S. withholding taxes, certain state taxes, and U.S. taxes on currency gains, if any, for which a deferred tax liability has been recognized. All other undistributed earnings and any additional outside basis difference inherent in these entities and the contributed capital of our foreign subsidiaries are considered to be permanently reinvested on which no U.S. deferred income taxes or foreign withholding taxes have been provided. It is not practicable to estimate the amount of deferred tax liability related to these undistributed earnings and additional outside basis differences in these entities due to the complexity of the calculation and the uncertainty regarding assumptions necessary to compute the tax. As of December 31, 2021, the major jurisdictions for which the Company is subject to examinations are: Germany for years after 2015; the United States after 2017; France after 2019; Switzerland after 2019; the United Kingdom after 2018; and China after 2018. Additionally, the Company is currently under examination in various taxing jurisdictions in which it conducts business operations. While the Company has not yet received any material assessments from these taxing authorities, the Company believes that adequate amounts of taxes and related interest and penalties have been provided for any adverse adjustments as a result of these examinations and that the ultimate outcome of these examinations will not result in a material impact on the Company’s consolidated results of operations or financial position. |
Other Charges (Income), Net
Other Charges (Income), Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Charges (Income), Net Disclosure | OTHER CHARGES (INCOME), NETOther charges (income), net consisted of net other income of $3.1 million, $13.8 million, and $6.2 million in 2021, 2020, and 2019, respectively. Other charges (income), net includes non-service pension costs (benefits), net (gains) losses from foreign currency transactions and hedging activities, interest income, and other items. Non-service pension benefits were $11.4 million, $12.2 million, and $4.8 million in 2021, 2020, and 2019, respectively. Other charges (income), net also includes $3.4 million of acquisition costs for the year ended December 31, 2021, as well as a $6.8 million charge to increase the PendoTECH acquisition contingent consideration and related obligations to the sellers. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASESThe Company adopted ASC 842 - Leases with an effective date of January 1, 2019. The operating lease right-of-use asset recognized upon adoption was $92.7 million, and the lease liability was $93.5 million. The Company elected the practical expedients package under ASC 842, and accordingly did not reassess any previously expired or existing arrangements, and related classification under ASC 840 - Leases. The Company’s operating leases primarily comprise real estate and vehicles. Real estate leases are largely related to sales and marketing, service, and administrative offices, while vehicle leases are primarily related to the Company’s field sales and service organization. The consolidated balance sheet included the following balances as of December 31: 2021 2020 Balance Sheet Location Right-of-use assets, net $ 118,499 $ 98,624 Other non-current assets Current lease liability $ 30,636 $ 29,216 Accrued and other liabilities Non-current lease liability 88,316 69,830 Other non-current liabilities Total operating lease liability $ 118,952 $ 99,046 As of December 31, 2021, the Company has not entered into any material real estate operating leases expected to commence in 2022. For the years ended December 31, 2021 and 2020, the Company had the following recorded in selling, general, and administrative associated with leasing arrangements: 2021 2020 2019 Operating lease expense $ 36,137 $ 34,559 $ 33,666 Variable lease expense 4,503 4,182 4,337 Short-term lease expense 1,018 991 1,187 Total lease expense $ 41,658 $ 39,732 $ 39,190 Weighted average remaining lease term 7.4 years 6.8 years 6.4 years Weighted average discount rate 2.1% 2.5% 2.9 % Accruals and other on the consolidated statement of cash flows includes the amortization of the lease right-of-use asset of $33.7 million, $32.1 million, and $31.1 million, offset by a change in the lease liability of $33.7 million, $31.7 million, and $30.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. Lease payments within operating activities were $35.5 million, $36.0 million, and $33.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. The Company also obtained non-cash lease right-of-use assets in exchange for lease liabilities of $46.4 million, $35.0 million, and $25.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. The following is a maturity analysis of the annual undiscounted cash flows for the annual periods ended December 31: 2022 $ 32,865 2023 24,785 2024 16,156 2025 9,902 2026 7,413 Thereafter 38,212 Total lease payments 129,333 Less imputed interest (10,381) Total operating lease liability $ 118,952 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Leases, Operating [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Legal 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 will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | SEGMENT REPORTING The Company has five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations, and Other. U.S. Operations represent certain of the Company’s marketing and producing organizations located in the United States. Western European Operations include the Company’s marketing and producing organizations in Western Europe, excluding operations located in Switzerland. Swiss Operations include marketing and producing organizations located in Switzerland as well as extensive R&D operations that are responsible for the development, production, and marketing of precision instruments, including weighing, analytical, and measurement technologies for use in a variety of laboratory and industrial applications. Chinese Operations represent the Company’s marketing and producing organizations located in China. The Company’s market organizations are geographically focused and are responsible for all aspects of the Company’s sales and service. Operations that exist outside these reportable segments are included in Other. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on segment profit for segment reporting (gross profit less research and development and selling, general, and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net, and taxes). Inter-segment sales and transfers are priced to reflect consideration of market conditions and the regulations of the countries in which the transferring entities are located. The following tables show the operations of the Company’s reportable segments: For the Year Ended December 31, 2021 Net Sales to Net Sales to Total Net Segment Depreciation Total Assets Purchase of Goodwill U.S. Operations $ 1,287,983 $ 155,987 $ 1,443,970 $ 302,177 $ 12,123 $ 3,278,400 $ (34,972) $ 508,942 Swiss Operations 171,633 826,001 997,634 301,142 6,557 2,700,965 (7,856) 23,710 Western European Operations 829,761 211,547 1,041,308 172,265 5,264 1,566,819 (11,014) 100,433 Chinese Operations 771,651 291,779 1,063,430 369,835 9,566 1,037,838 (15,700) 710 Other (a) 656,902 4,780 661,682 100,028 3,819 365,182 (5,652) 14,827 Eliminations and Corporate (b) — (1,490,094) (1,490,094) (187,636) 7,653 (5,622,406) (32,386) — Total $ 3,717,930 $ — $ 3,717,930 $ 1,057,811 $ 44,982 $ 3,326,798 $ (107,580) $ 648,622 For the Year Ended December 31, 2020 Net Sales to Net Sales to Total Net Segment Depreciation Total Assets Purchase of Goodwill U.S. Operations $ 1,072,319 $ 121,850 $ 1,194,169 $ 244,940 $ 11,347 $ 2,560,652 $ (18,258) $ 415,869 Swiss Operations 143,923 679,837 823,760 245,465 6,257 2,028,879 (5,495) 24,525 Western European Operations 716,715 173,176 889,891 147,562 4,769 1,294,579 (13,678) 93,514 Chinese Operations 578,610 213,735 792,345 270,497 8,506 985,977 (9,755) 686 Other (a) 573,610 4,600 578,210 77,910 3,737 340,786 (5,974) 15,676 Eliminations and Corporate (b) — (1,193,198) (1,193,198) (145,666) 7,428 (4,396,324) (39,334) — Total $ 3,085,177 $ — $ 3,085,177 $ 840,708 $ 42,044 $ 2,814,549 $ (92,494) $ 550,270 For the Year Ended December 31, 2019 Net Sales to Net Sales to Total Net Segment Depreciation Total Assets Purchase of Goodwill U.S. Operations $ 1,057,115 $ 114,794 $ 1,171,909 $ 210,133 $ 10,684 $ 2,363,725 $ (15,607) $ 410,022 Swiss Operations 139,499 657,678 797,177 233,292 6,069 1,648,065 (5,820) 22,369 Western European Operations 700,741 175,759 876,500 123,845 4,450 1,150,214 (11,267) 87,980 Chinese Operations 544,716 224,517 769,233 266,522 8,045 694,903 (10,252) 633 Other (a) 566,581 5,890 572,471 71,483 3,395 358,281 (4,936) 14,975 Eliminations and Corporate (b) — (1,178,638) (1,178,638) (127,197) 6,348 (3,425,867) (49,459) — Total $ 3,008,652 $ — $ 3,008,652 $ 778,078 $ 38,991 $ 2,789,321 $ (97,341) $ 535,979 (a) Other includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries. (b) Eliminations and Corporate includes the elimination of intersegment transactions as well as 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 follows: 2021 2020 2019 Earnings before taxes $ 949,361 $ 748,743 $ 681,394 Amortization 63,075 56,665 49,690 Interest expense 43,242 38,616 37,411 Restructuring charges 5,239 10,516 15,760 Other income, net (3,106) (13,832) (6,177) Segment profit $ 1,057,811 $ 840,708 $ 778,078 The Company sells precision instruments, including weighing instruments and certain analytical and measurement technologies, and related services to a variety of customers and industries. None of these end-customers account for more than 1% of net sales. Service revenues are primarily derived from repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance, and spare parts. A breakdown of the Company’s sales by product category is disclosed in Note 3 to the consolidated financial statements. In certain circumstances, our reporting units sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination and property, plant, and equipment by geographic destination for the years ended December 31 follows: Net Sales Property, Plant, and 2021 2020 2019 2021 2020 United States $ 1,217,114 $ 1,014,180 $ 984,524 $ 228,010 $ 208,038 Other Americas 202,718 166,446 181,323 3,267 3,713 Total Americas 1,419,832 1,180,626 1,165,847 231,277 211,751 Germany 229,341 199,499 195,790 40,854 48,468 France 152,225 134,542 130,387 8,026 9,123 United Kingdom 90,431 70,163 66,855 35,349 34,631 Switzerland 82,381 69,965 65,202 304,228 314,059 Other Europe 508,583 447,097 433,858 51,760 64,048 Total Europe 1,062,961 921,266 892,092 440,217 470,329 China 754,002 565,100 527,076 95,356 89,277 Rest of World 481,135 418,185 423,637 32,515 27,511 Total Asia/Rest of World 1,235,137 983,285 950,713 127,871 116,788 Total $ 3,717,930 $ 3,085,177 $ 3,008,652 $ 799,365 $ 798,868 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturity dates of three months or less. The carrying value of these cash equivalents approximates fair value. |
Trade Accounts Receivable, Policy | 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 current and historical information and reasonable and supportable forecasts of future events and circumstances. |
Inventories, Policy | Inventories Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor, and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, expected future 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. |
Property, Plant and Equipment, Policy | Long-Lived Assets a) Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Repair and maintenance costs are charged to expense as incurred. The Company capitalizes certain direct costs related to the acquisition and development of internal-use computer software. Externally purchased software is capitalized when we obtain legal ownership and is amortized over its useful life ranging from three to five years. Internally developed software costs for internal use are capitalized once the preliminary project stage is complete and it is probable that the project will be completed and the software will be used to perform the function intended. Costs associated with internal-use software are amortized on a straight-line basis over 10 years. Fully depreciated assets other than capitalized internally developed software are retained in property, plant, and equipment and accumulated depreciation accounts until disposal. Depreciation and amortization are charged on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term In September 2021, the Company entered into an agreement with the U.S. Department of Defense to increase domestic production capacity of pipette tips and enhance manufacturing automation and logistics. The Company will receive funding of $35.8 million over the next two years, which will offset future capital expenditures. In accordance with ASU 2021-10: Government Assistance, the Company will apply guidance within IAS 20 - Accounting for Government Grants and Disclosure and will account for the government agreement by reducing the cost of the asset within property, plant, and equipment in the consolidated balance sheets by the amount of the funds received. |
Goodwill and Intangible Assets, Policy | Goodwill and Other Intangible Assets Goodwill, representing the excess of purchase price over the fair value of the net assets of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluations of goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If the Company is unable to conclude whether the goodwill or indefinite-lived intangible asset is not impaired after considering the totality of events and circumstances during its qualitative assessment, the Company performs a quantitative assessment by estimating the fair value of the respective reporting unit or indefinite-lived intangible asset and comparing the fair value to the carrying amount. If the carrying amount of the reporting unit or indefinite-lived intangible asset exceeds its fair value, an impairment charge equal to the difference is recognized. 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 |
Accounting for Impairment of Long Lived Assets, Policy | Accounting for Impairment of Long-Lived Assets The Company assesses the need to record impairment losses on long-lived assets (asset group) with finite lives when events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use and eventually disposition of that asset (asset group) are less than the asset’s carrying value, with the loss measured as the difference between carrying value and estimated fair value. |
Income Tax, Policy | Taxation The Company files tax returns in each jurisdiction in which it operates. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in the respective jurisdictions in which the Company operates. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The valuation allowance is based on management’s estimates of future taxable income and application of relevant income tax law. Deferred taxes are not provided on the unremitted earnings of subsidiaries outside of the United States when it is expected that these earnings are permanently reinvested. Such earnings may become taxable upon the sale or liquidation of these subsidiaries or upon the remittance of dividends. Deferred taxes are provided when the Company no longer considers subsidiary earnings to be permanently invested, such as in situations where the Company’s subsidiaries plan to make future dividend distributions. In accordance with the Tax Cuts and Jobs Act, the Company treats taxes due on future Global Intangible Low-Taxed Income (GILTI) inclusions in U.S. taxable income as a current period expense when incurred. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of income tax expense within its consolidated statement of operations. |
Currency Transactions and Translations Policy | Currency Translation and Transactions The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The functional currency for the Company’s operations is generally the applicable local currency. Accordingly, the assets and liabilities of companies whose functional currency is other than the U.S. dollar are included in the consolidated financial statements by translating the assets and liabilities into the reporting currency at the exchange rates applicable at the end of the reporting period. The statements of operations and cash flows of such non-U.S. dollar functional currency operations are translated at the monthly weighted average exchange rates during the year. Translation gains or losses are accumulated in other comprehensive income (loss) in the consolidated statements of shareholders’ equity. Transaction gains and losses are included as a component of net earnings or in certain circumstances as a component of other comprehensive income (loss) where the underlying item is considered a hedge of a net investment or relates to intercompany notes that are long term in nature. |
Revenue Recognition, Policy | Revenue Recognition Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s contracts have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end-customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements. Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company’s control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location. Software is generally not considered a distinct performance obligation with the exception of a limited number of small software applications. The Company generally 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 products. Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period. |
Lessee, Leases [Policy Text Block] | Leases The Company considers an arrangement a lease if the arrangement transfers the right to control the use of an identified asset in exchange for consideration. The Company has operating leases, but does not have material financing leases. Operating lease right-of-use assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make payments arising from the lease agreement. These assets and liabilities are recognized at the commencement of the lease based upon the present value of the lease payments over the lease term. Lease payments include both lease and non-lease components for items or activities that transfer a good and service. Vehicle lease and non-lease components are separately accounted for based on stand-alone value. Real estate lease and non-lease components are accounted for as a single component. Operating lease right-of-use assets include initial direct costs, advanced lease payments, and lease incentives. The lease term reflects the noncancellable period of the lease together with periods covered by an option to extend or terminate the lease when management is reasonably certain that it will exercise such option. The Company applies its incremental borrowing rate at the lease commencement date in determining the present value of lease payments as the information necessary to determine the rate implicit in the lease is not readily available. The incremental borrowing rate reflects similar terms by geographic location to the underlying leases. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the right-of-use asset and lease liabilities and are expensed as incurred. Short-term leases are less than one year without purchase or renewal options that are reasonably certain to be exercised and are recognized on a straight-line basis over the lease term. The right-of-use asset is tested for impairment in accordance with ASC 360. |
Research and Development Expense, Policy | Research and Development Research and development costs primarily consist of salaries, consulting, and other costs. The Company expenses these costs as incurred. |
Employee Termination Benefits, Policy | Employee Termination Benefits In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period. |
Earnings per Common Share, Policy | Earnings per Common Share In accordance with the treasury stock method, the Company has included 327,768, 316,582, and 406,848 common equivalent shares in the calculation of diluted weighted average number of common shares for the years ended December 31, 2021, 2020, and 2019, respectively, relating to outstanding stock options and restricted stock units. Outstanding options and restricted stock units to purchase or receive 24,036, 36,263, and 71,660 shares of common stock for the years ended December 31, 2021, 2020, and 2019, 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. |
Equity Based Compensation, Policy | Equity-Based Compensation The Company applies the fair value methodology in accounting for its equity-based compensation plan. |
Derivatives Financial Instruments, Policy | Derivative Financial Instruments The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. As described more fully in Note 6, the Company primarily enters into foreign currency forward exchange contracts to economically hedge certain short-term intercompany balances involving its international businesses. Such contracts limit the Company’s exposure to currency fluctuations on the underlying hedged item. These contracts are adjusted to fair market value as of each balance sheet date, with the resulting changes in fair value being recognized in other charges (income), consistent with the underlying hedged item. |
Fair Value Measurements, Policy | Fair Value Measurements The Company measures or monitors certain assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities in which fair value is the primary basis of accounting, mainly derivative instruments. 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. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the fair value hierarchy established under U.S. GAAP and when possible looks to active and observable markets to price identical assets and liabilities. If identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. |
Business Combinations Policy [Policy Text Block] | Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company’s consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. Acquisition transaction costs are expensed when incurred. In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2020 and January 2021, the FASB issued ASU 2020-04 and ASU 2021-01: Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2022. The Company's interest rate and cross currency swaps, as mentioned in Note 6 to the consolidated financial statements, are governed by International Swaps and Derivatives Association (ISDA) agreements, and the Company will adhere to the ISDA's fallback protocol when LIBOR is discontinued. In addition, the Company renewed the LIBOR-based credit agreement, as discussed further in Note 10, which includes a fallback protocol when LIBOR is discontinued. Based on these procedures, when LIBOR is discontinued, the interest rate and cross currency swaps will not require de-designation if certain criteria are met. The Company expects the financial impact of the rate change when LIBOR is discontinued to be immaterial to its financial statements. In November 2021, the FASB issued ASU 2021-10: Government Assistance, which increases the transparency of government assistance including the disclosure of the types of assistance, an entity's accounting for the assistance, and the effect of the assistance on an entity's financial statements. The Company early adopted this guidance on a prospective basis in the fourth quarter of 2021. The adoption of this guidance did not have a material impact on the Company's disclosures. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | A summary by the Company’s reportable segments follows for the years ended December 31: Twelve months ended December 31, 2021 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 1,004,891 $ 135,987 $ 600,527 $ 707,355 $ 511,855 $ 2,960,615 Service Revenue: Point in time 218,306 26,764 151,656 48,343 120,860 565,929 Over time 64,786 8,882 77,578 15,953 24,187 191,386 Total $ 1,287,983 $ 171,633 $ 829,761 $ 771,651 $ 656,902 $ 3,717,930 Twelve months ended December 31, 2020 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 815,046 $ 112,542 $ 509,385 $ 526,231 $ 441,968 $ 2,405,172 Service Revenue: Point in time 199,247 22,733 135,793 39,705 110,542 508,020 Over time 58,026 8,648 71,537 12,674 21,100 171,985 Total $ 1,072,319 $ 143,923 $ 716,715 $ 578,610 $ 573,610 $ 3,085,177 Twelve months ended December 31, 2019 U.S. Operations Swiss Operations Western European Operations Chinese Operations Other Operations Total Product Revenue $ 801,181 $ 110,390 $ 500,978 $ 495,579 $ 438,717 $ 2,346,845 Service Revenue: Point in time 207,707 20,968 135,612 37,370 109,802 511,459 Over time 48,227 8,141 64,151 11,767 18,062 150,348 Total $ 1,057,115 $ 139,499 $ 700,741 $ 544,716 $ 566,581 $ 3,008,652 The Company's global revenue mix by product category for the year ended December 31, 2021 is laboratory (56% of sales), industrial (39% of sales), and retail (5% of sales). The Company’s product revenue by reportable segment is proportionately similar to the Company’s global mix with the exception of the Company’s Swiss Operations, which is largely comprised of laboratory products, and the Company’s Chinese Operations, which has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the year ended December 31 follows: 2021 2020 2019 Laboratory $ 2,083,025 $ 1,669,791 $ 1,578,625 Industrial 1,446,544 1,224,497 1,233,970 Retail 188,361 190,889 196,057 Total net sales $ 3,717,930 $ 3,085,177 $ 3,008,652 A breakdown of net sales to external customers by geographic customer destination, net for the year ended December 31 follows: 2021 2020 2019 Americas $ 1,419,832 $ 1,180,626 $ 1,165,847 Europe 1,062,961 921,266 892,092 Asia/Rest of World 1,235,137 983,285 950,713 Total $ 3,717,930 $ 3,085,177 $ 3,008,652 |
Contract with Customer, Asset and Liability [Table Text Block] | 2021 2020 2019 Beginning balances as of January 1 $ 149,106 $ 122,489 $ 105,381 Customer prepayments/deferred revenue 711,067 617,643 633,190 Revenue recognized (667,245) (595,802) (615,957) Foreign currency translation (280) 4,776 (125) Ending balance as of December 31 $ 192,648 $ 149,106 $ 122,489 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVENTORIES [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2021 2020 Raw materials and parts $ 184,624 $ 132,041 Work-in-progress 76,019 55,688 Finished goods 153,900 109,882 Total inventory $ 414,543 $ 297,611 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 2021 2020 Balance Sheet Location Foreign currency forward contracts not designated as hedging instruments $ 3,927 $ 2,227 Other current assets and prepaid expenses Cash flow hedges: Cross currency swap agreement 2,119 — Other non-current assets Total derivative assets $ 6,046 $ 2,227 Foreign currency forward contracts not designated as hedging instruments $ 4,510 $ 1,399 Accrued and other liabilities Cash flow hedges: Cross currency swap agreements 4,493 13,093 Accrued and other liabilities Interest rate swap agreements 352 2,502 Other non-current liabilities Cross currency swap agreements 989 6,297 Other non-current liabilities Total derivative liabilities $ 10,344 $ 23,291 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2021 2020 Land $ 61,883 $ 61,838 Building and leasehold improvements 367,846 356,699 Machinery and equipment 473,914 458,174 Computer software 502,198 544,490 Property, plant, and equipment, gross 1,405,841 1,421,201 Less accumulated depreciation and amortization (606,476) (622,333) Property, plant, and equipment, net $ 799,365 $ 798,868 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | 2021 2020 Balance at beginning of year $ 550,270 $ 535,979 Goodwill acquired 103,882 6,169 Foreign currency translation (5,530) 8,122 Balance at year end $ 648,622 $ 550,270 |
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Table Text Block] | 2021 2020 Gross Accumulated Intangibles, Net Gross Accumulated Intangibles, Net Customer relationships $ 282,470 $ (79,782) $ 202,688 $ 201,445 $ (68,319) $ 133,126 Proven technology and patents 115,680 (56,305) 59,375 78,312 (52,138) 26,174 Tradenames (finite life) 8,206 (3,731) 4,475 4,896 (3,444) 1,452 Tradenames (indefinite life) 35,949 — 35,949 35,595 — 35,595 Other 10,641 (5,678) 4,963 5,215 (4,777) 438 $ 452,946 $ (145,496) $ 307,450 $ 325,463 $ (128,678) $ 196,785 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | . DEBT Debt consisted of the following at December 31: 2021 2020 3.67% $50 million 10-year Senior Notes due December 17, 2022 $ 50,000 $ 50,000 4.10% $50 million 10-year Senior Notes due September 19, 2023 50,000 50,000 3.84% $125 million 10-year Senior Notes due September 19, 2024 125,000 125,000 4.24% $125 million 10-year Senior Notes due June 25, 2025 125,000 125,000 3.91% $75 million 10-year Senior Notes due June 25, 2029 75,000 75,000 2.83% $125 million 12-year Senior Notes due July 22, 2033 125,000 — 3.19% $50 million 15-year Senior Notes due January 24, 2035 50,000 50,000 1.47% EUR 125 million 15-year Senior Notes due June 17, 2030 141,789 153,299 1.30% EUR 135 million 15-year Senior Notes due November 6, 2034 153,132 165,563 1.06% EUR 125 million 15-year Senior Notes due March 19, 2036 141,789 — Senior Notes debt issuance costs, net (4,115) (2,760) Total Senior Notes 1,032,595 791,102 $1.25 billion Credit Agreement, interest at LIBOR plus 87.5 basis points (1) 595,041 491,419 Other local arrangements 54,306 51,970 Total debt 1,681,942 1,334,491 Less: current portion (101,134) (50,317) Total long-term debt $ 1,580,808 $ 1,284,174 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Rollforward Of Accumulated Other Comprehensive Income [Table Text Block] | Currency Translation Adjustment, Net of Tax Net Unrealized Pension and Post-Retirement Benefit Related Items, Total Balance at December 31, 2018 $ (63,913) $ 702 $ (239,203) $ (302,414) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service cost, and plan amendments — — (32,269) (32,269) Net unrealized gains (loss) on cash flow hedging arrangements — (1,063) — (1,063) Foreign currency translation adjustment 2,898 — (2,108) 790 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (861) 12,144 11,283 Net change in other comprehensive income (loss), net of tax 2,898 (1,924) (22,233) (21,259) Balance at December 31, 2019 $ (61,015) $ (1,222) $ (261,436) $ (323,673) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service cost, and plan amendments — — (35,755) (35,755) Net unrealized gains (loss) on cash flow hedging arrangements — (11,323) — (11,323) Foreign currency translation adjustment 29,914 — (19,701) 10,213 Amounts recognized from accumulated other comprehensive income (loss), net of tax — 11,066 14,547 25,613 Net change in other comprehensive income (loss), net of tax 29,914 (257) (40,909) (11,252) Balance at December 31, 2020 $ (31,101) $ (1,479) $ (302,345) $ (334,925) Other comprehensive income (loss), net of tax: Net unrealized actuarial gains (loss), prior service cost, and plan amendments — — 38,124 38,124 Net unrealized gains (loss) on cash flow hedging arrangements — 4,394 — 4,394 Foreign currency translation adjustment 11,535 — 9,235 20,770 Amounts recognized from accumulated other comprehensive income (loss), net of tax — (2,913) 19,326 16,413 Net change in other comprehensive income (loss), net of tax 11,535 1,481 66,685 79,701 Balance at December 31, 2021 $ (19,566) $ 2 $ (235,660) $ (255,224) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | 2021 2020 2019 Location of Amounts Recognized in Earnings Effective portion of losses (gains) on cash flow hedging arrangements: Interest rate swap agreements $ 2,178 $ 2,413 $ 109 Interest expense Cross currency swap (5,604) 11,531 (1,022) (a) Total before taxes (3,426) 13,944 (913) Provision for taxes (513) 2,878 (52) Provision for taxes Total, net of taxes $ (2,913) $ 11,066 $ (861) Recognition of defined benefit pension and post-retirement items: Recognition of actuarial losses, plan amendments, prior service cost, and settlement charge before taxes $ 24,529 $ 18,609 $ 15,467 (b) Provision for taxes 5,203 4,062 3,323 Provision for taxes Total, net of taxes $ 19,326 $ 14,547 $ 12,144 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Table of Performance Share Unit Monte Carlo Assumptions [Table Text Block] | 2021 2020 2019 Risk-free interest rate 0.61 % 0.18 % 1.69 % Expected life in years 3 3 3 Expected volatility 25 % 26 % 24 % Expected dividend yield — — — |
Schedule of Stock Options, Activity | Number of Weighted Average Aggregate Intrinsic Outstanding at December 31, 2020 474,103 $ 400.21 $ 350.6 Granted 28,116 1,390.31 Exercised (95,549) 214.17 Forfeited (886) 546.20 Outstanding at December 31, 2021 405,784 512.30 480.8 Options exercisable at December 31, 2021 309,558 $ 391.69 $ 404.1 |
Schedule Shares Outstanding under Stock Option Plans, by Exercise Price Range | Number of Options Weighted Average Remaining Contractual Options 245,906 $ 301.84 3.28 233,228 115,489 $ 663.34 6.92 72,155 44,389 $ 1,285.26 9.33 4,175 405,784 5.28 309,558 |
Schedule of Stock Options, Valuation Assumptions | 2021 2020 2019 Risk-free interest rate 0.95 % 0.34 % 1.74 % Expected life in years 6.3 6.0 6.0 Expected volatility 25 % 26 % 24 % Expected dividend yield — — — |
Schedule Restricted Stock Units, Activity | Number of Restricted Aggregate Intrinsic Number of Performance Share Units Aggregate Intrinsic Value (in millions) Outstanding at December 31, 2020 33,096 $37.7 15,341 $17.5 Granted 7,871 2,737 Adjustment for performance results achieved (1) — 927 Vested (11,485) (4,067) Forfeited (2,583) (94) Outstanding at December 31, 2021 26,899 $45.6 14,844 $25.2 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2021 2020 2021 2020 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 149,947 $ 142,450 $ 1,091,811 $ 961,263 $ 1,030 $ 1,295 $ 1,242,788 $ 1,105,008 Service cost, gross 1,498 1,304 35,675 33,995 — — 37,173 35,299 Interest cost 2,194 3,556 3,347 4,778 8 25 5,549 8,359 Actuarial losses (gains) (3,399) 10,733 1,904 43,508 37 (70) (1,458) 54,171 Plan amendments and other — — (23,196) 112 — — (23,196) 112 Benefits paid (8,334) (8,096) (39,911) (39,412) (200) (220) (48,445) (47,728) Impact of foreign currency — — (42,297) 87,567 — — (42,297) 87,567 Benefit obligation at end of year $ 141,906 $ 149,947 $ 1,027,333 $ 1,091,811 $ 875 $ 1,030 $ 1,170,114 $ 1,242,788 Change in plan assets: Fair value of plan assets at beginning of year $ 109,462 $ 102,812 $ 984,322 $ 861,962 $ — $ — $ 1,093,784 $ 964,774 Actual return on plan assets 12,307 9,223 52,922 39,535 — — 65,229 48,758 Employer contributions 88 5,523 27,088 26,249 200 220 27,376 31,992 Plan participants’ contributions — — 16,102 15,681 — — 16,102 15,681 Benefits paid (8,334) (8,096) (39,911) (39,412) (200) (220) (48,445) (47,728) Impact of foreign currency — — (32,262) 80,307 — — (32,262) 80,307 Fair value of plan assets at end of year $ 113,523 $ 109,462 $ 1,008,261 $ 984,322 $ — $ — $ 1,121,784 $ 1,093,784 Funded status $ (28,383) $ (40,485) $ (19,072) $ (107,489) $ (875) $ (1,030) $ (48,330) $ (149,004) |
Schedule of Amounts Recognized in Balance Sheet | U.S. Pension Benefits Non-U.S. Pension Benefits Other Benefits Total 2021 2020 2021 2020 2021 2020 2021 2020 Other non-current assets $ — $ — $ 122,049 $ 51,619 $ — $ — $ 122,049 $ 51,619 Accrued and other liabilities (136) (133) (5,289) (5,549) (129) (153) (5,554) (5,835) Pension and other post-retirement liabilities (28,246) (40,353) (135,833) (153,559) (746) (877) (164,825) (194,789) Accumulated other comprehensive loss (income) 56,648 69,296 259,714 332,280 (742) (891) 315,620 400,685 Total $ 28,266 $ 28,810 $ 240,641 $ 224,791 $ (1,617) $ (1,921) $ 267,290 $ 251,680 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | U.S. Pension Non-U.S. Pension Other Benefits Total Total, After Tax 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Plan amendments and prior service cost $ — $ — $ (29,446) $ (9,857) $ (426) $ (501) $ (29,872) $ (10,358) $ (24,118) $ (8,262) Actuarial losses (gains) 56,648 69,296 289,160 342,137 (316) (390) 345,492 411,043 272,118 $ 322,947 Total $ 56,648 $ 69,296 $ 259,714 $ 332,280 $ (742) $ (891) $ 315,620 $ 400,685 $ 248,000 $ 314,685 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | U.S. Pension Non-U.S. Pension Other Benefits Total Total, After Tax Net actuarial losses (gains) $ (9,732) $ (15,507) $ 37 $ (25,202) $ (19,293) Plan amendment — (23,196) — (23,196) (18,831) Amortization of: Actuarial (losses) gains (2,916) (24,899) 37 (27,778) (21,958) Plan amendments and prior service cost — 3,174 75 3,249 2,632 Impact of foreign currency — (12,138) — (12,138) (9,235) Total $ (12,648) $ (72,566) $ 149 $ (85,065) $ (66,685) |
Schedule of Assumptions Used in Computing Benefit Obligation | U.S. Non-U.S. 2021 2020 2021 2020 Discount rate 2.57 % 2.22 % 0.40 % 0.32 % Compensation increase rate n/a n/a 0.85 % 0.86 % Expected long-term rate of return on plan assets 5.75 % 5.75 % 3.78 % 3.73 % Interest crediting rate n/a n/a 1.00 % 0.50 % |
Schedule of Assumptions Used in Computing Pension Cost | U.S. Non-U.S. 2021 2020 2019 2021 2020 2019 Discount rate 2.22 % 3.03 % 4.11 % 0.63 % 0.51 % 1.22 % Compensation increase rate n/a n/a n/a 0.85 % 0.86 % 0.87 % Expected long-term rate of return on plan assets 5.75 % 6.25 % 6.50 % 3.78 % 3.76 % 3.84 % |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost and net periodic post-retirement benefit for the defined benefit plans and U.S. post-retirement plan include the following components for the years ended December 31: U.S. Non-U.S. Other Benefits Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost, net $ 1,498 $ 1,304 $ 1,063 $ 19,558 $ 18,314 $ 15,534 $ — $ — $ — $ 21,056 $ 19,618 $ 16,597 Interest cost on projected benefit obligations 2,194 3,556 4,585 3,347 4,778 10,192 8 25 64 5,549 8,359 14,841 Expected return on plan assets (5,974) (6,094) (5,887) (35,511) (33,067) (29,162) — — — (41,485) (39,161) (35,049) Recognition of actuarial losses/(gains) and prior service cost 2,916 2,578 2,374 21,725 16,134 13,784 (112) (103) (691) 24,529 18,609 15,467 Net periodic pension cost/(benefit) $ 634 $ 1,344 $ 2,135 $ 9,119 $ 6,159 $ 10,348 $ (104) $ (78) $ (627) $ 9,649 $ 7,425 $ 11,856 |
Schedule of Allocation of Plan Assets | December 31, 2021 December 31, 2020 Quoted Observable Unobservable Total Quoted Observable Unobservable Total Asset Category: Cash and Cash Equivalents $ 92,207 $ — $ — $ 92,207 $ 166,614 $ — $ — $ 166,614 Equity Securities: Mettler-Toledo Stock 3,639 — — 3,639 3,767 — — 3,767 Equity Mutual Funds: U.S. (1) 8,197 43,287 — 51,484 7,467 30,460 — 37,927 International (2) 100,197 23,022 — 123,219 83,309 41,027 — 124,336 Emerging Markets (3) 157,814 3,315 — 161,129 131,103 966 — 132,069 Fixed Income Securities: Corporate/Government Bonds (4) 87,772 — — 87,772 92,085 — — 92,085 Fixed Income Mutual Funds: Insurance Contracts (5) — 38,555 1,787 40,342 — 43,055 1,793 44,848 Core Bond (6) 107,394 71,608 — 179,002 72,061 64,111 — 136,172 Real Asset Mutual Funds: Real Estate (7) — 153,954 — 153,954 117,089 15,864 — 132,953 Commodities (8) 50,525 — — 50,525 53,088 — — 53,088 Other Types of Investments: Debt Securities (9) 41,628 — — 41,628 43,060 — — 43,060 Global Allocation Funds (10) 5,680 — — 5,680 12,359 — — 12,359 Multi-Strategy Fund of Hedge Funds (11) — 16,103 — 16,103 — — — — Insurance Linked Securities (12) 19,287 — — 19,287 19,038 — — 19,038 Total assets in fair value hierarchy $ 674,340 $ 349,844 $ 1,787 $ 1,025,971 $ 801,040 $ 195,483 $ 1,793 $ 998,316 Investments measured at net asset value: International (13) 3,568 2,930 Emerging Markets (13) 7,211 7,262 Multi-Strategy Fund of Hedge Funds (13) 85,034 85,276 Total pension assets at fair value $ 1,121,784 $ 1,093,784 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Insurance Balance at December 31, 2019 $ 1,486 Actual return on plan assets related to assets held at end of year 22 Purchases 99 Impact of foreign currency 186 Balance at December 31, 2020 $ 1,793 Actual return on plan assets related to assets held at end of year 26 Purchases 70 Impact of foreign currency (102) Balance at December 31, 2021 $ 1,787 |
Schedule of Expected Benefit Payments | U.S. Pension Non-U.S. Pension Other Benefits, Net of Total 2022 $ 8,715 $ 48,030 $ 129 $ 56,874 2023 8,789 48,345 111 57,245 2024 8,848 50,636 99 59,583 2025 8,859 49,528 88 58,475 2026 8,809 50,121 78 59,008 2027-2031 42,737 251,739 269 294,745 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | 2021 2020 2019 United States $ 109,918 $ 94,651 $ 102,262 Non-United States 839,443 654,092 579,132 Earnings before taxes $ 949,361 $ 748,743 $ 681,394 |
Schedule of Components of Income Tax Expense (Benefit) | Current Deferred Total Year ended December 31, 2021: United States federal $ 7,750 $ (7,415) $ 335 United States state and local 3,670 (1,099) 2,571 Non-United States 168,393 9,077 177,470 Total $ 179,813 $ 563 $ 180,376 Year ended December 31, 2020: United States federal $ 6,242 $ (6,311) $ (69) United States state and local 5,563 (1,736) 3,827 Non-United States 146,983 (4,737) 142,246 Total $ 158,788 $ (12,784) $ 146,004 Year ended December 31, 2019: United States federal $ 3,033 $ (2,622) $ 411 United States state and local (996) (1,950) (2,946) Non-United States 122,878 (58) 122,820 Total $ 124,915 $ (4,630) $ 120,285 |
Schedule of Effective Income Tax Rate Reconciliation | 2021 2020 2019 Expected tax $ 199,365 $ 157,236 $ 143,092 United States state and local income taxes, net of federal income tax benefit 1,235 3,320 499 Net effect of Swiss tax reform implementation (see below) — — (15,833) Non-United States income taxes at other than U.S. federal rate 3,439 179 18,546 Excess tax benefits from stock option exercises (22,843) (17,261) (28,279) Other, net (820) 2,530 2,260 Total provision for taxes $ 180,376 $ 146,004 $ 120,285 |
Schedule of Deferred Tax Assets and Liabilities | 2021 2020 Deferred tax assets: Inventory $ 24,007 $ 18,849 Lease liability, accrued and other liabilities 103,900 94,113 Accrued post-retirement benefit and pension costs 49,774 56,618 Net operating loss and tax credit carryforwards 26,808 27,717 Swiss tax reform intangible assets 51,194 53,080 Other 1,006 12,408 Total deferred tax assets 256,689 262,785 Less valuation allowance (51,126) (52,388) Total deferred tax assets less valuation allowance 205,563 210,397 Deferred tax liabilities: Inventory 6,905 6,029 Lease right-of-use assets and other assets 31,164 29,553 Property, plant, and equipment 68,701 60,047 Acquired intangibles amortization 61,289 62,584 Prepaid post-retirement benefit and pension costs 41,524 28,270 International earnings 15,001 16,526 Unrealized currency gains 3,713 — Total deferred tax liabilities 228,297 203,009 Net deferred tax (liability) asset $ (22,734) $ 7,388 |
Summary of Income Tax Contingencies | 2021 2020 Unrecognized tax benefits at beginning of year $ 38,294 $ 29,934 Increases related to current tax positions 12,200 9,503 Decreases related to prior year tax positions (2,905) (2,900) Impact of foreign currency (1,157) 1,757 Unrecognized tax benefits at end of year $ 46,432 $ 38,294 |
Leases (Tables)
Leases (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Lessee, Operating Leases, Statement of Position location and balances [Table Text Block] | 2021 2020 Balance Sheet Location Right-of-use assets, net $ 118,499 $ 98,624 Other non-current assets Current lease liability $ 30,636 $ 29,216 Accrued and other liabilities Non-current lease liability 88,316 69,830 Other non-current liabilities Total operating lease liability $ 118,952 $ 99,046 | |
Lease, Cost [Table Text Block] | 2021 2020 2019 Operating lease expense $ 36,137 $ 34,559 $ 33,666 Variable lease expense 4,503 4,182 4,337 Short-term lease expense 1,018 991 1,187 Total lease expense $ 41,658 $ 39,732 $ 39,190 Weighted average remaining lease term 7.4 years 6.8 years 6.4 years Weighted average discount rate 2.1% 2.5% 2.9 % | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following is a maturity analysis of the annual undiscounted cash flows for the annual periods ended December 31: 2022 $ 32,865 2023 24,785 2024 16,156 2025 9,902 2026 7,413 Thereafter 38,212 Total lease payments 129,333 Less imputed interest (10,381) Total operating lease liability $ 118,952 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Year Ended December 31, 2021 Net Sales to Net Sales to Total Net Segment Depreciation Total Assets Purchase of Goodwill U.S. Operations $ 1,287,983 $ 155,987 $ 1,443,970 $ 302,177 $ 12,123 $ 3,278,400 $ (34,972) $ 508,942 Swiss Operations 171,633 826,001 997,634 301,142 6,557 2,700,965 (7,856) 23,710 Western European Operations 829,761 211,547 1,041,308 172,265 5,264 1,566,819 (11,014) 100,433 Chinese Operations 771,651 291,779 1,063,430 369,835 9,566 1,037,838 (15,700) 710 Other (a) 656,902 4,780 661,682 100,028 3,819 365,182 (5,652) 14,827 Eliminations and Corporate (b) — (1,490,094) (1,490,094) (187,636) 7,653 (5,622,406) (32,386) — Total $ 3,717,930 $ — $ 3,717,930 $ 1,057,811 $ 44,982 $ 3,326,798 $ (107,580) $ 648,622 For the Year Ended December 31, 2020 Net Sales to Net Sales to Total Net Segment Depreciation Total Assets Purchase of Goodwill U.S. Operations $ 1,072,319 $ 121,850 $ 1,194,169 $ 244,940 $ 11,347 $ 2,560,652 $ (18,258) $ 415,869 Swiss Operations 143,923 679,837 823,760 245,465 6,257 2,028,879 (5,495) 24,525 Western European Operations 716,715 173,176 889,891 147,562 4,769 1,294,579 (13,678) 93,514 Chinese Operations 578,610 213,735 792,345 270,497 8,506 985,977 (9,755) 686 Other (a) 573,610 4,600 578,210 77,910 3,737 340,786 (5,974) 15,676 Eliminations and Corporate (b) — (1,193,198) (1,193,198) (145,666) 7,428 (4,396,324) (39,334) — Total $ 3,085,177 $ — $ 3,085,177 $ 840,708 $ 42,044 $ 2,814,549 $ (92,494) $ 550,270 For the Year Ended December 31, 2019 Net Sales to Net Sales to Total Net Segment Depreciation Total Assets Purchase of Goodwill U.S. Operations $ 1,057,115 $ 114,794 $ 1,171,909 $ 210,133 $ 10,684 $ 2,363,725 $ (15,607) $ 410,022 Swiss Operations 139,499 657,678 797,177 233,292 6,069 1,648,065 (5,820) 22,369 Western European Operations 700,741 175,759 876,500 123,845 4,450 1,150,214 (11,267) 87,980 Chinese Operations 544,716 224,517 769,233 266,522 8,045 694,903 (10,252) 633 Other (a) 566,581 5,890 572,471 71,483 3,395 358,281 (4,936) 14,975 Eliminations and Corporate (b) — (1,178,638) (1,178,638) (127,197) 6,348 (3,425,867) (49,459) — Total $ 3,008,652 $ — $ 3,008,652 $ 778,078 $ 38,991 $ 2,789,321 $ (97,341) $ 535,979 (a) Other includes reporting units in Southeast Asia, Latin America, Eastern Europe, and other countries. (b) Eliminations and Corporate includes the elimination of intersegment transactions as well as certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments. |
Revenue from External Customers by Products and Services [Table Text Block] | I |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | eakdown of net sales to external customers by geographic customer destination and property, plant, and equipment by geographic destination for the years ended December 31 follows: Net Sales Property, Plant, and 2021 2020 2019 2021 2020 United States $ 1,217,114 $ 1,014,180 $ 984,524 $ 228,010 $ 208,038 Other Americas 202,718 166,446 181,323 3,267 3,713 Total Americas 1,419,832 1,180,626 1,165,847 231,277 211,751 Germany 229,341 199,499 195,790 40,854 48,468 France 152,225 134,542 130,387 8,026 9,123 United Kingdom 90,431 70,163 66,855 35,349 34,631 Switzerland 82,381 69,965 65,202 304,228 314,059 Other Europe 508,583 447,097 433,858 51,760 64,048 Total Europe 1,062,961 921,266 892,092 440,217 470,329 China 754,002 565,100 527,076 95,356 89,277 Rest of World 481,135 418,185 423,637 32,515 27,511 Total Asia/Rest of World 1,235,137 983,285 950,713 127,871 116,788 Total $ 3,717,930 $ 3,085,177 $ 3,008,652 $ 799,365 $ 798,868 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Property, Plant and Equipment Useful Life | Buildings and improvements 15 to 50 years Machinery and equipment 3 to 12 years Computer software 3 to 10 years Leasehold improvements Shorter of useful life or lease term In September 2021, the Company entered into an agreement with the U.S. Department of Defense to increase domestic production capacity of pipette tips and enhance manufacturing automation and logistics. The Company will receive funding of $35.8 million over the next two years, which will offset future capital expenditures. In accordance with ASU 2021-10: Government Assistance, the Company will apply guidance within IAS 20 - Accounting for Government Grants and Disclosure and will account for the government agreement by reducing the cost of the asset within property, plant, and equipment in the consolidated balance sheets by the amount of the funds received. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies 2 (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment Useful Life | |||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 327,768 | 316,582 | 406,848 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 24,036 | 36,263 | 71,660 |
Capitalized Software Costs [Member] | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Building and Building Improvements | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Minimum [Member] | Machinery and Equipment | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Software | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | Building and Building Improvements | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Maximum [Member] | Machinery and Equipment | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 12 years | ||
Maximum [Member] | Software | |||
Property, Plant and Equipment Useful Life | |||
Property, Plant and Equipment, Useful Life | 10 years |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,717,930 | $ 3,085,177 | $ 3,008,652 | |
Net Sales | 3,717,930 | 3,085,177 | 3,008,652 | |
Revenues | 3,717,930 | 3,085,177 | 3,008,652 | |
Contract with Customer, Asset, after Allowance for Credit Loss | 32,100 | 22,600 | ||
Contract with Customer, Liability | 192,648 | 149,106 | 122,489 | $ 105,381 |
Customer prepayments and deferred revenue | 711,067 | 617,643 | 633,190 | |
Contract with Customer, Liability, Revenue Recognized | (667,245) | (595,802) | (615,957) | |
Temporary Equity, Foreign Currency Translation Adjustments | (280) | 4,776 | (125) | |
Americas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,419,832 | |||
Net Sales | 1,180,626 | |||
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,062,961 | |||
Net Sales | 921,266 | |||
Asia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,235,137 | |||
Net Sales | 983,285 | |||
Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,960,615 | 2,405,172 | 2,346,845 | |
Product [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,960,615 | 2,405,172 | 2,346,845 | |
Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 757,315 | 680,005 | 661,807 | |
Service [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 565,929 | 508,020 | 511,459 | |
Service [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 191,386 | 171,985 | 150,348 | |
Laboratory products and services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Disaggregated Revenue in Relationship to Segments | 56.00% | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,083,025 | |||
Revenues | 1,669,791 | 1,578,625 | ||
Industrial products and services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Disaggregated Revenue in Relationship to Segments | 39.00% | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,446,544 | |||
Revenues | 1,224,497 | 1,233,970 | ||
Retail products and services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Disaggregated Revenue in Relationship to Segments | 5.00% | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 188,361 | |||
Revenues | 190,889 | 196,057 | ||
US Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,287,983 | 1,072,319 | 1,057,115 | |
US Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,004,891 | 815,046 | 801,181 | |
US Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 218,306 | 199,247 | 207,707 | |
US Operations [Member] | Service [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 64,786 | 58,026 | 48,227 | |
Swiss Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 171,633 | 143,923 | 139,499 | |
Swiss Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 135,987 | 112,542 | 110,390 | |
Swiss Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,764 | 22,733 | 20,968 | |
Swiss Operations [Member] | Service [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,882 | 8,648 | 8,141 | |
Western European Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 829,761 | 716,715 | 700,741 | |
Western European Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 600,527 | 509,385 | 500,978 | |
Western European Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 151,656 | 135,793 | 135,612 | |
Western European Operations [Member] | Service [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 77,578 | 71,537 | 64,151 | |
Chinese Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 771,651 | 578,610 | 544,716 | |
Chinese Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 707,355 | 526,231 | 495,579 | |
Chinese Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 48,343 | 39,705 | 37,370 | |
Chinese Operations [Member] | Service [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,953 | 12,674 | 11,767 | |
Other Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 656,902 | 573,610 | 566,581 | |
Other Operations [Member] | Product [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 511,855 | 441,968 | 438,717 | |
Other Operations [Member] | Service [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 120,860 | 110,542 | 109,802 | |
Other Operations [Member] | Service [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 24,187 | $ 21,100 | $ 18,062 |
Acquisitions Business Combinati
Acquisitions Business Combinations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 24, 2021 | Mar. 24, 2021 | |
Business Acquisition [Line Items] | |||||
Payment for Contingent Consideration Liability, Financing Activities | $ 0 | $ 0 | $ 10,000 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 6,849 | ||||
Goodwill, Acquired During Period | 103,882 | 6,169 | |||
Amortization of Intangible Assets | 22,500 | 15,700 | 15,100 | ||
Other Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | 8,300 | 6,200 | 2,000 | ||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Consideration Transferred | 8,300 | $ 6,200 | $ 2,000 | ||
PendoTECH acquisition | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | 185,000 | ||||
Goodwill, Acquired During Period | 93,100 | ||||
Amortization of Intangible Assets | 6,900 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 20,000 | ||||
Business Combination, Contingent Consideration, Liability | $ 20,000 | 13,500 | |||
minimum useful lives | 5 years | ||||
maximum useful lives | 20 years | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 7,400 | ||||
Business Combination, Consideration Transferred, Other | 7,400 | ||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Contingent Consideration, Liability Increase | 6,800 | ||||
Business Combination, Consideration Transferred | 185,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 20,000 | ||||
Business Combination, Contingent Consideration Other Liability | 300 | ||||
Scale-Up Systems Acquisition | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | 20,200 | ||||
Goodwill, Acquired During Period | $ 11,100 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,000 | ||||
minimum useful lives | 7 years | ||||
maximum useful lives | 10 years | ||||
Asset Acquisition, Contingent Consideration [Line Items] | |||||
Business Combination, Consideration Transferred | $ 20,200 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,000 | ||||
Customer Relationships [Member] | PendoTECH acquisition | |||||
Business Acquisition [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 78,600 | ||||
Other Intangible Assets [Member] | PendoTECH acquisition | |||||
Business Acquisition [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 2,400 | ||||
Other Intangible Assets [Member] | Scale-Up Systems Acquisition | |||||
Business Acquisition [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 11,400 | ||||
Technology-Based Intangible Assets [Member] | PendoTECH acquisition | |||||
Business Acquisition [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 21,700 | ||||
Trade Names [Member] | PendoTECH acquisition | |||||
Business Acquisition [Line Items] | |||||
Finite-lived Intangible Assets Acquired | $ 3,400 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
INVENTORIES [Abstract] | ||
Raw Materials and Supplies | $ 184,624 | $ 132,041 |
Work in Process | 76,019 | 55,688 |
Finished Goods | 153,900 | 109,882 |
Inventory, Net | $ 414,543 | $ 297,611 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Long Term Debt Percentage Bearing Fixed Interest Percentage | 79.00% | ||
Gain/Loss on FX Effectiveness | $ 0 | ||
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,600 | ||
Designated as Hedging Instrument [Member] | June 2019 4 YR Cross Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Amount of Hedged Item | $ 50,000 | ||
Derivative, Fixed Interest Rate | 0.82% | ||
Designated as Hedging Instrument [Member] | June 2019 2 YR Cross Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Amount of Hedged Item | $ 50,000 | ||
Derivative, Fixed Interest Rate | 0.95% | ||
Designated as Hedging Instrument [Member] | February 2019 Cross Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Amount of Hedged Item | $ 50,000 | ||
Derivative, Fixed Interest Rate | 0.78% | ||
Designated as Hedging Instrument [Member] | 2.25% $100 Million Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Amount of Hedged Item | $ 100,000 | ||
Derivative, Fixed Interest Rate | 2.25% | ||
Designated as Hedging Instrument [Member] | 2.52% $50 Million Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/Loss on IR Effectiveness | $ 0 | 0 | |
Designated as Hedging Instrument [Member] | Cross Currency Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/Loss on FX Effectiveness | $ 0 | ||
Designated as Hedging Instrument [Member] | November 2021 2 YR Cross Currency Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Fixed Interest Rate | 0.64% | ||
Line Of Credit Facility Forecasted Borrowing Amount | $ 50,000 | ||
Designated as Hedging Instrument [Member] | June 2021 4 YR Cross Currency Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Fixed Interest Rate | 0.57% | ||
Line Of Credit Facility Forecasted Borrowing Amount | $ 50,000 | ||
Designated as Hedging Instrument [Member] | June 2021 3 YR Cross Currency Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Fixed Interest Rate | 0.66% | ||
Line Of Credit Facility Forecasted Borrowing Amount | $ 50,000 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Amount of Hedged Item | 1,000,000 | 536,500 | |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 13,500 | $ 4,800 | $ 3,700 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 6,000 | $ 2,200 |
Derivative Liability | 10,300 | 23,300 |
Cash Equivalents, at Carrying Value | 18,500 | 14,300 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,046 | 2,227 |
Derivative Liability, Fair Value, Gross Liability | 10,344 | 23,291 |
Change in Carrying Value Verse Fair Value of Long Term Debt | 32,800 | |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 3,927 | 2,227 |
Foreign Currency Contract, Asset, Fair Value Disclosure | 2,119 | |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 4,510 | 1,399 |
Interest Rate Derivative Liabilities, at Fair Value | 352 | 2,502 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 989 | 6,297 |
Short-Term Cross Currency Swap | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | $ 4,493 | $ 13,093 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | $ 1,405,841 | $ 1,421,201 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (606,476) | (622,333) |
Total Property, Plant and Equipment, Net | 799,365 | 798,868 |
Land [Member] | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 61,883 | 61,838 |
Building and Building Improvements | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 367,846 | 356,699 |
Machinery and Equipment | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | 473,914 | 458,174 |
Software | ||
Property, Plant and Equipment | ||
Property, Plant and Equipment, Gross | $ 502,198 | $ 544,490 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning | $ 550,270 | $ 535,979 |
Goodwill, Acquired During Period | 103,882 | 6,169 |
Goodwill, Translation Adjustments | (5,530) | 8,122 |
Goodwill, Ending | $ 648,622 | $ 550,270 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite Life and Indefinite Life Intangible Assets | ||
Intangible Assets, Net (Excluding Goodwill) | $ 307,450 | $ 196,785 |
Intangible Assets Excluding Goodwill Gross | 452,946 | 325,463 |
Intangible Assets Accumulated Amortization | (145,496) | (128,678) |
Customer Relationships [Member] | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 282,470 | 201,445 |
Finite-Lived Intangible Assets, Accumulated Amortization | (79,782) | (68,319) |
Intangible Assets, Net (Excluding Goodwill) | 202,688 | 133,126 |
Proven technology and patents | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 115,680 | 78,312 |
Finite-Lived Intangible Assets, Accumulated Amortization | (56,305) | (52,138) |
Intangible Assets, Net (Excluding Goodwill) | 59,375 | 26,174 |
Tradename (Finite Life) | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 8,206 | 4,896 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,731) | (3,444) |
Intangible Assets, Net (Excluding Goodwill) | 4,475 | 1,452 |
Tradename (Indefinite Life) | ||
Finite Life and Indefinite Life Intangible Assets | ||
Intangible Assets, Net (Excluding Goodwill) | 35,949 | 35,595 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 35,949 | 35,595 |
Other Intangible Assets [Member] | ||
Finite Life and Indefinite Life Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 10,641 | 5,215 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,678) | (4,777) |
Intangible Assets, Net (Excluding Goodwill) | $ 4,963 | $ 438 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets | $ 22.5 | $ 15.7 | $ 15.1 |
Future Amortization Expense, Year One | 26.1 | ||
Future Amortization Expense, Year Two | 24.8 | ||
Future Amortization Expense, Year Three | 22.7 | ||
Future Amortization Expense, Year Four | 21.8 | ||
Future Amortization Expense, Year Five | 19.6 | ||
Amortization Of Acquired Intangible Asset Net Of Tax | 21.6 | 14.9 | 14.3 |
Purchased Intangibles, Net of Tax | 16.3 | 11.2 | 10.8 |
Capitalized Computer Software, Amortization | $ 40.4 | $ 40.7 | $ 34.4 |
Minimum [Member] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets, Useful Life, Minimum | 45 years |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)Rate | Dec. 31, 2021 | Dec. 31, 2021EUR (€) | Dec. 31, 2021Rate | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Senior Notes | $ 1,032,595,000 | $ 791,102,000 | |||
Debt issuance costs, net | (4,115,000) | (2,760,000) | |||
Other Borrowings | 54,306,000 | 51,970,000 | |||
Total debt | 1,681,942,000 | 1,334,491,000 | |||
Less: current portion | (101,134,000) | (50,317,000) | |||
Long-term debt | 1,580,808,000 | 1,284,174,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250,000,000 | 1.1 | |||
Debt Instrument, Term | 10 years | ||||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
$1.1 billion Credit Agreement, interest at LIBOR plus 87.5 basis points(1) | $ 595,041,000 | 491,419,000 | |||
Debt Instrument, Maturity Date | Jun. 15, 2023 | ||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.875% | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 649,000,000 | ||||
3.67% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 50,000,000 | 50,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.67% | ||||
Debt Instrument, Maturity Date | Dec. 17, 2022 | ||||
4.10% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 50,000,000 | 50,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||||
Debt Instrument, Maturity Date | Sep. 19, 2023 | ||||
Debt Instrument, Term | 10 years | ||||
3.84% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 125,000,000 | 125,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.84% | ||||
Debt Instrument, Maturity Date | Sep. 19, 2024 | ||||
Debt Instrument, Term | 10 years | ||||
4.24% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 125,000,000 | 125,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.24% | ||||
Debt Instrument, Maturity Date | Jun. 25, 2025 | ||||
Debt Instrument, Term | 10 years | ||||
3.91% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 75,000,000 | 75,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.91% | ||||
Debt Instrument, Maturity Date | Jun. 25, 2029 | ||||
Debt Instrument, Term | 10 years | ||||
3.19% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 50,000,000 | € 50,000 | 50,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.19% | ||||
Debt Instrument, Maturity Date | Jan. 24, 2035 | ||||
Debt Instrument, Term | 15 years | ||||
1.47% EURO Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 141,789,000 | 125,000 | 153,299,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.47% | ||||
Debt Instrument, Maturity Date | Jun. 17, 2030 | ||||
Debt Instrument, Term | 15 years | ||||
1.30% Euro-Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 153,132,000 | 135,000 | 165,563,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.30% | ||||
Debt Instrument, Maturity Date | Nov. 6, 2034 | ||||
Debt Instrument, Term | 15 years | ||||
2.83% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 125,000,000 | $ 0 | |||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 2.83% | ||||
1.06% Euro-Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 141,789,000 | € 125,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.06% | 1.06% |
Debt - Narrative (Details)
Debt - Narrative (Details) € in Thousands, SFr in Millions | 12 Months Ended | ||||||
Dec. 31, 2021USD ($)Rate | Dec. 31, 2020USD ($)Rate | Dec. 31, 2019USD ($) | Dec. 31, 2021 | Dec. 31, 2021EUR (€) | Dec. 31, 2021Rate | Dec. 31, 2021CHF (SFr) | |
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | Rate | 2.90% | 2.70% | |||||
Senior Notes | $ 1,032,595,000 | $ 791,102,000 | |||||
Forward Currency Forward Contract | 152,100,000 | ||||||
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 34,300,000 | 27,300,000 | $ 1,300,000 | ||||
Cumulative (gain) loss in other other comprehensive income related to the change in a net investment hedge. | 5,500,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250,000,000 | 1.1 | |||||
Debt Instrument, Covenant Description | The amended agreements require the Company to maintain a consolidated interest coverage ratio of not less than 3.0 to 1.0 and a net consolidated leverage ratio of not more than 3.5 to 1.0. | ||||||
Debt Instrument, Covenant Compliance | The Company was in compliance with its covenants at December 31, 2021. | ||||||
Debt Issuance Costs, Gross | $ 4,100,000 | ||||||
Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 649,000,000 | ||||||
Debt Instrument, Maturity Date | Jun. 15, 2023 | ||||||
Debt Issuance Costs, Gross | $ 200,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.875% | ||||||
1.47% EURO Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | $ 141,789,000 | 153,299,000 | € 125,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.47% | ||||||
Debt Instrument, Maturity Date | Jun. 17, 2030 | ||||||
1.30% Euro-Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | $ 153,132,000 | 165,563,000 | 135,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.30% | ||||||
Debt Instrument, Maturity Date | Nov. 6, 2034 | ||||||
Swiss Pension Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes Payable, Related Parties | $ 39,600,000 | ||||||
Swiss Pension Loans (local currency) | SFr | SFr 38 | ||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 87.50% | ||||||
1.06% Euro-Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | $ 141,789,000 | € 125,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.06% | 1.06% | |||||
2.83% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | 125,000,000 | $ 0 | |||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 2.83% | ||||||
2.81% Senior Note | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | 150 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 281.00% | ||||||
2.91% Senior Note | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | $ 150 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 291.00% |
Shareholders' Equity Other Comp
Shareholders' Equity Other Comprehensive Income Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (255,224) | $ (334,925) | $ (323,673) | $ (302,414) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 38,124 | (35,755) | (32,269) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 4,394 | (11,323) | (1,063) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 20,770 | 10,213 | 790 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 25,613 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 861 | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 16,413 | 11,283 | ||
Other Comprehensive Income (Loss), Net of Tax | 79,701 | (11,252) | (21,259) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (19,566) | (31,101) | (61,015) | (63,913) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 11,535 | 29,914 | 2,898 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | 11,535 | 29,914 | 2,898 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2 | (1,479) | (1,222) | 702 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 4,394 | (11,323) | (1,063) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,913) | 11,066 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (861) | |||
Other Comprehensive Income (Loss), Net of Tax | 1,481 | (257) | (1,924) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (235,660) | (302,345) | (261,436) | $ (239,203) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 38,124 | (35,755) | (32,269) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 9,235 | (19,701) | (2,108) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 19,326 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 14,547 | 12,144 | ||
Other Comprehensive Income (Loss), Net of Tax | $ 66,685 | $ (40,909) | $ (22,233) |
Shareholders' Equity Amounts re
Shareholders' Equity Amounts recognized from accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 2,178 | $ 2,413 | $ 109 |
Cross Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (5,604) | 11,531 | (1,022) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3,426 | (13,944) | 913 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (513) | 2,878 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (52) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 2,913 | (11,066) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (861) | ||
Amortization of actuarial (gains) losses and plan amendments and prior service cost | 24,529 | 18,609 | 15,467 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 5,203 | 4,062 | 3,323 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 19,326 | $ 14,547 | $ 12,144 |
Shareholders' Equity Narrative
Shareholders' Equity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Cross Currency Swap interest portion recognized in income | $ 4,200 | $ 13,800 | $ 3,600 |
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Common Stock, Voting Rights | one | ||
Common Stock Reserved for Issuance to the Stock Option Plans | 3,611,750 | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Preferred Stock, Par Value | $ 0.01 | $ 0.01 | |
Stock Repurchase Program, Additional Authorized Amount | $ 2,500,000 | ||
Share Repurchase Program and Treasury Stock [Abstract] | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,100,000 | ||
Shares Repurchased Under Share Repurchase Program | 30,200,000 | ||
Share Repurchase Program, Total Cost Program to Date | $ 6,900,000 | ||
Repurchases of Common Stock, Value | $ (999,998) | $ (774,998) | $ (774,999) |
Repurchases of Common Stock, Shares | (739,486) | (815,652) | (1,094,648) |
Treasury Stock Acquired, Average Cost Per Share | $ 1,352.27 | $ 950.14 | $ 707.97 |
Exercise of stock options and restricted stock units, shares | 110,748 | 162,176 | 298,002 |
Cross Currency Swap Revaluation Portion Recognized in Earnings | $ 1,400 | $ 2,300 | $ 4,600 |
Equity Incentive Plan Rollforwa
Equity Incentive Plan Rollforward of Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Options, Outstanding, Number, Beginning | 474,103 | |
Options, Grants in Period, Net of Forfeitures | 28,116 | |
Options, Exercises in Period | (95,549) | |
Options, Forfeitures in Period | (886) | |
Options, Outstanding, Number, Ending | 405,784 | |
Options, Exercisable, Number | 309,558 | |
Aggregate Intrinsic Value [Abstract] | ||
Options, Outstanding, Intrinsic Value | $ 480.8 | $ 350.6 |
Options, Exercisable, Intrinsic Value | $ 404.1 | |
Weighted Average Exercise Price [Abstract] | ||
Options, Outstanding, Weighted Average Exercise Price, Beginning | $ 400.21 | |
Options, Grants in Period, Weighted Average Exercise Price | 1,390.31 | |
Options, Exercises in Period, Weighted Average Exercise Price | 214.17 | |
Options, Forfeitures in Period, Weighted Average Exercise Price | 546.20 | |
Options, Outstanding, Weighted Average Exercise Price, Ending | 512.30 | |
Options, Exercisable, Weighted Average Exercise Price | $ 391.69 |
Equity Incentive Plan Weighted
Equity Incentive Plan Weighted Average Remaining Contractual Life (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 405,784 | 474,103 |
Options, Outstanding, Weighted Average Exercise Price | $ 512.30 | $ 400.21 |
Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 3 months 10 days | |
Options, Exercisable, Number | 309,558 | |
$1.00-$450.00 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 245,906 | |
Options, Outstanding, Weighted Average Exercise Price | $ 301.84 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 3 months 10 days | |
Options, Exercisable, Number | 233,228 | |
$450.0-$1000.0 Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 115,489 | |
Options, Outstanding, Weighted Average Exercise Price | $ 663.34 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 11 months 1 day | |
Options, Exercisable, Number | 72,155 | |
$1000.0 and above Range of Exercise Price | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Options, Outstanding, Number | 44,389 | |
Options, Outstanding, Weighted Average Exercise Price | $ 1,285.26 | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 3 months 29 days | |
Options, Exercisable, Number | 4,175 |
Equity Incentive Plan Weighte_2
Equity Incentive Plan Weighted Average Grant Date Fair Value (Details) | 12 Months Ended | ||
Dec. 31, 2021Rate | Dec. 31, 2020Rate | Dec. 31, 2019Rate | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.95% | 0.34% | 1.74% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months 18 days | 6 years | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.00% | 26.00% | 24.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.61% | 0.18% | 1.69% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | 3 years | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.00% | 26.00% | 24.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Equity Incentive Plan RSUs and
Equity Incentive Plan RSUs and PSUs Rollforward (Details) - $ / shares $ / shares in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Restricted Stock Units, Nonvested, Intrinsic Value | $ 45.6 | $ 37.7 |
Performance Stock Units, Grants in Period | 2,737 | |
Performance Share Unit, Nonvested, Number of Shares | 14,844 | 15,341 |
Performance Share units, Nonvested, Intrinsic Value | $ 25.2 | $ 17.5 |
Share Based Compensation, Performance Shares Vested in the Period | (4,067) | |
Share Based Compensation, Performance Shares Forfeited in the period | (94) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted Stock Units, Nonvested, Number, Beginning | 33,096 | |
Restricted Stock Units, Grants in Period | 7,871 | |
Share Based Compensation, Performance Shares Vested in the Period for Vesting of 2016 PUs | 927 | |
Restricted Stock Units, Vested in Period | (11,485) | |
Restricted Stock Units, Forfeited in Period | (2,583) | |
Restricted Stock Units, Nonvested, Number, Ending | 26,899 |
Equity Incentive Plan Narrative
Equity Incentive Plan Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1,445.37 | $ 1,104.02 | $ 720.81 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 11,400,000 | 9,100,000 | 8,900,000 |
Number of Shares Authorized for Stock Option Plan | 2,000,000 | ||
Options, Award Vesting Period | 5 years | ||
Restricted Stock Units, Vesting Period | 5 years | ||
Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 377.89 | $ 284.25 | $ 196.40 |
Options, Exercises in Period, Total Intrinsic Value | $ 116,000 | $ 84,500 | $ 146,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 7,800 | 7,700 | 8,000 |
Restricted Stock Units, Vested in Period, Total Fair Value | 11,400 | 7,700 | 7,000 |
Allocated Share-based Compensation Expense for Restricted Stock Units | $ 7,600 | $ 7,900 | $ 7,100 |
Number of Shares Available for Grant | 3,858,825 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 52,500 | ||
Estimated Weighted Average Amortization Period | 2 years 3 months 18 days | ||
Performance Share Units Vesting Period | 3 years | ||
Performance Share Unit Payout Percentage - Minimum | 0.00% | ||
Performance Share Units Payout Percentage - Maximum | 200.00% | ||
Performance Option Fair Value | $ 1,447.75 | $ 1,345.03 | $ 803.26 |
Performance Share Unit Total Grant Value | $ 4,000 | ||
Performance Share Payout Percentage | 200.00% | ||
Allocated Share-based compensation expense for PSUs | $ 4,200 | $ 3,100 | $ 3,200 |
Benefit Plans Change in Benefit
Benefit Plans Change in Benefit Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 1,170,114 | $ 1,242,788 | $ 1,105,008 |
Defined Benefit Plans, Service Cost and Other | 37,173 | 35,299 | |
Defined Benefit Plan, Interest Cost | 5,549 | 8,359 | 14,841 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (1,458) | 54,171 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (23,196) | 112 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 48,445 | 47,728 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (42,297) | 87,567 | |
Defined Benefit Plan, Plan Assets, Amount | 1,121,784 | 1,093,784 | 964,774 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 65,229 | 48,758 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 27,376 | 31,992 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 16,102 | 15,681 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 48,445 | 47,728 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (32,262) | 80,307 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (48,330) | (149,004) | |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 1,027,333 | 1,091,811 | 961,263 |
Defined Benefit Plans, Service Cost and Other | 35,675 | 33,995 | |
Defined Benefit Plan, Interest Cost | 3,347 | 4,778 | 10,192 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 1,904 | 43,508 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (23,196) | 112 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 39,911 | 39,412 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | (42,297) | 87,567 | |
Defined Benefit Plan, Plan Assets, Amount | 1,008,261 | 984,322 | 861,962 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 52,922 | 39,535 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 27,088 | 26,249 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 16,102 | 15,681 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 39,911 | 39,412 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (32,262) | 80,307 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (19,072) | (107,489) | |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 141,906 | 149,947 | 142,450 |
Defined Benefit Plans, Service Cost and Other | 1,498 | 1,304 | |
Defined Benefit Plan, Interest Cost | 2,194 | 3,556 | 4,585 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (3,399) | 10,733 | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 8,334 | 8,096 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 113,523 | 109,462 | 102,812 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 12,307 | 9,223 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 88 | 5,523 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 8,334 | 8,096 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (28,383) | (40,485) | |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 875 | 1,030 | 1,295 |
Defined Benefit Plans, Service Cost and Other | 0 | 0 | |
Defined Benefit Plan, Interest Cost | 8 | 25 | 64 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 37 | (70) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 200 | 220 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | $ 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 200 | 220 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 200 | 220 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (875) | $ (1,030) |
Benefit Plans Amounts Recognize
Benefit Plans Amounts Recognized in the Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 122,049 | $ 51,619 |
Liability, Defined Benefit Plan, Current | 5,554 | 5,835 |
Liability, Defined Benefit Plan, Noncurrent | 164,825 | 194,789 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 315,620 | 400,685 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 267,290 | 251,680 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 122,049 | 51,619 |
Liability, Defined Benefit Plan, Current | 5,289 | 5,549 |
Liability, Defined Benefit Plan, Noncurrent | 135,833 | 153,559 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 259,714 | 332,280 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 240,641 | 224,791 |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Liability, Defined Benefit Plan, Current | 136 | 133 |
Liability, Defined Benefit Plan, Noncurrent | 28,246 | 40,353 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 56,648 | 69,296 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | 28,266 | 28,810 |
Other Postretirement Benefits Plan [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 |
Liability, Defined Benefit Plan, Current | 129 | 153 |
Liability, Defined Benefit Plan, Noncurrent | 746 | 877 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (742) | (891) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax | $ (1,617) | $ (1,921) |
Benefit Plans Total Amounts Rec
Benefit Plans Total Amounts Recognized in OCI (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ (29,872) | $ (10,358) |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | (24,118) | (8,262) |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 345,492 | 411,043 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), after tax | 272,118 | 322,947 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 315,620 | 400,685 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 248,000 | 314,685 |
Pension Plan [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 56,648 | 69,296 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 56,648 | 69,296 |
Pension Plan [Member] | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (29,446) | (9,857) |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 289,160 | 342,137 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 259,714 | 332,280 |
Other Postretirement Benefits Plan [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (426) | (501) |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (316) | (390) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (742) | $ (891) |
Benefit Plans Amounts Recogni_2
Benefit Plans Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | $ (25,202) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 19,293 | $ (35,662) | $ (32,699) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (23,196) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | (18,831) | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (27,778) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | (21,958) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 3,249 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, after tax | 2,632 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | (12,138) | ||
Impact of foreign currency | 9,235 | $ (19,701) | $ (2,108) |
Defined Benefit Plan, Changes in OCI Arising During the Period | (85,065) | ||
Defined Benefit Plan, Changes in OCI Arising During the Period, net of tax | (66,685) | ||
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (15,507) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (23,196) | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (24,899) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 3,174 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | (12,138) | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | (72,566) | ||
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (9,732) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | (2,916) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 0 | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | (12,648) | ||
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 37 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | ||
Defined Benefit Plans, Amortization of Gains, Losses and Other Expenses | 37 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 75 | ||
Defined Benefit Plans, Impact of FX on Current Year Change in OCI | 0 | ||
Defined Benefit Plan, Changes in OCI Arising During the Period | $ 149 |
Benefit Plans Weighted Average
Benefit Plans Weighted Average Rates for PBO (Details) - Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.57% | 2.22% |
Defined Benefit Plan, Assumptions Used Calculating the projected benefit obligation, Expected Long-term Return on Assets | 5.75% | 5.75% |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.40% | 0.32% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.85% | 0.86% |
Defined Benefit Plan, Assumptions Used Calculating the projected benefit obligation, Expected Long-term Return on Assets | 3.78% | 3.73% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 1.00% | 0.50% |
Benefit Plans Weighted Averag_2
Benefit Plans Weighted Average Rates for NPPC (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.22% | 3.03% | 4.11% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.75% | 6.25% | 6.50% |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.63% | 0.51% | 1.22% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.85% | 0.86% | 0.87% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.78% | 3.76% | 3.84% |
Benefit Plans Net Periodic Pens
Benefit Plans Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | $ 21,056 | $ 19,618 | $ 16,597 |
Defined Benefit Plan, Interest Cost | 5,549 | 8,359 | 14,841 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 41,485 | 39,161 | 35,049 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 24,529 | 18,609 | 15,467 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 9,649 | 7,425 | 11,856 |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 19,558 | 18,314 | 15,534 |
Defined Benefit Plan, Interest Cost | 3,347 | 4,778 | 10,192 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 35,511 | 33,067 | 29,162 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 21,725 | 16,134 | 13,784 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 9,119 | 6,159 | 10,348 |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 1,498 | 1,304 | 1,063 |
Defined Benefit Plan, Interest Cost | 2,194 | 3,556 | 4,585 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 5,974 | 6,094 | 5,887 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | 2,916 | 2,578 | 2,374 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 634 | 1,344 | 2,135 |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | 8 | 25 | 64 |
Amortization of Actuarial (Gains) Losses and Plan Amendments | (112) | (103) | (691) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (104) | $ (78) | $ (627) |
Benefit Plans Pension Fair Valu
Benefit Plans Pension Fair Value Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 1,121,784 | $ 1,093,784 | $ 964,774 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 92,207 | 166,614 | |
Fair Value, Inputs, Level 1 [Member] | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,639 | 3,767 | |
Fair Value, Inputs, Level 1 [Member] | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 8,197 | 7,467 | |
Fair Value, Inputs, Level 1 [Member] | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 100,197 | 83,309 | |
Fair Value, Inputs, Level 1 [Member] | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 157,814 | 131,103 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 87,772 | 92,085 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 107,394 | 72,061 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 117,089 | |
Fair Value, Inputs, Level 1 [Member] | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 50,525 | 53,088 | |
Fair Value, Inputs, Level 1 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 43,060 | ||
Fair Value, Inputs, Level 1 [Member] | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5,680 | 12,359 | |
Fair Value, Inputs, Level 1 [Member] | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 19,287 | 19,038 | |
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Plan Assets, Fair Value Hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 674,340 | 801,040 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 43,287 | 30,460 | |
Fair Value, Inputs, Level 2 [Member] | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 23,022 | 41,027 | |
Fair Value, Inputs, Level 2 [Member] | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,315 | 966 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 38,555 | 43,055 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 71,608 | 64,111 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 153,954 | 15,864 | |
Fair Value, Inputs, Level 2 [Member] | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Types of Investments, Multi-Strategy Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 16,103 | ||
Fair Value, Inputs, Level 2 [Member] | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Plan Assets, Fair Value Hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 349,844 | 195,483 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,787 | 1,793 | $ 1,486 |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Defined Benefit Plan Assets, Fair Value Hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,787 | 1,793 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 92,207 | 166,614 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Company Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,639 | 3,767 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | U.S. Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 51,484 | 37,927 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 123,219 | 124,336 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 161,129 | 132,069 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fixed Income Securities, Corporate and Government Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 87,772 | 92,085 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fixed Income Mutual Funds, Insurance Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 40,342 | 44,848 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fixed Income Mutual Funds, Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 179,002 | 136,172 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 153,954 | 132,953 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Real Asset Mutual Funds, Commodities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 50,525 | 53,088 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 41,628 | 43,060 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Other Types of Investments, Global Allocation Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5,680 | 12,359 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Other Types of Investments Insurance linked securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 19,287 | 19,038 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Defined Benefit Plan Assets, Fair Value Hierarchy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,025,971 | 998,316 | |
Fair Value Measured at Net Asset Value Per Share | International Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,568 | 2,930 | |
Fair Value Measured at Net Asset Value Per Share | Emerging Markets Equity Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7,211 | 7,262 | |
Fair Value Measured at Net Asset Value Per Share | Hedge Funds, Multi-strategy [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 85,034 | $ 85,276 |
Benefit Plans Level 3 Rollforwa
Benefit Plans Level 3 Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | $ (32,262) | $ 80,307 | |
Defined Benefit Plan, Plan Assets, Amount | 1,121,784 | 1,093,784 | $ 964,774 |
Real Asset Mutual Funds, Commodities | Fair Value, Inputs, Level 3 [Member] | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fixed Income Mutual Funds, Insurance Contracts | Fair Value, Inputs, Level 3 [Member] | |||
Actual return on plan assets: | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 26 | 22 | |
Defined Benefit Plan, Purchases, Total | 70 | 99 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (102) | 186 | |
Defined Benefit Plan, Plan Assets, Amount | $ 1,787 | $ 1,793 | $ 1,486 |
Benefit Plans Future Cash Flows
Benefit Plans Future Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 56,874 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 57,245 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 59,583 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 58,475 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 59,008 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 294,745 | ||
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.40% | 0.32% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 48,030 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 48,345 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 50,636 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 49,528 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 50,121 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 251,739 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.63% | 0.51% | 1.22% |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.57% | 2.22% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 8,715 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 8,789 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 8,848 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 8,859 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 8,809 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 42,737 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.22% | 3.03% | 4.11% |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.94% | 1.47% | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 129 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 111 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 99 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 88 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 78 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 269 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.47% | 2.54% | 3.75% |
Healthcare Cost Trend Rate Maximum | 5.90% | 6.20% | |
Healthcare Cost Trend Rate Minimum Percentage | 6.00% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% |
Benefit Plans Narrative (Detail
Benefit Plans Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 24.8 | $ 19.3 | $ 18.8 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 174.1 | 205.3 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 181.3 | 216.7 | |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 40.3 | $ 57.4 | |
Pension Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.57% | 2.22% | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 141.9 | $ 149.9 | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | Target asset allocation ranges for the U.S. pension plan include 40-60% in equity securities, 23-33% in fixed income securities, and 15-25% in other types of investments. | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.22% | 3.03% | 4.11% |
Pension Plan [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.40% | 0.32% | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 867 | $ 920.3 | |
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | International plan assets relate primarily to the Company’s Swiss plan with target allocations of 24-45% in equities, 35-55% in fixed income securities, and 15-25% in other types of investments. | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 28.2 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.63% | 0.51% | 1.22% |
Other Postretirement Benefits Plan [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.94% | 1.47% | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0.1 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 1.47% | 2.54% | 3.75% |
Healthcare Cost Trend Rate Maximum | 5.90% | 6.20% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | ||
Healthcare Cost Trend Rate Minimum Percentage | 6.00% |
Taxes Summary of Earnings (Deta
Taxes Summary of Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Earnings Before Taxes, Domestic | $ 109,918 | $ 94,651 | $ 102,262 |
Earnings Before Taxes, Foreign | 839,443 | 654,092 | 579,132 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 949,361 | $ 748,743 | $ 681,394 |
Taxes Summary of the provision
Taxes Summary of the provision for taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 7,750 | $ 6,242 | $ 3,033 |
Current State and Local Tax Expense (Benefit) | 3,670 | 5,563 | (996) |
Current Foreign Tax Expense (Benefit) | 168,393 | 146,983 | 122,878 |
Current Income Tax Expense (Benefit) | 179,813 | 158,788 | 124,915 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | (7,415) | (6,311) | (2,622) |
Deferred State and Local Income Tax Expense (Benefit) | (1,099) | (1,736) | (1,950) |
Deferred Foreign Income Tax Expense (Benefit) | 9,077 | (4,737) | (58) |
Deferred Income Tax Expense (Benefit) | 563 | (12,784) | (4,630) |
Federal Income Tax Expense (Benefit), Continuing Operations | 335 | (69) | 411 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 2,571 | 3,827 | (2,946) |
Foreign Income Tax Expense (Benefit), Continuing Operations | 177,470 | 142,246 | 122,820 |
Provision for taxes | $ 180,376 | $ 146,004 | $ 120,285 |
Taxes Effective Tax Rate Reconc
Taxes Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective Tax Rate Reconciliation, Excess Tax Benefits | $ (22,843) | $ (17,261) | $ (28,279) |
Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 199,365 | 157,236 | 143,092 |
State and Local Income Taxes | 1,235 | 3,320 | 499 |
Deferred Tax Benefit, net related to Swiss Tax Reform | 0 | 0 | (15,833) |
Foreign Income Tax Rate Differential | 3,439 | 179 | 18,546 |
Other Adjustments | (820) | 2,530 | 2,260 |
Provision for taxes | $ 180,376 | $ 146,004 | $ 120,285 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | 21.00% |
Taxes Tax Effects of Temporary
Taxes Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Inventory | $ 24,007 | $ 18,849 |
Accrued and other liabilities | 103,900 | 94,113 |
Accrued post-retirement benefit and pension costs | 49,774 | 56,618 |
Net operating loss and tax credit carryforwards | 26,808 | 27,717 |
Swiss tax reform intangible asset | 51,194 | 53,080 |
Other | 1,006 | 12,408 |
Deferred Tax Assets, Gross | 256,689 | 262,785 |
Valuation Allowance | (51,126) | (52,388) |
Non-current deferred tax assets, net | 205,563 | 210,397 |
Inventory | 6,905 | 6,029 |
Deferred Tax Liabilities, Right of Use Asset and Other Assets | 31,164 | 29,553 |
Property, Plant and Equipment | 68,701 | 60,047 |
Rainin Intangible Amortization | 61,289 | 62,584 |
Deferred Tax Liabilities, Tax Deferred Expense, Compensation and Benefits, Pension | 41,524 | 28,270 |
International earnings | 15,001 | 16,526 |
Deferred Tax Liabilities, Unrealized Currency Transaction Gains | 3,713 | 0 |
Deferred Tax Liabilities, Gross, Noncurrent | 228,297 | 203,009 |
Net deferred tax (liability) asset | $ 7,388 | |
Net deferred tax (liability) asset | $ 22,734 |
Taxes Reconciliation of unrecog
Taxes Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Beginning Unrecognized Tax Benefits | $ 38,294 | $ 29,934 |
Increases related to current tax positions | 12,200 | 9,503 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (2,905) | (2,900) |
Unrecognized Tax Benefits, Foreign Currency Translation (decreases) increases to prior year tax positions | (1,157) | 1,757 |
Ending Unrecognized Tax Benefits | $ 46,432 | $ 38,294 |
Taxes Narrative (Details)
Taxes Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Percent | 19.00% | 19.50% | 17.70% |
Deferred Tax Benefit, net related to Swiss Tax Reform | $ 0 | $ 0 | $ (15,833) |
Impact on tax rate related to Swiss Tax Reform | 2.30% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | 21.00% | |
US Federal Corporate Income Tax Rate | 21.00% | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 46,400 | $ 38,300 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 7,700 | $ 6,200 | |
Gross Deferred Tax Asset for Swiss Tax Reform | 48,100 | ||
Valuation Allowance, Swiss Tax Reform | $ 31,900 |
Other Charges (Income), Net Oth
Other Charges (Income), Net Other Charges (Income), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 6,849 | ||
Other Nonoperating Income (Expense) | 3,106 | $ 13,832 | $ 6,177 |
Impact of Adopting ASU 2017-07 ASC 715 Compensation Retirement Benefit | 11,400 | $ 12,200 | $ 4,800 |
PendoTECH acquisition | |||
Business Combination, Acquisition Related Costs | $ 3,400 |
Leases Lease Balance Sheet (Det
Leases Lease Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets | Other non-current assets |
Operating Lease, Right-of-Use Asset | $ 92,700 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued and other liabilities | Accrued and other liabilities | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Operating Lease, Liability | $ 118,952 | $ 99,046 | $ 93,500 |
Other Noncurrent Assets [Member] | |||
Operating Lease, Right-of-Use Asset | 118,499 | 98,624 | |
Other Current Liabilities [Member] | |||
Operating Lease, Liability, Current | 30,636 | 29,216 | |
Other Noncurrent Liabilities [Member] | |||
Operating Lease, Liability, Noncurrent | $ 88,316 | $ 69,830 |
Leases Lease Income Statement (
Leases Lease Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Lease, Cost | $ 36,137 | $ 34,559 | $ 33,666 |
Variable Lease, Cost | 4,503 | 4,182 | 4,337 |
Short-term Lease, Cost | 1,018 | 991 | 1,187 |
Operating Lease, Expense | $ 41,658 | $ 39,732 | $ 39,190 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 4 months 24 days | 6 years 9 months 18 days | 6 years 4 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.10% | 2.50% | 2.90% |
Leases Lease Maturity Analysis
Leases Lease Maturity Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Leases [Abstract] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 32,865 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 24,785 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 16,156 | ||
Finance Lease, Liability, Payments, Due Year Four | 9,902 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 7,413 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 38,212 | ||
Lessee, Operating Lease, Liability, Payments, Due | 129,333 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (10,381) | ||
Operating Lease, Liability | $ 118,952 | $ 99,046 | $ 93,500 |
Leases Lease Narrative (Details
Leases Lease Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||||
Operating Lease, Expense | $ 41,658 | $ 39,732 | $ 39,190 | |
Amortization of Operating Lease Right-of-Use Asset | 33,700 | 32,100 | 31,100 | |
Change in lease liability cash flow | 33,700 | 31,700 | 30,100 | |
Operating Lease, Payments | 35,500 | 36,000 | 33,500 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 46,400 | $ 35,000 | $ 25,700 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Segment Reporting Segment (Deta
Segment Reporting Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 3,717,930 | $ 3,085,177 | $ 3,008,652 |
Revenue Transactions With Other Operating Segments | 0 | 0 | 0 |
Net Sales | 3,717,930 | 3,085,177 | 3,008,652 |
Total Segment Profit | 1,057,811 | 840,708 | 778,078 |
Depreciation | 44,982 | 42,044 | 38,991 |
Assets | 3,326,798 | 2,814,549 | 2,789,321 |
Purchase of property, plant and equipment | (107,580) | (92,494) | (97,341) |
Goodwill | 648,622 | 550,270 | 535,979 |
U.S. Operations Segment | |||
Revenues | 1,287,983 | 1,072,319 | 1,057,115 |
Revenue Transactions With Other Operating Segments | 155,987 | 121,850 | 114,794 |
Net Sales | 1,443,970 | 1,194,169 | 1,171,909 |
Segment Profit | 302,177 | 244,940 | 210,133 |
Depreciation | 12,123 | 11,347 | 10,684 |
Assets | 3,278,400 | 2,560,652 | 2,363,725 |
Purchase of property, plant and equipment | (34,972) | (18,258) | (15,607) |
Goodwill | 508,942 | 415,869 | 410,022 |
Swiss Operations Segment | |||
Revenues | 171,633 | 143,923 | 139,499 |
Revenue Transactions With Other Operating Segments | 826,001 | 679,837 | 657,678 |
Net Sales | 997,634 | 823,760 | 797,177 |
Segment Profit | 301,142 | 245,465 | 233,292 |
Depreciation | 6,557 | 6,257 | 6,069 |
Assets | 2,700,965 | 2,028,879 | 1,648,065 |
Purchase of property, plant and equipment | (7,856) | (5,495) | (5,820) |
Goodwill | 23,710 | 24,525 | 22,369 |
Western European Operations Segment | |||
Revenues | 829,761 | 716,715 | 700,741 |
Revenue Transactions With Other Operating Segments | 211,547 | 173,176 | 175,759 |
Net Sales | 1,041,308 | 889,891 | 876,500 |
Segment Profit | 172,265 | 147,562 | 123,845 |
Depreciation | 5,264 | 4,769 | 4,450 |
Assets | 1,566,819 | 1,294,579 | 1,150,214 |
Purchase of property, plant and equipment | (11,014) | (13,678) | (11,267) |
Goodwill | 100,433 | 93,514 | 87,980 |
Chinese Operations Segment | |||
Revenues | 771,651 | 578,610 | 544,716 |
Revenue Transactions With Other Operating Segments | 291,779 | 213,735 | 224,517 |
Net Sales | 1,063,430 | 792,345 | 769,233 |
Segment Profit | 369,835 | 270,497 | 266,522 |
Depreciation | 9,566 | 8,506 | 8,045 |
Assets | 1,037,838 | 985,977 | 694,903 |
Purchase of property, plant and equipment | (15,700) | (9,755) | (10,252) |
Goodwill | 710 | 686 | 633 |
Other Operations Segment | |||
Revenues | 656,902 | 573,610 | 566,581 |
Revenue Transactions With Other Operating Segments | 4,780 | 4,600 | 5,890 |
Net Sales | 661,682 | 578,210 | 572,471 |
Segment Profit | 100,028 | 77,910 | 71,483 |
Depreciation | 3,819 | 3,737 | 3,395 |
Assets | 365,182 | 340,786 | 358,281 |
Purchase of property, plant and equipment | (5,652) | (5,974) | (4,936) |
Goodwill | 14,827 | 15,676 | 14,975 |
Eliminations and Corporate Segment | |||
Revenues | 0 | 0 | 0 |
Revenue Transactions With Other Operating Segments | (1,490,094) | (1,193,198) | (1,178,638) |
Net Sales | (1,490,094) | (1,193,198) | (1,178,638) |
Segment Profit | (187,636) | (145,666) | (127,197) |
Depreciation | 7,653 | 7,428 | 6,348 |
Assets | (5,622,406) | (4,396,324) | (3,425,867) |
Purchase of property, plant and equipment | (32,386) | (39,334) | (49,459) |
Goodwill | $ 0 | $ 0 | $ 0 |
Segment Reporting Reconciliatio
Segment Reporting Reconciliation of Earnings Before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||
Amortization | $ 63,075 | $ 56,665 | $ 49,690 |
Interest Expense | 43,242 | 38,616 | 37,411 |
Restructuring Charges | 5,239 | 10,516 | 15,760 |
Other Charges (Income), Net | (3,106) | (13,832) | (6,177) |
Total Segment Profit | 1,057,811 | 840,708 | 778,078 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 949,361 | $ 748,743 | $ 681,394 |
Segment Reporting Revenues by D
Segment Reporting Revenues by Division (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Sales Information | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,717,930 | $ 3,085,177 | $ 3,008,652 |
Revenues | 3,717,930 | 3,085,177 | 3,008,652 |
Laboratory products and services [Member] | |||
Segment Sales Information | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,083,025 | ||
Revenues | 1,669,791 | 1,578,625 | |
Industrial products and services [Member] | |||
Segment Sales Information | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,446,544 | ||
Revenues | 1,224,497 | 1,233,970 | |
Retail products and services [Member] | |||
Segment Sales Information | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 188,361 | ||
Revenues | $ 190,889 | $ 196,057 |
Segment Reporting Sales and PPE
Segment Reporting Sales and PPE by Destination (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | $ 3,717,930 | $ 3,085,177 | $ 3,008,652 |
Total Segments Property, Plant and Equipment, Net | 799,365 | 798,868 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 3,717,930 | 3,085,177 | 3,008,652 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 1,217,114 | 1,014,180 | 984,524 |
Total Segments Property, Plant and Equipment, Net | 228,010 | 208,038 | |
OTHER AMERICAS | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 202,718 | 166,446 | 181,323 |
Total Segments Property, Plant and Equipment, Net | 3,267 | 3,713 | |
Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 1,180,626 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,419,832 | ||
TOTAL AMERICAS | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 1,165,847 | ||
Total Segments Property, Plant and Equipment, Net | 231,277 | 211,751 | |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 229,341 | 199,499 | 195,790 |
Total Segments Property, Plant and Equipment, Net | 40,854 | 48,468 | |
FRANCE | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 152,225 | 134,542 | 130,387 |
Total Segments Property, Plant and Equipment, Net | 8,026 | 9,123 | |
UNITED KINGDOM | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 90,431 | 70,163 | 66,855 |
Total Segments Property, Plant and Equipment, Net | 35,349 | 34,631 | |
SWITZERLAND | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 82,381 | 69,965 | 65,202 |
Total Segments Property, Plant and Equipment, Net | 304,228 | 314,059 | |
OTHER EUROPE | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 508,583 | 447,097 | 433,858 |
Total Segments Property, Plant and Equipment, Net | 51,760 | 64,048 | |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 921,266 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,062,961 | ||
TOTAL EUROPE | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 892,092 | ||
Total Segments Property, Plant and Equipment, Net | 440,217 | 470,329 | |
CHINA | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 754,002 | 565,100 | 527,076 |
Total Segments Property, Plant and Equipment, Net | 95,356 | 89,277 | |
REST OF WORLD | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 481,135 | 418,185 | 423,637 |
Total Segments Property, Plant and Equipment, Net | 32,515 | 27,511 | |
Asia [Member] | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | 983,285 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,235,137 | ||
TOTAL ASIA REST OF WORLD | |||
Revenues from External Customers and Long-Lived Assets | |||
Net Sales | $ 950,713 | ||
Total Segments Property, Plant and Equipment, Net | $ 127,871 | $ 116,788 |
Segment Reporting Textuals (Det
Segment Reporting Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 92,700 | |||
Restructuring Charges | $ 5,239 | $ 10,516 | $ 15,760 | |
Customer Concentration Risk | Revenue Benchmark | End Customers | ||||
Maximum Customer Percentage | 1.00% |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts Schedule II (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning | $ 52,388 | $ 50,853 | $ 15,084 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 2,058 | 2,824 | 36,658 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 3,009 | 0 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 3,320 | 4,298 | 889 |
Valuation Allowances and Reserves, Balance, Ending | $ 51,126 | $ 52,388 | $ 50,853 |