10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2016, OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ________________

Commission File Number: 1-13595

Mettler-Toledo International Inc.

_______________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Delaware	13-3668641
(State or other jurisdiction of	(I.R.S Employer Identification No.)
incorporation or organization)
1900 Polaris Parkway Columbus, Ohio 43240 and Im Langacher, P.O. Box MT-100 CH 8606 Greifensee, Switzerland _________________________________________________________  (Address of principal executive offices) (Zip Code)

1-614-438-4511 and +41-44-944-22-11

________________________________________________________________________________

(Registrant's telephone number, including area code)

not applicable

______________________________________________________________________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   X   No ___

Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Web-site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes   X   No ___

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer. X  Accelerated filer __ Non-accelerated filer __ (Do not check if a smaller reporting company)Smaller reporting company __

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ___ No  X 

The Registrant had 26,489,610 shares of Common Stock outstanding at June 30, 2016.

METTLER-TOLEDO INTERNATIONAL INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

		PAGE
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Interim Consolidated Financial Statements:
	Interim Consolidated Statements of Operations and Comprehensive Income for the three months ended June 30, 2016 and 2015	3
	Interim Consolidated Statements of Operations and Comprehensive Income for the six months ended June 30, 2016 and 2015	4
	Interim Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015	5
	Interim Consolidated Statements of Shareholders’ Equity for the six months ended June 30, 2016 and the twelve months ended December 31, 2015	6
	Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2016	7
	Notes to the Interim Consolidated Financial Statements at June 30, 2016	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults upon Senior Securities	32
Item 5.	Other Information	32
Item 6.	Exhibits	32
SIGNATURE		33

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Three months ended June 30, 2016 and 2015

(In thousands, except share data)

(unaudited)

	June 30, 2016		June 30, 2015
Net sales
Products	$	470,605	$	449,702
Service	137,681		132,355
Total net sales	608,286		582,057
Cost of sales
Products	183,322		183,127
Service	77,388		76,018
Gross profit	347,576		322,912
Research and development	30,701		29,794
Selling, general and administrative	187,798		174,808
Amortization	8,655		7,634
Interest expense	6,872		6,942
Restructuring charges	2,205		1,720
Other charges (income), net	8,173		(33		)
Earnings before taxes	103,172		102,047
Provision for taxes	23,584		24,490
Net earnings	$	79,588	$	77,557
Basic earnings per common share:
Net earnings	$	2.99	$	2.79
Weighted average number of common shares	26,631,015		27,843,905
Diluted earnings per common share:
Net earnings	$	2.93	$	2.73
Weighted average number of common and common equivalent shares	27,143,284		28,460,336
Comprehensive income, net of tax (Note 9)	$	56,630	$	99,337

The accompanying notes are an integral part of these interim consolidated financial statements.

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Six months ended June 30, 2016 and 2015

(In thousands, except share data)

(unaudited)

	June 30, 2016		June 30, 2015
Net sales
Products	$	883,897	$	862,606
Service	264,063		255,152
Total net sales	1,147,960		1,117,758
Cost of sales
Products	349,179		347,793
Service	151,298		148,248
Gross profit	647,483		621,717
Research and development	59,674		58,255
Selling, general and administrative	356,719		347,846
Amortization	17,079		15,162
Interest expense	13,452		13,667
Restructuring charges	3,085		2,627
Other charges (income), net	7,889		(850		)
Earnings before taxes	189,585		185,010
Provision for taxes	44,323		44,402
Net earnings	$	145,262	$	140,608
Basic earnings per common share:
Net earnings	$	5.42	$	5.03
Weighted average number of common shares	26,781,154		27,978,814
Diluted earnings per common share:
Net earnings	$	5.32	$	4.91
Weighted average number of common and common equivalent shares	27,283,012		28,611,637
Comprehensive income, net of tax (Note 9)	$	129,136	$	156,132

The accompanying notes are an integral part of these interim consolidated financial statements.

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED BALANCE SHEETS

As of June 30, 2016 and December 31, 2015

(In thousands, except share data)

(unaudited)

	June 30, 2016			December 31, 2015
ASSETS
Current assets:
Cash and cash equivalents	$	114,646		$	98,887
Trade accounts receivable, less allowances of $13,918 at June 30, 2016
and $14,435 at December 31, 2015	407,972			411,420
Inventories	234,006			214,383
Current deferred tax assets, net	70,940			67,483
Other current assets and prepaid expenses	72,696			70,642
Total current assets	900,260			862,815
Property, plant and equipment, net	514,312			517,229
Goodwill	444,278			446,284
Other intangible assets, net	114,002			115,252
Non-current deferred tax assets, net	22,958			22,873
Other non-current assets	65,937			52,186
Total assets	$	2,061,747		$	2,016,639
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	131,888		$	142,075
Accrued and other liabilities	120,278			127,645
Accrued compensation and related items	108,001			136,414
Deferred revenue and customer prepayments	117,906			88,829
Taxes payable	69,178			63,241
Current deferred tax liabilities	22,912			22,435
Short-term borrowings and current maturities of long-term debt	20,945			14,488
Total current liabilities	591,108			595,127
Long-term debt	693,263			575,138
Non-current deferred tax liabilities	78,034			71,365
Other non-current liabilities	207,380			194,552
Total liabilities	1,569,785			1,436,182
Commitments and contingencies (Note 15)
Shareholders’ equity:
Preferred stock, $0.01 par value per share; authorized 10,000,000 shares	—			—
Common stock, $0.01 par value per share; authorized 125,000,000 shares;
issued 44,786,011 and 44,786,011 shares; outstanding 26,489,610 and
27,090,118 shares at June 30, 2016 and December 31, 2015, respectively	448			448
Additional paid-in capital	715,971			697,570
Treasury stock at cost (18,296,401 shares at June 30, 2016, and 17,695,893 shares at December 31, 2015)	(2,776,454		)	(2,543,229		)
Retained earnings	2,834,772			2,692,317
Accumulated other comprehensive income (loss)	(282,775		)	(266,649		)
Total shareholders’ equity	491,962			580,457
Total liabilities and shareholders’ equity	$	2,061,747		$	2,016,639

The accompanying notes are an integral part of these interim consolidated financial statements.

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Six months ended June 30, 2016 and twelve months ended December 31, 2015

(In thousands, except share data)

(unaudited)

					Additional Paid-in Capital								Accumulated Other Comprehensive Income (Loss)
	Common Stock						Treasury Stock			Retained Earnings
	Shares		Amount													Total
Balance at December 31, 2014	28,243,007		$	448	$	670,418	$	(2,095,656	)	$	2,357,334		$	(212,949	)	$	719,595
Exercise of stock options and restricted
stock units	403,908		—		—		47,393			(17,837		)	—			29,556
Repurchases of common stock	(1,556,797	)	—		—		(494,966		)	—			—			(494,966		)
Tax benefit resulting from exercise of
certain employee stock options	—		—		12,929		—			—			—			12,929
Share-based compensation	—		—		14,223		—			—			—			14,223
Net earnings	—		—		—		—			352,820			—			352,820
Other comprehensive income (loss),
net of tax	—		—		—		—			—			(53,700		)	(53,700		)
Balance at December 31, 2015	27,090,118		$	448	$	697,570	$	(2,543,229	)	$	2,692,317		$	(266,649	)	$	580,457
Exercise of stock options and restricted
stock units	131,737		—		—		16,772			(2,807		)	—			13,965
Repurchases of common stock	(732,245	)	—		—		(249,997		)	—			—			(249,997		)
Tax benefit resulting from exercise of
certain employee stock options	—		—		11,152		—			—			—			11,152
Share-based compensation	—		—		7,249		—			—			—			7,249
Net earnings	—		—		—		—			145,262			—			145,262
Other comprehensive income (loss),
net of tax (Note 9)	—		—		—		—			—			(16,126		)	(16,126		)
Balance at June 30, 2016	26,489,610		$	448	$	715,971	$	(2,776,454	)	$	2,834,772		$	(282,775	)	$	491,962

The accompanying notes are an integral part of these interim consolidated financial statements.

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METTLER-TOLEDO INTERNATIONAL INC.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

Six months ended June 30, 2016 and 2015

(In thousands)

(unaudited)

	June 30, 2016			June 30, 2015
Cash flows from operating activities:
Net earnings	$	145,262		$	140,608
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	16,116			16,658
Amortization	17,079			15,162
Deferred tax benefit	(8,852		)	(2,681		)
Excess tax benefits from share-based payment arrangements	(11,152		)	(1,278		)
Share-based compensation	7,249			6,981
Non-cash pension settlement charge	8,189			—
Other	(101		)	89
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	5,189			21,764
Inventories	(20,029		)	(18,659		)
Other current assets	(3,519		)	(959		)
Trade accounts payable	(8,673		)	(7,593		)
Taxes payable	5,351			7,836
Accruals and other	(884		)	(14,143		)
Net cash provided by operating activities	151,225			163,785
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	218			127
Purchase of property, plant and equipment	(28,858		)	(35,923		)
Acquisitions	(4,329		)	(300		)
Net hedging settlements on intercompany loans	1,075			(12,811		)
Net cash used in investing activities	(31,894		)	(48,907		)
Cash flows from financing activities:
Proceeds from borrowings	392,560			493,450
Repayments of borrowings	(269,684		)	(313,923		)
Proceeds from stock option exercises	13,965			17,738
Repurchases of common stock	(249,997		)	(247,473		)
Excess tax benefits from share-based payment arrangements	11,152			1,278
Other financing activities	(680		)	(854		)
Net cash used in financing activities	(102,684		)	(49,784		)
Effect of exchange rate changes on cash and cash equivalents	(888		)	(1,048		)
Net increase (decrease) in cash and cash equivalents	15,759			64,046
Cash and cash equivalents:
Beginning of period	98,887			85,263
End of period	$	114,646		$	149,309

The accompanying notes are an integral part of these interim consolidated financial statements.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited

(In thousands, except share data, unless otherwise stated)

1. BASIS OF PRESENTATION

Mettler-Toledo International Inc. ("Mettler-Toledo" or the "Company") is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Switzerland, the United Kingdom and the United States. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland.

The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year ending December 31, 2016.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. A discussion of the Company’s critical accounting policies is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

All intercompany transactions and balances have been eliminated.

Certain reclassifications have been made to prior year amounts to conform to the current year presentation.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Trade Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

Inventories

Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.

Inventories consisted of the following:

	June 30, 2016		December 31, 2015
Raw materials and parts	$	101,369	$	98,252
Work-in-progress	41,433		35,100
Finished goods	91,204		81,031
	$	234,006	$	214,383

Goodwill and Other Intangible Assets

Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.

Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".

Other intangible assets consisted of the following:

	June 30, 2016							December 31, 2015
	Gross Amount		Accumulated Amortization			Intangibles, Net		Gross Amount		Accumulated Amortization			Intangibles, Net
Customer relationships	$	98,867	$	(32,577	)	$	66,290	$	98,175	$	(30,836	)	$	67,339
Proven technology and patents	54,520		(34,060		)	20,460		52,938		(32,444		)	20,494
Tradename (finite life)	4,289		(2,212		)	2,077		4,200		(2,158		)	2,042
Tradename (indefinite life)	24,788		—			24,788		24,814		—			24,814
Other	2,143		(1,756		)	387		2,111		(1,548		)	563
	$	184,607	$	(70,605	)	$	114,002	$	182,238	$	(66,986	)	$	115,252

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

The Company recognized amortization expense associated with the above intangible assets of $1.7 million and $1.6 million for the three months ended June 30, 2016 and 2015, respectively and $3.5 million and $3.1 million for the six months ended June 30, 2016 and 2015, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.8 million for 2016, $6.5 million for 2017, $6.2 million for 2018, $5.9 million for 2019, $5.6 million for 2020 and $5.3 million for 2021. Purchased intangible amortization was $1.5 million, $1.0 million after tax, and $1.4 million, $0.9 million after tax, for the three months ended June 30, 2016 and 2015, respectively and $3.2 million, $2.1 million after tax, and $2.8 million, $1.9 million after tax, for the six months ended June 30, 2016 and 2015, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $6.9 million and $6.0 million for the three months ended June 30, 2016 and 2015, respectively and $13.4 million and $11.9 million for the six months ended June 30, 2016 and 2015, respectively.

Revenue Recognition

Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location.

Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized.

Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period.

Warranty

The Company generally offers one-year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

programs and processes, its warranty obligations are affected by product failure rates, material usage and service costs incurred in correcting a product failure.

Employee Termination Benefits

In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period.

Share-Based Compensation

The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.6 million and $7.2 million of share-based compensation expense for the three and six months ended June 30, 2016, respectively, compared to $3.5 million and $7.0 million for the corresponding periods in 2015.

Research and Development

Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, to ASC 606 "Revenue from Contracts with Customers." ASU 2014-09 provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Additionally, the guidance requires improved disclosure to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for assessing collectability, presentation of sales taxes, noncash considerations, and completed contract modifications at transition. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In May 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for identifying performance obligations as they pertain to immaterial promised goods or services, shipping and handling activities, and identifying when promises represent performance obligations. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

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METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

In March 2016, the FASB issued ASU 2016-09, to ASC 718 "Compensation - Stock Compensation." The guidance allows for the simplification related to several aspects of the accounting for share-based payment transactions, including income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance can be applied either on a retrospective or prospective basis and becomes effective for annual periods beginning after December 15, 2016. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In February 2016, the FASB issued ASU 2016-02 to ASC 842 "Leases." The accounting guidance primarily requires lessees to recognize most leases on their balance sheet as a right to use asset and a lease liability, with the exception of short term leases. A lessee will continue to recognize lease expense on a straight-line basis for leases classified as operating leases. The guidance becomes effective for fiscal years beginning after December 15, 2018 and must be applied on a retrospective basis with early adoption permitted. The Company is currently evaluating the impact of this guidance on our financial statements and the timing of adoption.

In November 2015, the FASB issued ASU 2015-17, to ASC 740 "Income Taxes." The guidance simplifies the balance sheet classification of deferred taxes. The new guidance requires that all deferred tax balances be presented as non-current. This change, which can be early adopted, conforms U.S. GAAP to IFRS. The guidance becomes effective for the Company for the year beginning January 1, 2017. The adoption of this guidance would have reduced current assets and increased non-current assets by approximately $70.9 million and reduced current liabilities and increased non-current liabilities by approximately $22.9 million on the Company's consolidated balance sheet at June 30, 2016.

In May 2015, the FASB issued ASU 2015-07, to ASC 820 "Fair Value Measurements." ASU 2015-07 removes the requirement to categorize investments using the net asset value per share method within the fair value hierarchy. The Company will adopt the guidance in the fourth quarter of 2016, which will have an immaterial impact on the consolidated financial statements.

3. ACQUISITIONS

In May 2016, the Company entered into an agreement to acquire substantially all of the assets of Henry Troemner, LLC, a leading supplier of lab equipment, weights and weight calibration based in the United States. Total consideration for the acquisition is approximately $96 million. The acquisition is expected to be consummated in the third quarter of 2016 and will be funded by the Company's existing Credit Agreement.

In 2016, the Company consummated acquisitions totaling $4.3 million, which included additional cash consideration of $0.5 million. Goodwill recorded in connection with the acquisitions totaled $2.0 million. The Company also recorded $1.2 million of identified intangibles primarily pertaining to customer relationships in connection with the acquisitions, which will be amortized on a straight-line basis over 10 years.

4.     FINANCIAL INSTRUMENTS

The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. As also mentioned in Note 7, the Company has designated its euro denominated debt as a hedge of a portion of its net

- 12 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

investment in euro-denominated foreign operations. For additional disclosures on the fair value of financial instruments, see Note 5.

Cash Flow Hedges

In July 2012, the Company began entering into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted intercompany sales denominated in euro with its Swiss-based business. In January 2015, prior to the Swiss National Bank's abandonment of its previously established exchange rate of 1.20 Swiss franc per euro, the Company increased the notional amount of the cash flow hedges to a total notional value and average forward rate of Euro 86 million and 1.21 for contracts that matured in 2015 and Euro 67 million and 1.19 for contracts that mature in 2016. The notional amount of foreign currency forward contracts outstanding at June 30, 2016 were $40.1 million (Euro 36.3 million) and $73 million (Euro 67 million) at December 31, 2015. The gross amount recognized in other comprehensive income (loss) during the three month periods ended June 30, 2016 and 2015 was a gain of $0.3 million and $1.4 million, respectively. The gross amount recognized in other comprehensive income (loss) during the six month periods ended June 30, 2016 and 2015 was a loss of $0.2 million and a gain $24.2 million, respectively.

The Company has an interest rate swap agreement designated as a cash flow hedge. The agreement is a swap which has the effect of changing the floating rate LIBOR-based interest payments associated with $50 million in forecasted borrowings under the Company’s credit facility to a fixed obligation of 2.52%. The swap began in October 2015 and matures in October 2020.

In March 2015, the Company entered into a forward-starting interest rate swap agreement. The agreement will change the floating rate LIBOR-based interest payments associated with $100 million in forecasted borrowings under the Company's credit agreement to a fixed obligation of 2.25% beginning in February 2017 and matures in February 2022.

The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2016 and December 31, 2015, respectively, and disclosed in Note 5 to the consolidated financial statements. Amounts reclassified into other comprehensive income and the effective portions of the cash flow hedges are further disclosed in Note 9 to the consolidated financial statements. A derivative gain of $2.1 million based upon interest rates and foreign currency rates at June 30, 2016, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. Through June 30, 2016, no hedge ineffectiveness has occurred in relation to the cash flow hedges.

Other Derivatives

The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese Renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at June 30, 2016 and June 30, 2015, respectively, and disclosed in Note 5. The Company recognized in other charges (income), a net loss of $1.7 million and $0.2 million during the three months ended June 30, 2016 and 2015, respectively, and a net loss of $0.6 million and $9.5 million during the six months ended June 30, 2016 and 2015, respectively. The gains and losses are primarily offset by the underlying transaction gains and losses on the related intercompany balances. At June 30, 2016 and June 30, 2015, these contracts had a notional value of $348.4 million and $318.7 million, respectively.    

- 13 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

5.    FAIR VALUE MEASUREMENTS

At June 30, 2016 and December 31, 2015, the Company had derivative assets totaling $5.3 million and $8.2 million, respectively, and derivative liabilities totaling $12.0 million and $4.7 million, respectively. The fair values of the interest rate swap agreements, foreign currency forward contracts designated as cash flow hedges and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant at June 30, 2016 and December 31, 2015.

At June 30, 2016 and December 31, 2015, the Company had $19.7 million and $18.8 million of cash equivalents, respectively, the fair value of which is determined through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost.

The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company's debt exceeds the carrying value by approximately $31.6 million as of June 30, 2016. The carrying value of the Company's debt exceeds the fair value by approximately $9.2 million as of December 31, 2015.

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

- 14 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

The following table presents for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015:

	June 30, 2016								December 31, 2015
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	19,675	$	—	$	19,675	$	—	$	18,755	$	—	$	18,755	$	—
Foreign currency forwards contracts designed as cash flow hedges	3,888		—		3,888		—		7,056		—		7,056		—
Foreign currency forward contracts not designated as hedging instruments	1,368		—		1,368		—		1,166		—		1,166		—
Total	$	24,931	$	—	$	24,931	$	—	$	26,977	$	—	$	26,977	$	—
Liabilities:
Interest rate swap agreements	$	10,167	$	—	$	10,167	$	—	$	4,092	$	—	$	4,092	$	—
Foreign currency forward contracts not designated as hedging instruments	1,866		—		1,866		—		625		—		625		—
Total	$	12,033	$	—	$	12,033	$	—	$	4,717	$	—	$	4,717	$	—

6.    INCOME TAXES

The provision for taxes is based upon using the Company's projected annual effective tax rate of 24% before discrete items for both the three and six month periods ended June 30, 2016 and 2015.

7.    DEBT

Debt consisted of the following at June 30, 2016:

	June 30, 2016
	U.S. Dollar			Other Principal Trading Currencies			Total
3.67% $50 million Senior Notes due December 17, 2022	50,000			—			50,000
4.10% $50 million Senior Notes due September 19, 2023	50,000			—			50,000
3.84% $125 million Senior Notes due September 19, 2024	125,000			—			125,000
4.24% $125 million Senior Notes due June 25, 2025	125,000			—			125,000
1.47% EUR 125 million Senior Notes due June 17, 2030	—			138,183			138,183
Debt issuance costs, net	(1,344		)	(399		)	(1,743		)
Total Senior Notes	348,656			137,784			486,440
$800 million Credit Agreement, interest at LIBOR plus 87.5 basis points	157,952			48,871			206,823
Other local arrangements	—			20,945			20,945
Total debt	506,608			207,600			714,208
Less: current portion	—			(20,945		)	(20,945		)
Total long-term debt	$	506,608		$	186,655		$	693,263

As of June 30, 2016, the Company had $588.6 million of availability remaining under its Credit Agreement.

- 15 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

1.47% Euro Senior Notes

The Company has designated the 1.47% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment in these operations. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The unrealized gain (loss) recorded in other comprehensive income (loss) related to this net investment hedge was a gain of $2.0 million and $0.5 million for the three months ended June 30, 2016 and 2015, respectively, and a loss of $1.6 million and a gain $0.5 million for the six months periods ended June 30, 2016 and 2015, respectively.

8.    SHARE REPURCHASE PROGRAM AND TREASURY STOCK

The Company has a share repurchase program of which there was $1.2 billion common shares remaining to be repurchased under the program as of June 30, 2016. The share repurchases are expected to be funded from cash balances, borrowings and cash generated from operating activities. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity and other factors.

The Company has purchased 25.4 million shares since the inception of the program in 2004 through June 30, 2016. During the six months ended June 30, 2016 and 2015, the Company spent $250.0 million and $247.5 million on the repurchase of 732,245 shares and 777,248 shares at an average price per share of $341.39 and $318.38, respectively. The Company also reissued 131,737 shares and 233,593 shares held in treasury for the exercise of stock options and restricted stock units during the six months ended June 30, 2016 and 2015, respectively.

9.    ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2016 and 2015:

	Currency Translation Adjustment, Net of Tax			Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax			Pension and Post-Retirement Benefit Related Items, Net of Tax			Total
Balance at December 31, 2015	$	(57,394	)	$	3,016		$	(212,271	)	$	(266,649	)
Other comprehensive income (loss), net of tax:
Amounts recognized in accumulated other comprehensive income (loss), net of tax	—			(3,692		)	(4,546		)	(8,238		)
Foreign currency translation adjustment	(15,350		)	(556		)	(810		)	(16,716		)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—			(2,007		)	10,835			8,828
Net change in other comprehensive income (loss), net of tax	(15,350		)	(6,255		)	5,479			(16,126		)
Balance at June 30, 2016	$	(72,744	)	$	(3,239	)	$	(206,792	)	$	(282,775	)

- 16 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

	Currency Translation Adjustment, Net of Tax			Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax			Pension and Post-Retirement Benefit Related Items, Net of Tax			Total
Balance at December 31, 2014	$	(4,960	)	$	(1,944	)	$	(206,045	)	$	(212,949	)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements	—			19,932			—			19,932
Foreign currency translation adjustment	(1,655		)	(817		)	(2,655		)	(5,127		)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—			(4,321		)	5,040			719
Net change in other comprehensive income (loss), net of tax	(1,655		)	14,794			2,385			15,524
Balance at June 30, 2015	$	(6,615	)	$	12,850		$	(203,660	)	$	(197,425	)

The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:

	Three months ended June 30,
	2016			2015			Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	262		$	771		Interest expense
Foreign currency forward contracts	(1,498		)	(3,532		)	Cost of sales - products
Total before taxes	(1,236		)	(2,761		)
Provision for taxes	(206		)	(427		)	Provision for taxes
Total, net of taxes	$	(1,030	)	$	(2,334	)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses, settlement loss and prior service cost, before taxes	$	12,008		$	3,428		(a)
Provision for taxes	4,110			911			Provision for taxes
Total, net of taxes	$	7,898		$	2,517

(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three and six months ended June 30, 2016 and 2015.

- 17 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

	Six months ended June 30,
	2016			2015			Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	526		$	1,535		Interest expense
Foreign currency forward contracts	(2,931		)	(6,623		)	Cost of sales - products
Total before taxes	(2,405		)	(5,088		)
Provision for taxes	(398		)	(767		)	Provision for taxes
Total, net of taxes	$	(2,007	)	$	(4,321	)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses, settlement loss and prior service cost, before taxes	$	15,968		$	6,869		(a)
Provision for taxes	5,133			1,829			Provision for taxes
Total, net of taxes	$	10,835		$	5,040

(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three and six months ended June 30, 2016 and 2015.

Comprehensive income (loss), net of tax consisted of the following as of June 30:

	Three Months Ended					Six Months Ended
	2016			2015		2016			2015
Net earnings	$	79,588		$	77,557	$	145,262		$	140,608
Other comprehensive income (loss), net of tax	(22,958		)	21,780		(16,126		)	15,524
Comprehensive income, net of tax	$	56,630		$	99,337	$	129,136		$	156,132

10.    EARNINGS PER COMMON SHARE

In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six month periods endedJune 30, relating to outstanding stock options and restricted stock units:

	2016	2015
Three months ended	512,269	616,431
Six months ended	501,858	632,823

Outstanding options and restricted stock units to purchase or receive 84,392 and 95,535 shares of common stock for the three month periods ended June 30, 2016 and 2015, respectively, and options and restricted stock units to purchase or receive 108,361 and 95,725 for the six month periods ended June 30, 2016 and 2015, respectively, have been excluded from the calculation of diluted weighted average of common and common equivalent shares as such options and restricted stock units would be anti-dilutive.

- 18 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

11.    NET PERIODIC BENEFIT COST

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:

	U.S. Pension Benefits						Non-U.S. Pension Benefits						Other U.S. Post-retirement Benefits						Total
	2016			2015			2016			2015			2016			2015			2016			2015
Service cost, net	$	145		$	208		$	4,153		$	4,711		$	—		$	—		$	4,298		$	4,919
Interest cost on projected benefit obligations	1,072			1,608			2,673			3,515			19			35			3,764			5,158
Expected return on plan assets	(1,945		)	(2,394		)	(8,341		)	(9,340		)	—			—			(10,286		)	(11,734		)
Recognition of prior service cost	—			—			(1,278		)	(984		)	(469		)	(469		)	(1,747		)	(1,453		)
Recognition of actuarial losses/(gains)	1,902			1,907			4,563			3,817			(673		)	(843		)	5,792			4,881
Settlement charge	7,963			—			—			—			—			—			7,963			—
Net periodic pension cost/(credit)	$	9,137		$	1,329		$	1,770		$	1,719		$	(1,123	)	$	(1,277	)	$	9,784		$	1,771

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:

	U.S. Pension Benefits						Non-U.S. Pension Benefits						Other U.S. Post-retirement Benefits						Total
	2016			2015			2016			2015			2016			2015			2016			2015
Service cost, net	$	262		$	417		$	8,383		$	9,456		$	—		$	—		$	8,645		$	9,873
Interest cost on projected benefit obligations	2,364			3,216			5,345			7,069			38			69			7,747			10,354
Expected return on plan assets	(4,044		)	(4,788		)	(16,681		)	(18,639		)	—			—			(20,725		)	(23,427		)
Recognition of prior service cost	—			—			(2,556		)	(1,957		)	(938		)	(938		)	(3,494		)	(2,895		)
Recognition of actuarial losses/(gains)	3,792			3,814			9,053			7,635			(1,346		)	(1,685		)	11,499			9,764
Settlement charge	7,963			—			—			—			—			—			7,963			—
Net periodic pension cost/(credit)	$	10,337		$	2,659		$	3,544		$	3,564		$	(2,246	)	$	(2,554	)	$	11,635		$	3,669

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, the Company expects to make employer contributions of approximately $19.4 million to its non-U.S. pension plans and employer contributions of approximately $0.5 million to itsU.S. post-retirement medical plan during the year ended December 31, 2016. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

In February 2016 the Company offered former employees a one-time option to receive a lump sum distribution of their vested pension plan benefits. Based upon the eligible participant acceptance, $14.6 million was paid from plan assets to these former employees in the second quarter of 2016 with a corresponding decrease in the benefit obligation. The Company incurred a one-time non-cash settlement charge recorded in other charges (income), net during the second quarter of 2016 of approximately $8.2 million , of which $8.0 million, $4.9 million after tax, was reclassified from accumulated other comprehensive income.

- 19 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

12.    RESTRUCTURING CHARGES

For the three and six months ended June 30, 2016, the Company has incurred $2.2 million and $3.1 million of restructuring expenses which primarily comprised of employee-related costs. Liabilities related to restructuring activities are included in accrued and other liabilities in the consolidated balance sheet.

A rollforward of the Company’s accrual for restructuring activities for the six months ended June 30, 2016 is as follows:

	Total
Balance at December 31, 2015	$	12,211
Restructuring charges	3,085
Cash payments and utilization	(4,302		)
Impact of foreign currency	(17		)
Balance at June 30, 2016	$	10,977

13.    OTHER CHARGES (INCOME), NET

Other charges (income), net for the three and six months ended June 30, 2016 includes a one-time non-cash pension settlement charge of $8.2 million related to a lump sum offering to former employees of our U.S. pension plan. Other charges (income), net also includes (gains) losses from foreign currency transactions and hedging activity, interest income and other items.

14.    SEGMENT REPORTING

As disclosed in Note 16 to the Company's consolidated financial statements for the year ended December 31, 2015, the Company has determined there are five reportable segments:  U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other.

The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes).

The following tables show the operations of the Company’s operating segments:

	Net Sales to		Net Sales to									As of June 30,
For the three months ended	External		Other			Total Net			Segment			2016
June 30, 2016	Customers		Segments			Sales			Profit			Goodwill
U.S. Operations	$	216,968	$	22,102		$	239,070		$	41,112		$	319,715
Swiss Operations	30,720		126,983			157,703			34,997			22,105
Western European Operations	154,264		38,945			193,209			24,303			87,452
Chinese Operations	92,886		58,655			151,541			45,934			672
Other (a)	113,448		1,700			115,148			13,249			14,334
Eliminations and Corporate (b)	—		(248,385		)	(248,385		)	(30,518		)	—
Total	$	608,286	$	—		$	608,286		$	129,077		$	444,278

- 20 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

	Net Sales to		Net Sales to
For the six months ended	External		Other			Total Net			Segment
June 30, 2016	Customers		Segments			Sales			Profit
U.S. Operations	$	404,903	$	41,733		$	446,636		$	70,267
Swiss Operations	57,685		247,294			304,979			70,819
Western European Operations	291,915		77,492			369,407			44,493
Chinese Operations	177,833		104,581			282,414			82,560
Other (a)	215,624		3,054			218,678			24,343
Eliminations and Corporate (b)	—		(474,154		)	(474,154		)	(61,392		)
Total	$	1,147,960	$	—		$	1,147,960		$	231,090

(a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.

(b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

	Net Sales to		Net Sales to									As of June 30,
For the three months ended	External		Other			Total Net			Segment			2015
June 30, 2015	Customers		Segments			Sales			Profit			Goodwill
U.S. Operations	$	204,263	$	22,840		$	227,103		$	37,101		$	308,863
Swiss Operations	33,153		116,753			149,906			33,359			23,198
Western European Operations	148,803		38,357			187,160			22,777			96,552
Chinese Operations	91,013		54,711			145,724			41,386			746
Other (a)	104,825		1,588			106,413			10,066			13,123
Eliminations and Corporate (b)	—		(234,249		)	(234,249		)	(26,379		)	—
Total	$	582,057	$	—		$	582,057		$	118,310		$	442,482

	Net Sales to		Net Sales to
For the six months ended	External		Other			Total Net			Segment
June 30, 2015	Customers		Segments			Sales			Profit
U.S. Operations	$	383,086	$	41,132		$	424,218		$	61,417
Swiss Operations	64,004		233,093			297,097			69,534
Western European Operations	289,721		79,307			369,028			42,783
Chinese Operations	177,461		103,180			280,641			74,613
Other (a)	203,486		2,945			206,431			19,188
Eliminations and Corporate (b)	—		(459,657		)	(459,657		)	(51,919		)
Total	$	1,117,758	$	—		$	1,117,758		$	215,616

(a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.

(b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

- 21 -

METTLER-TOLEDO INTERNATIONAL INC.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 2016 – Unaudited (Continued)

(In thousands, except share data, unless otherwise stated)

A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:

	Three Months Ended					Six Months Ended
	2016		2015			2016		2015
Earnings before taxes	$	103,172	$	102,047		$	189,585	$	185,010
Amortization	8,655		7,634			17,079		15,162
Interest expense	6,872		6,942			13,452		13,667
Restructuring charges	2,205		1,720			3,085		2,627
Other charges (income), net	8,173		(33		)	7,889		(850		)
Segment profit	$	129,077	$	118,310		$	231,090	$	215,616

During the three months ended June 30, 2016, restructuring charges of $2.2 million were recognized, of which $0.8 million, $0.2 million, and $1.2 million, related to the Company’s U.S., Swiss, and Western European Operations, respectively. Restructuring charges of $1.7 million were recognized during the three months ended June 30, 2015, of which $0.1 million, $0.4 million, $0.7 million, $0.2 million, and $0.3 million related to the Company’s U.S., Swiss, Western European, Chinese Operations, and Other Operations respectively. Restructuring charges of $3.1 million were recognized during the six months ended June 30, 2016, of which $1.1 million, $0.6 million, $1.2 million, $0.1 million, and $0.1 million related to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $2.6 million were recognized during the six months ended June 30, 2015, of which $0.1 million, $1.1 million, $0.5 million, $0.3 million and $0.6 million related to the Company’s U.S., Swiss, Western European, Chinese and Other Operations, respectively.

15.    CONTINGENCIES

The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Unaudited Interim Consolidated Financial Statements included herein.

General

Our interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year ending December 31, 2016.

Changes in local currency exclude the effect of currency exchange rate fluctuations. Local currency amounts are determined by translating current and previous year consolidated financial information at an index utilizing historical currency exchange rates. We believe local currency information provides a helpful assessment of business performance and a useful measure of results between periods. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We present non-GAAP financial measures in reporting our financial results to provide investors with an additional analytical tool to evaluate our operating results.

We also include in the discussion below disclosures of immaterial qualitative factors that are not quantified. Although the impact of such factors is not considered material, we believe these disclosures can be useful in evaluating our operating results.

Results of Operations – Consolidated

The following tables set forth certain items from our interim consolidated statements of operations for the three and six month periods ended June 30, 2016 and 2015 (amounts in thousands).

	Three months ended June 30,							Six months ended June 30,
	2016			2015				2016			2015
	(unaudited)		%	(unaudited)			%	(unaudited)		%	(unaudited)			%
Net sales	$	608,286	100.0	$	582,057		100.0	$	1,147,960	100.0	$	1,117,758		100.0
Cost of sales	260,710		42.9	259,145			44.5	500,477		43.6	496,041			44.4
Gross profit	347,576		57.1	322,912			55.5	647,483		56.4	621,717			55.6
Research and development	30,701		5.0	29,794			5.1	59,674		5.2	58,255			5.2
Selling, general and administrative	187,798		30.9	174,808			30.1	356,719		31.1	347,846			31.1
Amortization	8,655		1.4	7,634			1.3	17,079		1.5	15,162			1.4
Interest expense	6,872		1.1	6,942			1.2	13,452		1.2	13,667			1.2
Restructuring charges	2,205		0.4	1,720			0.3	3,085		0.2	2,627			0.2
Other charges (income), net	8,173		1.3	(33		)	—	7,889		0.7	(850		)	(0.1	)
Earnings before taxes	103,172		17.0	102,047			17.5	189,585		16.5	185,010			16.6
Provision for taxes	23,584		3.9	24,490			4.2	44,323		3.8	44,402			4.0
Net earnings	$	79,588	13.1	$	77,557		13.3	$	145,262	12.7	$	140,608		12.6

Net sales

Net sales were $608.3 million and $582.1 million for the three months ended June 30, 2016 and June 30, 2015, respectively, and $1,148.0 million and $1,117.8 million for the six months ended June 30, 2016 and June 30, 2015. This represents an increase of 5% and 3% in U.S. dollars for the three and six months ended June 30, 2016. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 6% and 5% for the three and six months

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ended June 30, 2016. While market conditions generally remain favorable, we remain cautious regarding our sales growth outlook given the uncertainty in global markets.

Net sales by geographic destination for the three and six months ended June 30, 2016 in U.S. dollars increased in the Americas 5% for both periods, in Europe 5% and 2%, and in Asia/Rest of World 4% and 1%, respectively. Our net sales by geographic destination for the three and six months ended June 30, 2016 in local currencies increased in the Americas 6% for both periods, in Europe 4% and 2%, and in Asia/Rest of World 8% and 6%, respectively. A discussion of sales by operating segment is included below.

As described in Note 16 to our consolidated financial statements for the year ended December 31, 2015, our net sales comprise product sales of precision instruments and related services. Service revenues are primarily derived from repair and other services, including regulatory compliance qualification, calibration, certification, preventative maintenance and spare parts.

Net sales of products increased 5% in U.S. dollars and 6% in local currencies for the three months ended June 30, 2016 and increased 2% in U.S. dollars and 5% in local currencies for the six months ended June 30, 2016, compared to the corresponding periods in 2015. Service revenue (including spare parts) increased by 4% in U.S. dollars and 5% in local currencies for the three months ended June 30, 2016 and increased 3% in U.S. dollars and 5% in local currencies for the six months ended June 30, 2016, compared to the corresponding periods in 2015.

Net sales of our laboratory-related products, which represented approximately 49% of our total net sales increased 9% in U.S. dollars and 10% in local currencies for the three months ended June 30, 2016 and increased 5% in U.S. dollars and 7% in local currencies for the six months ended June 30, 2016. The local currency increase for the three and six months ended June 30, 2016 included strong growth in most product categories.

Net sales of our industrial-related products, which represented approximately 43% of our total net sales increased 1% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2016, and was flat in U.S. dollars and increased 3% in local currencies for the six months ended June 30, 2016. The local currency increase reflects solid growth in core industrial-related products during the three months ended June 30, 2016 including favorable transportation and logistics project activity.

Net sales in our food retailing products, which represented approximately 8% of our total net sales decreased 2% in both U.S. dollars and in local currencies for the three months ended June 30, 2016, and was flat in U.S. dollars and increased 1% in local currencies for the six months ended June 30, 2016. The local currency decrease for the three months ended June 30, 2016 was impacted by particularly strong project activity during the prior year comparable period in the Americas. The local currency increase for the six months ended June 30, 2016 includes strong volume growth in China, offset in part by reduced net sales in Europe.

Gross profit

Gross profit as a percentage of net sales was 57.1% and 55.5% for the three months ended June 30, 2016 and 2015, respectively, and 56.4% and 55.6% for the six months ended June 30, 2016 and 2015, respectively.

Gross profit as a percentage of net sales for products was 61.0% and 59.3% for the three months ended June 30, 2016 and 2015, respectively, and 60.5% and 59.7% for the six months ended June 30, 2016 and 2015, respectively.

Gross profit as a percentage of net sales for services (including spare parts) was 43.8% and 42.6% for the three months ended June 30, 2016 and 2015, respectively, and 42.7% and 41.9% for the six months ended June 30, 2016 and 2015, respectively.

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The increase in gross profit as a percentage of net sales for the three and six months ended June 30, 2016 includes favorable price realization, reduced material costs and favorable business mix, partially offset by investments in our field service organization.

Research and development and selling, general and administrative expenses

Research and development expenses as a percentage of net sales was 5.0% and 5.1% for the three months ended June 30, 2016 and 2015, respectively, and was 5.2% for both the six months ended June 30, 2016 and 2015. Research and development expenses increased 2% in U.S. dollars and increased 5% in local currencies for the three months ended June 30, 2016, and increased 1% in U.S. dollars and increased 5% in local currencies for the six months ended June 30, 2016, respectively, compared to the corresponding periods in 2015 relating to the timing of research and development project activity.

Selling, general and administrative expenses as a percentage of net sales were 30.9% and 30.1% for the three months ended June 30, 2016 and 2015, respectively, and was 31.1% for both the six months ended June 30, 2016 and 2015. Selling, general and administrative expenses increased 8% in U.S. dollars and 9% in local currencies for the three months ended June 30, 2016, and increased 3% in U.S. dollars and 5% in local currencies for the six months ended June 30, 2016, compared to the corresponding periods in 2015. The local currency increase includes higher cash incentive expense and investments in our field sales organization and other sales and marketing initiatives, offset in part by benefits from our cost savings programs.

Amortization, interest expense, other charges (income), net and taxes

Amortization expense was $8.7 million and $7.6 million for the three months ended June 30, 2016 and 2015, respectively, and $17.1 million and $15.2 million for the six months ended June 30, 2016 and 2015, respectively.

Interest expense was $6.9 million and for both the three months ended June 30, 2016 and 2015, respectively, and $13.5 million and $13.7 million for the six months ended June 30, 2016 and 2015, respectively.

Other charges (income), net includes a one-time non-cash pension settlement charge of $8.2 million related to a lump sum offering to former employees of our U.S. pension plan. Other charges (income), net also includes (gains) losses from foreign currency transactions and hedging activity, interest income and other items.

The provision for taxes is based upon using our projected annual effective tax rate of 24% before discrete items for the three and six months periods ended June 30, 2016 and 2015. Our consolidated income tax rate is lower than the U.S. statutory rate primarily because of benefits from lower-taxed non-U.S. operations. The most significant of these lower-taxed operations are in Switzerland and China.

Results of Operations – by Operating Segment

The following is a discussion of the financial results of our operating segments. We currently have five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. A more detailed description of these segments is outlined in Note 16 to our consolidated financial statements for the year ended December 31, 2015.

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U.S. Operations (amounts in thousands)

	Three months ended June 30,						Six months ended June 30,
	2016		2015		%		2016		2015		%
Total net sales	$	239,070	$	227,103	5	%	$	446,636	$	424,218	5	%
Net sales to external customers	$	216,968	$	204,263	6	%	$	404,903	$	383,086	6	%
Segment profit	$	41,112	$	37,101	11	%	$	70,267	$	61,417	14	%

Total net sales increased 5% for both the three and six months ended June 30, 2016 compared with the corresponding periods in 2015. Net sales to external customers increased 6% for both the three and six months ended June 30, 2016, respectively. The increase in total net sales and net sales to external customers for the three and six months ended June 30, 2016 reflects strong sales growth in most product categories with particularly strong results in pipettes and automated chemistry. The increase for the three months ended June 30, 2016 also includes a significant increase in core-industrial products that includes favorable transportation and logistics project activity, offset in part by lower sales in food retailing that is largely related to high project activity in the prior year comparable period.

Segment profit increased $4.0 million and $8.9 million for the three and six months ended June 30, 2016, respectively, compared to the corresponding periods in 2015, primarily due to increased sales and benefits from our margin expansion initiatives, offset in part by increased sales and service investments.

Swiss Operations (amounts in thousands)

	Three months ended June 30,						Six months ended June 30,
	2016		2015		%1)		2016		2015		%1)
Total net sales	$	157,703	$	149,906	5	%	$	304,979	$	297,097	3	%
Net sales to external customers	$	30,720	$	33,153	(7	)%	$	57,685	$	64,004	(10	)%
Segment profit	$	34,997	$	33,359	5	%	$	70,819	$	69,534	2	%

1) Represents U.S. dollar growth (decline) for net sales and segment profit.

Total net sales increased 5% in U.S. dollars and 8% in local currency for the three months ended June 30, 2016, compared to the corresponding periods in 2015, and increased 3% in U.S. dollars and 6% in local currency for the six months ended June 30, 2016. Net sales to external customers decreased 7% in U.S. dollars and 5% in local currency for the three months ended June 30, 2016 and decreased 10% in U.S. dollars and 7% in local currency for the six months ended June 30, 2016, compared to the corresponding periods in 2015. The decrease in local currency net sales to external customers for the three and six month periods ended June 30, 2016 primarily relates to soft market conditions in Switzerland.

Segment profit increased $1.6 million and $1.3 million for the three and six month periods ended June 30, 2016, respectively, compared to the corresponding periods in 2015. Segment profit during the three months ended June 30, 2016 includes increased inter-segment local currency sales, benefits from our cost saving programs and reduced material costs, offset in part by higher currency hedging gains in the prior year.

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Western European Operations (amounts in thousands)

	Three months ended June 30,						Six months ended June 30,
	2016		2015		%1)		2016		2015		%1)
Total net sales	$	193,209	$	187,160	3	%	$	369,407	$	369,028	0	%
Net sales to external customers	$	154,264	$	148,803	4	%	$	291,915	$	289,721	1	%
Segment profit	$	24,303	$	22,777	7	%	$	44,493	$	42,783	4	%

1) Represents U.S. dollar growth (decline) for net sales and segment profit.

Total net sales increased 3% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2016 and were flat in U.S. dollars and increased 1% in local currencies for the six months ended June 30, 2016, compared to the corresponding periods in 2015. Net sales to external customers increased 4% in U.S. dollars and 3% in local currencies for the three months ended June 30, 2016, and increased 1% in both U.S. dollars and in local currencies for the six months ended June 30, 2016, compared to the corresponding periods in 2015. Total net sales to external customers for the three and six months ended June 30, 2016 includes strong growth in most laboratory-related products offset in part in part by a decline in product inspection products that faced a difficult prior year comparison. The six months ended June 30, 2016 also includes a decline in food retailing compared to the prior year.

Segment profit increased $1.5 million and $1.7 million for the three and six month periods ended June 30, 2016, respectively, compared to the corresponding periods in 2015. The increase in segment profit includes the impact of increased sales and benefits from our margin expansion and cost savings initiatives and favorable currency translation fluctuations, offset by increased sales and service investments.

Chinese Operations (amounts in thousands)

	Three months ended June 30,						Six months ended June 30,
	2016		2015		%1)		2016		2015		%1)
Total net sales	$	151,541	$	145,724	4	%	$	282,414	$	280,641	1	%
Net sales to external customers	$	92,886	$	91,013	2	%	$	177,833	$	177,461	—	%
Segment profit	$	45,934	$	41,386	11	%	$	82,560	$	74,613	11	%

1) Represents U.S. dollar growth for net sales and segment profit.

Total net sales increased 4% in U.S. dollars and 11% in local currency for the three months ended June 30, 2016 and increased 1% in U.S. dollars and 7% local currency for the six months ended June 30, 2016, compared to the corresponding periods in 2015. Net sales to external customers increased 2% in U.S. dollars and 9% in local currency for the three months ended June 30, 2016 and were flat in U.S. dollars and increased 6% local currency during the six months ended June 30, 2016, compared to the corresponding periods in 2015. The increase in local currency net sales to external customers during the three and six months ended June 30, 2016 reflects strong growth in laboratory-related and food retailing products, while our industrial-related products were flat versus the previous year for the six months ended June 30, 2016. While we are pleased with our local currency sales growth in China, the outlook remains uncertain.

Segment profit increased $4.5 million and $7.9 million for the three and six month periods ended June 30, 2016, respectively, compared to the corresponding periods in 2015. The increase in segment profit for the three and six months ended June 30, 2016 includes increased local currency sales and benefits from our cost savings initiatives.

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Other (amounts in thousands)

	Three months ended June 30,						Six months ended June 30,
	2016		2015		%1)		2016		2015		%1)
Total net sales	$	115,148	$	106,413	8	%	$	218,678	$	206,431	6	%
Net sales to external customers	$	113,448	$	104,825	8	%	$	215,624	$	203,486	6	%
Segment profit	$	13,249	$	10,066	32	%	$	24,343	$	19,188	27	%

1) Represents U.S. dollar growth for net sales and segment profit.

Total net sales and net sales to external customers increased 8% in U.S. dollars and 11% in local currencies for the three months ended June 30, 2016 and increased 6% in U.S. dollars and increased 11% in local currencies for the six months ended June 30, 2016 compared to the corresponding periods in 2015. The local currency increase in total net sales and net sales to external customers includes particularly strong volume growth and increased price realization in several countries.

Segment profit increased $3.2 million and $5.2 million for the three and six months ended June 30, 2016, respectively, compared to the corresponding periods in 2015. The increase in segment profit is primarily due to increased sales, offset in part by unfavorable currency translation fluctuations and increased sales and service investments.

Liquidity and Capital Resources

Liquidity is our ability to generate sufficient cash flows from operating activities to meet our obligations and commitments. In addition, liquidity includes the ability to obtain appropriate financing. Currently, our financing requirements are primarily driven by working capital requirements, capital expenditures, share repurchases and acquisitions.

Cash provided by operating activities totaled $151.2 million during the six months ended June 30, 2016, compared to $163.8 million in the corresponding period in 2015. The decrease in 2016 is primarily due to changes in accounts receivables of $16.6 million that are primarily related to timing and our increased local currency sales.

Capital expenditures are made primarily for investments in information systems and technology, machinery, equipment and the purchase and expansion of facilities. Our capital expenditures totaled $28.9 million for the six months ended June 30, 2016 compared to $35.9 million in the corresponding period in 2015.

We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness. In May 2016, we entered into an agreement to acquire substantially all of the assets of Henry Troemner, LLC, a leading supplier of lab equipment, weights and weight calibration based in the United States. Total consideration for the acquisition is approximately $96 million. The acquisition is expected to be consummated in the third quarter of 2016 and will be funded by our existing Credit Agreement.

In 2016, we consummated acquisitions totaling $4.3 million, which includes additional cash consideration of $0.5 million. Goodwill recorded in connection with the acquisitions totaled $2.0 million. We also recorded $1.2 million of identified intangibles primarily pertaining to customer relationships in connection with the acquisitions, which will be amortized on a straight-line basis over 10 years.

We plan to repatriate earnings from China, Switzerland, Germany, the United Kingdom and certain other countries in future years and expect the only additional cost associated with the repatriation of such earnings outside the United States will be any applicable withholding taxes. All other undistributed earnings are considered to be permanently reinvested. As of June 30, 2016, we have an immaterial amount of cash and cash equivalents outside the United States where undistributed earnings are considered permanently reinvested. Accordingly, we believe the tax

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impact associated with repatriating our undistributed foreign earnings will not have a material effect on our liquidity.

Senior Notes and Credit Facility Agreement

Our debt consisted of the following at June 30, 2016:

	June 30, 2016
	U.S. Dollar			Other Principal Trading Currencies			Total
3.67% $50 million Senior Notes due December 17, 2022	50,000			—			50,000
4.10% $50 million Senior Notes due September 19, 2023	50,000			—			50,000
3.84% $125 million Senior Notes due September 19, 2024	125,000			—			125,000
4.24% $125 million Senior Notes due June 25, 2025	125,000			—			125,000
1.47% EUR 125 million Senior Notes due June 17, 2030	—			138,183			138,183
Debt issuance costs, net	(1,344		)	(399		)	(1,743		)
Total Senior Notes	348,656			137,784			486,440
$800 million Credit Agreement, interest at LIBOR plus 87.5 basis points	157,952			48,871			206,823
Other local arrangements	—			20,945			20,945
Total debt	506,608			207,600			714,208
Less: current portion	—			(20,945		)	(20,945		)
Total long-term debt	$	506,608		$	186,655		$	693,263

As of June 30, 2016, approximately $588.6 million was available under our Credit Agreement. Changes in exchange rates between the currencies in which we generate cash flows and the currencies in which our borrowings are denominated affect our liquidity. In addition, because we borrow in a variety of currencies, our debt balances fluctuate due to changes in exchange rates.

We currently believe that cash flow from operating activities, together with liquidity available under our credit facility and local working capital facilities, will be sufficient to fund currently anticipated working capital needs and capital spending requirements for at least the foreseeable future.

Share Repurchase Program

The company has shares repurchase program of which there was $1.2 billion of common share remaining to be repurchased under the program as of June 30, 2016. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and existing 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.

We have purchased 25.4 million shares since the inception of the program through June 30, 2016. During the six months ended June 30, 2016 and 2015, we spent $250.0 million and $247.5 million on the repurchase of 732,245 shares and 777,248 shares at an average price per share of $341.39 and $318.38, respectively. We also reissued 131,737 shares and 233,593 shares held in treasury for the exercise of stock options and restricted stock units during the six months ended June 30, 2016 and 2015, respectively.

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Effect of Currency on Results of Operations

Our earnings are affected by changing exchange rates. We are most sensitive to changes in the exchange rates between the Swiss franc, euro, and U.S. dollar. We have more Swiss franc expenses than we do Swiss franc sales because we develop and manufacture products in Switzerland that we sell globally, and have a number of corporate functions located in Switzerland. When the Swiss franc strengthens against our other trading currencies, particularly the U.S. dollar and euro, our earnings go down. We also have significantly more sales in the euro than we do expenses. When the euro weakens against the U.S. dollar and Swiss franc, our earnings also go down.

We entered into foreign currency forward contracts that reduce our exposure from the Swiss franc strengthening against the euro through 2016. The notional amount and average forward rate of our foreign currency forward contracts at June 30, 2016 is Euro 36.3 million and 1.19 for contracts that mature in 2016. Absent these forward currency forward contracts, we estimate a 1% strengthening of the Swiss franc against the euro would reduce our earnings before tax by approximately $1.2 million to $1.4 million annually. We also estimate a 1% strengthening of the Swiss franc against the U.S. dollar would reduce our earnings before tax by approximately $0.4 million to $0.6 million annually in addition to the previously mentioned strengthening of the Swiss franc against the euro impact.

We also conduct business in many geographies throughout the world, including Asia Pacific, the United Kingdom, Eastern Europe, Latin America, and Canada. Fluctuations in these currency exchange rates against the U.S. dollar can also affect our operating results. The most significant of these currency exposures is the Chinese Renminbi. The impact on our earnings before tax of the Chinese Renminbi weakening 1% against the U.S. dollar is a reduction of approximately $0.3 million to $0.5 million annually.

In addition to the effects of exchange rate movements on operating profits, our debt levels can fluctuate due to changes in exchange rates, particularly between the U.S. dollar and the Euro. Based on our outstanding debt at June 30, 2016, we estimate that a 10% weakening of the U.S. dollar against the currencies in which our debt is denominated would result in an increase of approximately $23.1 million in the reported U.S. dollar value of our debt.

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Forward-Looking Statements Disclaimer

You should not rely on forward-looking statements to predict our actual results. Our actual results or performance may be materially different than reflected in forward-looking statements because of various risks and uncertainties. You can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or “continue”.

We make forward-looking statements about future events or our future financial performance, including earnings and sales growth, earnings per share, strategic plans and contingency plans, growth opportunities or economic downturns, our ability to respond to changes in market conditions, planned research and development efforts and product introductions, adequacy of facilities, access to and the costs of raw materials, shipping and supplier costs, gross margins, customer demand, our competitive position , capital expenditures, cash flow, tax-related matters, compliance with laws, and effects of acquisitions.

Our forward-looking statements may not be accurate or complete, and we do not intend to update or revise them in light of actual results. New risks also periodically arise. Please consider the risks and factors that could cause our results to differ materially from what is described in our forward-looking statements. See in particular “Factors Affecting Our Future Operating Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2015 Annual Report on Form 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As of June 30, 2016, there was no material change in the information provided under Item 7A in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Item 4. Controls and Procedures

Under the supervision and with the participation of our management, including the Chief Executive Officer, Principal Financial Officer and the Principal Accounting Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer, Principal Financial Officer, and Principal Accounting Officer, have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended June 30, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.None

Item 1A. Risk Factors.

For the six months ended June 30, 2016 there were no material changes from risk factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

	(a)	(b)		(c)	(d)
	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value (in thousands) of Shares that may yet be Purchased under the Program
April 1 to April 30, 2016	103,324	$	356.95	103,324	$	1,321,527
May 1 to May 31, 2016	118,171	$	364.13	118,171	$	1,278,495
June 1 to June 30, 2016	120,413	$	374.37	120,413	$	1,223,414
Total	341,908	$	365.57	341,908	$	1,233,414

The Company has a share repurchase program of which there is $1.2 billion of remaining to repurchase common shares as of June 30, 2016.We have purchased 25.4 million shares since the inception of the program through June 30, 2016.

During the six months ended June 30, 2016 and 2015, we spent $250.0 million and $247.5 million on the repurchase of 732,245 shares and 777,248 shares at an average price per share of $341.39 and $318.38, respectively. We also reissued 131,737 shares and 233,593 shares held in treasury for the exercise of stock options and restricted stock units during the six months ended June 30, 2016 and 2015, respectively.

Item 3. Defaults Upon Senior Securities.None

Item 5. Other information.None

Item 6. Exhibits. See Exhibit Index below.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Mettler-Toledo International Inc.
Date:	July 29, 2016	By:	/s/ Shawn P. Vadala
			Shawn P. Vadala
			Chief Financial Officer  Principal Accounting Officer

- 33 -

EXHIBIT INDEX

Exhibit No.		Description
	31.1*	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002
	31.2*	Certification of the Executive Vice President Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002
	31.3*	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes — Oxley Act of 2002
	32*	Certification Pursuant to Section 906 of the Sarbanes — Oxley Act of 2002
	101.INS*	XBRL Instance Document
	101.SCH*	XBRL Taxonomy Extension Schema Document
	101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
	101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
	101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document
	101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document

_______________________

*    Filed herewith

- 34 -

EX-31.1

Exhibit 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Olivier A. Filliol, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 29, 2016

/s/ Olivier A. Filliol

Olivier A. Filliol    

Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, William P. Donnelly, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 29, 2016

/s/ William P. Donnelly

William P. Donnelly

Executive Vice President (Principal Financial Officer)

EX-31.3

Exhibit 31.3

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Shawn P. Vadala certify that:

(1)I have reviewed this quarterly report on Form 10-Q of Mettler-Toledo International Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 29, 2016

/s/ Shawn P. Vadala

Shawn P. Vadala

Chief Financial Officer (Principal Accounting Officer)

EX-32

Exhibit 32

Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of Mettler-Toledo International Inc. (the "Company") does hereby certify, to such officer's knowledge, that:

This quarterly report on Form 10-Q for the period ending June 30, 2016 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 29, 2016

/s/ Olivier A. Filliol

Olivier A. Filliol

Chief Executive Officer

/s/ William P. Donnelly

William P. Donnelly

Executive Vice President (Principal Financial Officer)

/s/ Shawn P. Vadala

Shawn P. Vadala

Chief Financial Officer (Principal Accounting Officer)

XML

Document and Entity Information Document	6 Months Ended
	Jun. 30, 2016 USD ($) shares
Document and Entity Information [Abstract]
Entity Registrant Name	METTLER TOLEDO INTERNATIONAL INC/
Entity Central Index Key	0001037646
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding | shares	26,489,610
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float | $	$ 9,666,588,481

XML

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net sales
Products	$ 470,605	$ 449,702	$ 883,897	$ 862,606
Service	137,681	132,355	264,063	255,152
Total net sales	608,286	582,057	1,147,960	1,117,758
Cost of sales
Products	183,322	183,127	349,179	347,793
Service	77,388	76,018	151,298	148,248
Gross profit	347,576	322,912	647,483	621,717
Research and development	30,701	29,794	59,674	58,255
Selling, general and administrative	187,798	174,808	356,719	347,846
Amortization	8,655	7,634	17,079	15,162
Interest expense	6,872	6,942	13,452	13,667
Restructuring Charges	2,205	1,720	3,085	2,627
Other charges (income), net	8,173	(33)	7,889	(850)
Earnings before taxes	103,172	102,047	189,585	185,010
Provision for taxes	23,584	24,490	44,323	44,402
Net earnings	$ 79,588	$ 77,557	$ 145,262	$ 140,608
Basic earnings per common share:
Net earnings	$ 2.99	$ 2.79	$ 5.42	$ 5.03
Weighted average number of common shares	26,631,015	27,843,905	26,781,154	27,978,814
Diluted earnings per common share:
Net earnings	$ 2.93	$ 2.73	$ 5.32	$ 4.91
Weighted average number of common and common equivalent shares	27,143,284	28,460,336	27,283,012	28,611,637
Comprehensive Income, Net of Tax (Note 9)	$ 56,630	$ 99,337	$ 129,136	$ 156,132

XML

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 114,646	$ 98,887
Trade accounts receivable, less allowances of $13,918 at June 30, 2016 and $14,435 at December 31, 2015	407,972	411,420
Inventories	234,006	214,383
Current deferred tax assets, net	70,940	67,483
Other current assets and prepaid expenses	72,696	70,642
Total current assets	900,260	862,815
Property, plant and equipment, net	514,312	517,229
Goodwill	444,278	446,284
Other intangible assets, net	114,002	115,252
Non-current deferred tax assets, net	22,958	22,873
Other non-current assets	65,937	52,186
Total assets	2,061,747	2,016,639
Current liabilities:
Trade accounts payable	131,888	142,075
Accrued and other liabilities	120,278	127,645
Accrued compensation and related items	108,001	136,414
Deferred revenue and customer prepayments	117,906	88,829
Taxes payable	69,178	63,241
Current deferred tax liabilities	22,912	22,435
Short-term borrowings and current maturities of long-term debt	20,945	14,488
Total current liabilities	591,108	595,127
Long-term debt	693,263	575,138
Non-current deferred tax liabilities	78,034	71,365
Other non-current liabilities	207,380	194,552
Total liabilities	1,569,785	1,436,182
Commitments and contingencies (Note 15)
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 26,489,610 and 27,090,118 shares at June 30, 2016 and December 31, 2015, respectively	448	448
Additional paid-in capital	715,971	697,570
Treasury stock at cost (18,296,401 shares at June 30, 2016 and 17,695,893 shares at December 31, 2015)	(2,776,454)	(2,543,229)
Retained earnings	2,834,772	2,692,317
Accumulated Other Comprehensive Income (Loss), Net of Tax	(282,775)	(266,649)
Total shareholders' equity	491,962	580,457
Total liabilities and shareholders' equity	$ 2,061,747	$ 2,016,639

XML

Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable, Current	$ 13,918	$ 14,435
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	125,000,000	125,000,000
Common Stock, Shares, Issued	44,786,011	44,786,011
Common Stock, Shares, Outstanding	26,489,610	27,090,118
Treasury Stock, Shares	18,296,401	17,695,893

XML

Interim Consolidated Statements of Shareholders' Equity and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2014	$ 719,595	$ 448	$ 670,418	$ (2,095,656)	$ 2,357,334	$ (212,949)
Beginning balance, shares at Dec. 31, 2014		28,243,007
Stock Issued During Period, Value, Treasury Stock Reissued	(29,556)			(47,393)	(17,837)
Exercise of stock options and restricted stock units, shares		403,908
Repurchases of common stock	(494,966)			(494,966)
Repurchases of common stock, shares		(1,556,797)
Tax benefit resulting from exercise of certain employee stock options	12,929		12,929
Adjustment to Additional Paid in Capital, Share-Based Compensation	14,223		14,223
Net earnings	352,820				352,820
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(53,700)					(53,700)
Ending balance at Dec. 31, 2015	$ 580,457	$ 448	697,570	(2,543,229)	2,692,317	(266,649)
Ending balance, shares at Dec. 31, 2015	27,090,118	27,090,118
Stock Issued During Period, Value, Treasury Stock Reissued	$ (13,965)			(16,772)	(2,807)
Exercise of stock options and restricted stock units, shares	131,737	131,737
Repurchases of common stock	$ (249,997)			(249,997)
Repurchases of common stock, shares	(732,245)	(732,245)
Tax benefit resulting from exercise of certain employee stock options	$ 11,152		11,152
Adjustment to Additional Paid in Capital, Share-Based Compensation	7,249		7,249
Net earnings	145,262				145,262
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(16,126)					(16,126)
Ending balance at Jun. 30, 2016	$ 491,962	$ 448	$ 715,971	$ (2,776,454)	$ 2,834,772	$ (282,775)
Ending balance, shares at Jun. 30, 2016	26,489,610	26,489,610

XML

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net earnings	$ 145,262	$ 140,608
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	16,116	16,658
Amortization	17,079	15,162
Deferred tax benefit	(8,852)	(2,681)
Excess tax benefits from share-based payment arrangements	(11,152)	(1,278)
Share-based compensation	7,249	6,981
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax	8,189	0
Other	(101)	89
Increase (decrease) in cash resulting from changes in:
Trade accounts receivable, net	5,189	21,764
Inventories	(20,029)	(18,659)
Other current assets	(3,519)	(959)
Trade accounts payable	(8,673)	(7,593)
Taxes payable	5,351	7,836
Accruals and other	(884)	(14,143)
Net cash provided by operating activities	151,225	163,785
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	218	127
Purchase of property, plant and equipment	(28,858)	(35,923)
Acquisitions	(4,329)	(300)
Payments for (Proceeds from) Derivative Instrument, Investing Activities	1,075	(12,811)
Net cash used in investing activities	(31,894)	(48,907)
Cash flows from financing activities:
Proceeds from borrowings	392,560	493,450
Repayments of borrowings	(269,684)	(313,923)
Proceeds from stock option exercises	13,965	17,738
Repurchases of common stock	(249,997)	(247,473)
Excess tax benefits from share - based payment arrangements	11,152	1,278
Proceeds from (Payments for) Other Financing Activities	(680)	(854)
Net cash used in financing activities	(102,684)	(49,784)
Effect of exchange rate changes on cash and cash equivalents	(888)	(1,048)
Net (decrease) increase in cash and cash equivalents	15,759	64,046
Cash and cash equivalents:
Beginning of period	98,887	85,263
End of period	$ 114,646	$ 149,309

XML

Basis of Presentation

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

Mettler-Toledo International Inc. ("Mettler-Toledo" or the "Company") is a leading global supplier of precision instruments and services. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the Company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The Company's primary manufacturing facilities are located in China, Germany, Switzerland, the United Kingdom and the United States. The Company's principal executive offices are located in Columbus, Ohio and Greifensee, Switzerland.

The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all entities in which the Company has control, which are its wholly-owned subsidiaries. The interim consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year ending December 31, 2016.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. A discussion of the Company’s critical accounting policies is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

All intercompany transactions and balances have been eliminated.

Certain reclassifications have been made to prior year amounts to conform to the current year presentation.

XML

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Trade Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio.

Inventories

Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.

Inventories consisted of the following:

	June 30, 2016		December 31, 2015
Raw materials and parts	$	101,369	$	98,252
Work-in-progress	41,433		35,100
Finished goods	91,204		81,031
	$	234,006	$	214,383

Goodwill and Other Intangible Assets

Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.

Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".

Other intangible assets consisted of the following:

	June 30, 2016							December 31, 2015
	Gross Amount		Accumulated Amortization			Intangibles, Net		Gross Amount		Accumulated Amortization			Intangibles, Net
Customer relationships	$	98,867	$	(32,577	)	$	66,290	$	98,175	$	(30,836	)	$	67,339
Proven technology and patents	54,520		(34,060		)	20,460		52,938		(32,444		)	20,494
Tradename (finite life)	4,289		(2,212		)	2,077		4,200		(2,158		)	2,042
Tradename (indefinite life)	24,788		—			24,788		24,814		—			24,814
Other	2,143		(1,756		)	387		2,111		(1,548		)	563
	$	184,607	$	(70,605	)	$	114,002	$	182,238	$	(66,986	)	$	115,252

The Company recognized amortization expense associated with the above intangible assets of $1.7 million and $1.6 million for the three months ended June 30, 2016 and 2015, respectively and $3.5 million and $3.1 million for the six months ended June 30, 2016 and 2015, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.8 million for 2016, $6.5 million for 2017, $6.2 million for 2018, $5.9 million for 2019, $5.6 million for 2020 and $5.3 million for 2021. Purchased intangible amortization was $1.5 million, $1.0 million after tax, and $1.4 million, $0.9 million after tax, for the three months ended June 30, 2016 and 2015, respectively and $3.2 million, $2.1 million after tax, and $2.8 million, $1.9 million after tax, for the six months ended June 30, 2016 and 2015, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $6.9 million and $6.0 million for the three months ended June 30, 2016 and 2015, respectively and $13.4 million and $11.9 million for the six months ended June 30, 2016 and 2015, respectively.

Revenue Recognition

Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location.

Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized.

Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period.

Warranty

The Company generally offers one-year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage and service costs incurred in correcting a product failure.

Employee Termination Benefits

In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period.

Share-Based Compensation

The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.6 million and $7.2 million of share-based compensation expense for the three and six months ended June 30, 2016, respectively, compared to $3.5 million and $7.0 million for the corresponding periods in 2015.

Research and Development

Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, to ASC 606 "Revenue from Contracts with Customers." ASU 2014-09 provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Additionally, the guidance requires improved disclosure to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for assessing collectability, presentation of sales taxes, noncash considerations, and completed contract modifications at transition. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In May 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for identifying performance obligations as they pertain to immaterial promised goods or services, shipping and handling activities, and identifying when promises represent performance obligations. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In March 2016, the FASB issued ASU 2016-09, to ASC 718 "Compensation - Stock Compensation." The guidance allows for the simplification related to several aspects of the accounting for share-based payment transactions, including income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance can be applied either on a retrospective or prospective basis and becomes effective for annual periods beginning after December 15, 2016. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In February 2016, the FASB issued ASU 2016-02 to ASC 842 "Leases." The accounting guidance primarily requires lessees to recognize most leases on their balance sheet as a right to use asset and a lease liability, with the exception of short term leases. A lessee will continue to recognize lease expense on a straight-line basis for leases classified as operating leases. The guidance becomes effective for fiscal years beginning after December 15, 2018 and must be applied on a retrospective basis with early adoption permitted. The Company is currently evaluating the impact of this guidance on our financial statements and the timing of adoption.

In November 2015, the FASB issued ASU 2015-17, to ASC 740 "Income Taxes." The guidance simplifies the balance sheet classification of deferred taxes. The new guidance requires that all deferred tax balances be presented as non-current. This change, which can be early adopted, conforms U.S. GAAP to IFRS. The guidance becomes effective for the Company for the year beginning January 1, 2017. The adoption of this guidance would have reduced current assets and increased non-current assets by approximately $70.9 million and reduced current liabilities and increased non-current liabilities by approximately $22.9 million on the Company's consolidated balance sheet at June 30, 2016.

In May 2015, the FASB issued ASU 2015-07, to ASC 820 "Fair Value Measurements." ASU 2015-07 removes the requirement to categorize investments using the net asset value per share method within the fair value hierarchy. The Company will adopt the guidance in the fourth quarter of 2016, which will have an immaterial impact on the consolidated financial statements.

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Business Combinations (Notes)

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

ACQUISITIONS

In May 2016, the Company entered into an agreement to acquire substantially all of the assets of Henry Troemner, LLC, a leading supplier of lab equipment, weights and weight calibration based in the United States. Total consideration for the acquisition is approximately $96 million. The acquisition is expected to be consummated in the third quarter of 2016 and will be funded by the Company's existing Credit Agreement.

In 2016, the Company consummated acquisitions totaling $4.3 million, which included additional cash consideration of $0.5 million. Goodwill recorded in connection with the acquisitions totaled $2.0 million. The Company also recorded $1.2 million of identified intangibles primarily pertaining to customer relationships in connection with the acquisitions, which will be amortized on a straight-line basis over 10 years.

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Financial Instruments

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

The Company has limited involvement with derivative financial instruments and does not use them for trading purposes. The Company enters into certain interest rate swap agreements in order to manage its exposure to changes in interest rates. The amount of the Company's fixed obligation interest payments may change based upon the expiration dates of its interest rate swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. As also mentioned in Note 7, the Company has designated its euro denominated debt as a hedge of a portion of its net investment in euro-denominated foreign operations. For additional disclosures on the fair value of financial instruments, see Note 5.

Cash Flow Hedges

In July 2012, the Company began entering into foreign currency forward contracts, designated as cash flow hedges, to hedge certain forecasted intercompany sales denominated in euro with its Swiss-based business. In January 2015, prior to the Swiss National Bank's abandonment of its previously established exchange rate of 1.20 Swiss franc per euro, the Company increased the notional amount of the cash flow hedges to a total notional value and average forward rate of Euro 86 million and 1.21 for contracts that matured in 2015 and Euro 67 million and 1.19 for contracts that mature in 2016. The notional amount of foreign currency forward contracts outstanding at June 30, 2016 were $40.1 million (Euro 36.3 million) and $73 million (Euro 67 million) at December 31, 2015. The gross amount recognized in other comprehensive income (loss) during the three month periods ended June 30, 2016 and 2015 was a gain of $0.3 million and $1.4 million, respectively. The gross amount recognized in other comprehensive income (loss) during the six month periods ended June 30, 2016 and 2015 was a loss of $0.2 million and a gain $24.2 million, respectively.

The Company has an interest rate swap agreement designated as a cash flow hedge. The agreement is a swap which has the effect of changing the floating rate LIBOR-based interest payments associated with $50 million in forecasted borrowings under the Company’s credit facility to a fixed obligation of 2.52%. The swap began in October 2015 and matures in October 2020.

In March 2015, the Company entered into a forward-starting interest rate swap agreement. The agreement will change the floating rate LIBOR-based interest payments associated with $100 million in forecasted borrowings under the Company's credit agreement to a fixed obligation of 2.25% beginning in February 2017 and matures in February 2022.

The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at June 30, 2016 and December 31, 2015, respectively, and disclosed in Note 5 to the consolidated financial statements. Amounts reclassified into other comprehensive income and the effective portions of the cash flow hedges are further disclosed in Note 9 to the consolidated financial statements. A derivative gain of $2.1 million based upon interest rates and foreign currency rates at June 30, 2016, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. Through June 30, 2016, no hedge ineffectiveness has occurred in relation to the cash flow hedges.

Other Derivatives

The Company enters into foreign currency forward contracts in order to economically hedge short-term trade and non-trade intercompany balances largely denominated in Swiss franc, other major European currencies, and the Chinese Renminbi with its foreign businesses. In accordance with U.S. GAAP, these contracts are considered “derivatives not designated as hedging instruments.” Gains or losses on these instruments are reported in current earnings. The foreign currency forward contracts are recorded at fair value in the consolidated balance sheet at June 30, 2016 and June 30, 2015, respectively, and disclosed in Note 5. The Company recognized in other charges (income), a net loss of $1.7 million and $0.2 million during the three months ended June 30, 2016 and 2015, respectively, and a net loss of $0.6 million and $9.5 million during the six months ended June 30, 2016 and 2015, respectively. The gains and losses are primarily offset by the underlying transaction gains and losses on the related intercompany balances. At June 30, 2016 and June 30, 2015, these contracts had a notional value of $348.4 million and $318.7 million, respectively.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

At June 30, 2016 and December 31, 2015, the Company had derivative assets totaling $5.3 million and $8.2 million, respectively, and derivative liabilities totaling $12.0 million and $4.7 million, respectively. The fair values of the interest rate swap agreements, foreign currency forward contracts designated as cash flow hedges and foreign currency forward contracts that economically hedge short-term intercompany balances are estimated based upon inputs from current valuation information obtained from dealer quotes and priced with observable market assumptions and appropriate valuation adjustments for credit risk. The Company has evaluated the valuation methodologies used to develop the fair values by dealers in order to determine whether such valuations are representative of an exit price in the Company’s principal market. In addition, the Company uses an internally developed model to perform testing on the valuations received from brokers. The Company has also considered both its own credit risk and counterparty credit risk in determining fair value and determined these adjustments were insignificant at June 30, 2016 and December 31, 2015.

At June 30, 2016 and December 31, 2015, the Company had $19.7 million and $18.8 million of cash equivalents, respectively, the fair value of which is determined through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost.

The fair value of the Company's fixed interest rate debt was estimated using Level 2 inputs, primarily discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company's debt exceeds the carrying value by approximately $31.6 million as of June 30, 2016. The carrying value of the Company's debt exceeds the fair value by approximately $9.2 million as of December 31, 2015.

Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement consists of observable and unobservable inputs that reflect the assumptions that a market participant would use in pricing an asset or liability.

A fair value hierarchy has been established that categorizes these inputs into three levels:

Level 1: Quoted prices in active markets for identical assets and liabilities

Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3: Unobservable inputs

The following table presents for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015:

	June 30, 2016								December 31, 2015
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	19,675	$	—	$	19,675	$	—	$	18,755	$	—	$	18,755	$	—
Foreign currency forwards contracts designed as cash flow hedges	3,888		—		3,888		—		7,056		—		7,056		—
Foreign currency forward contracts not designated as hedging instruments	1,368		—		1,368		—		1,166		—		1,166		—
Total	$	24,931	$	—	$	24,931	$	—	$	26,977	$	—	$	26,977	$	—
Liabilities:
Interest rate swap agreements	$	10,167	$	—	$	10,167	$	—	$	4,092	$	—	$	4,092	$	—
Foreign currency forward contracts not designated as hedging instruments	1,866		—		1,866		—		625		—		625		—
Total	$	12,033	$	—	$	12,033	$	—	$	4,717	$	—	$	4,717	$	—

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Income Taxes

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The provision for taxes is based upon using the Company's projected annual effective tax rate of 24% before discrete items for both the three and six month periods ended June 30, 2016 and 2015.

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Debt

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

DEBT

DEBT

Debt consisted of the following at June 30, 2016:

	June 30, 2016
	U.S. Dollar			Other Principal Trading Currencies			Total
3.67% $50 million Senior Notes due December 17, 2022	50,000			—			50,000
4.10% $50 million Senior Notes due September 19, 2023	50,000			—			50,000
3.84% $125 million Senior Notes due September 19, 2024	125,000			—			125,000
4.24% $125 million Senior Notes due June 25, 2025	125,000			—			125,000
1.47% EUR 125 million Senior Notes due June 17, 2030	—			138,183			138,183
Debt issuance costs, net	(1,344		)	(399		)	(1,743		)
Total Senior Notes	348,656			137,784			486,440
$800 million Credit Agreement, interest at LIBOR plus 87.5 basis points	157,952			48,871			206,823
Other local arrangements	—			20,945			20,945
Total debt	506,608			207,600			714,208
Less: current portion	—			(20,945		)	(20,945		)
Total long-term debt	$	506,608		$	186,655		$	693,263

As of June 30, 2016, the Company had $588.6 million of availability remaining under its Credit Agreement.

1.47% Euro Senior Notes

The Company has designated the 1.47% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment in these operations. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The unrealized gain (loss) recorded in other comprehensive income (loss) related to this net investment hedge was a gain of $2.0 million and $0.5 million for the three months ended June 30, 2016 and 2015, respectively, and a loss of $1.6 million and a gain $0.5 million for the six months periods ended June 30, 2016 and 2015, respectively.

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Share Repurchase Program and Treasury Stock

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

SHARE REPURCHASE PROGRAM AND TREASURY STOCK

The Company has a share repurchase program of which there was $1.2 billion common shares remaining to be repurchased under the program as of June 30, 2016. The share repurchases are expected to be funded from cash balances, borrowings and cash generated from operating activities. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity and other factors.

The Company has purchased 25.4 million shares since the inception of the program in 2004 through June 30, 2016. During the six months ended June 30, 2016 and 2015, the Company spent $250.0 million and $247.5 million on the repurchase of 732,245 shares and 777,248 shares at an average price per share of $341.39 and $318.38, respectively. The Company also reissued 131,737 shares and 233,593 shares held in treasury for the exercise of stock options and restricted stock units during the six months ended June 30, 2016 and 2015, respectively.

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Other Comprehensive Income (Notes)

6 Months Ended

Jun. 30, 2016

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2016 and 2015:

	Currency Translation Adjustment, Net of Tax			Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax			Pension and Post-Retirement Benefit Related Items, Net of Tax			Total
Balance at December 31, 2015	$	(57,394	)	$	3,016		$	(212,271	)	$	(266,649	)
Other comprehensive income (loss), net of tax:
Amounts recognized in accumulated other comprehensive income (loss), net of tax	—			(3,692		)	(4,546		)	(8,238		)
Foreign currency translation adjustment	(15,350		)	(556		)	(810		)	(16,716		)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—			(2,007		)	10,835			8,828
Net change in other comprehensive income (loss), net of tax	(15,350		)	(6,255		)	5,479			(16,126		)
Balance at June 30, 2016	$	(72,744	)	$	(3,239	)	$	(206,792	)	$	(282,775	)

	Currency Translation Adjustment, Net of Tax			Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax			Pension and Post-Retirement Benefit Related Items, Net of Tax			Total
Balance at December 31, 2014	$	(4,960	)	$	(1,944	)	$	(206,045	)	$	(212,949	)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements	—			19,932			—			19,932
Foreign currency translation adjustment	(1,655		)	(817		)	(2,655		)	(5,127		)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—			(4,321		)	5,040			719
Net change in other comprehensive income (loss), net of tax	(1,655		)	14,794			2,385			15,524
Balance at June 30, 2015	$	(6,615	)	$	12,850		$	(203,660	)	$	(197,425	)

The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:

	Three months ended June 30,
	2016			2015			Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	262		$	771		Interest expense
Foreign currency forward contracts	(1,498		)	(3,532		)	Cost of sales - products
Total before taxes	(1,236		)	(2,761		)
Provision for taxes	(206		)	(427		)	Provision for taxes
Total, net of taxes	$	(1,030	)	$	(2,334	)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses, settlement loss and prior service cost, before taxes	$	12,008		$	3,428		(a)
Provision for taxes	4,110			911			Provision for taxes
Total, net of taxes	$	7,898		$	2,517

(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three and six months ended June 30, 2016 and 2015.

	Six months ended June 30,
	2016			2015			Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	526		$	1,535		Interest expense
Foreign currency forward contracts	(2,931		)	(6,623		)	Cost of sales - products
Total before taxes	(2,405		)	(5,088		)
Provision for taxes	(398		)	(767		)	Provision for taxes
Total, net of taxes	$	(2,007	)	$	(4,321	)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses, settlement loss and prior service cost, before taxes	$	15,968		$	6,869		(a)
Provision for taxes	5,133			1,829			Provision for taxes
Total, net of taxes	$	10,835		$	5,040

(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 11 for additional details for the three and six months ended June 30, 2016 and 2015.

Comprehensive income (loss), net of tax consisted of the following as of June 30:

	Three Months Ended					Six Months Ended
	2016			2015		2016			2015
Net earnings	$	79,588		$	77,557	$	145,262		$	140,608
Other comprehensive income (loss), net of tax	(22,958		)	21,780		(16,126		)	15,524
Comprehensive income, net of tax	$	56,630		$	99,337	$	129,136		$	156,132

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six month periods endedJune 30, relating to outstanding stock options and restricted stock units:

	2016	2015
Three months ended	512,269	616,431
Six months ended	501,858	632,823

Outstanding options and restricted stock units to purchase or receive 84,392 and 95,535 shares of common stock for the three month periods ended June 30, 2016 and 2015, respectively, and options and restricted stock units to purchase or receive 108,361 and 95,725

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Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

NET PERIODIC BENEFIT COST

NET PERIODIC BENEFIT COST

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:

	U.S. Pension Benefits						Non-U.S. Pension Benefits						Other U.S. Post-retirement Benefits						Total
	2016			2015			2016			2015			2016			2015			2016			2015
Service cost, net	$	145		$	208		$	4,153		$	4,711		$	—		$	—		$	4,298		$	4,919
Interest cost on projected benefit obligations	1,072			1,608			2,673			3,515			19			35			3,764			5,158
Expected return on plan assets	(1,945		)	(2,394		)	(8,341		)	(9,340		)	—			—			(10,286		)	(11,734		)
Recognition of prior service cost	—			—			(1,278		)	(984		)	(469		)	(469		)	(1,747		)	(1,453		)
Recognition of actuarial losses/(gains)	1,902			1,907			4,563			3,817			(673		)	(843		)	5,792			4,881
Settlement charge	7,963			—			—			—			—			—			7,963			—
Net periodic pension cost/(credit)	$	9,137		$	1,329		$	1,770		$	1,719		$	(1,123	)	$	(1,277	)	$	9,784		$	1,771

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:

	U.S. Pension Benefits						Non-U.S. Pension Benefits						Other U.S. Post-retirement Benefits						Total
	2016			2015			2016			2015			2016			2015			2016			2015
Service cost, net	$	262		$	417		$	8,383		$	9,456		$	—		$	—		$	8,645		$	9,873
Interest cost on projected benefit obligations	2,364			3,216			5,345			7,069			38			69			7,747			10,354
Expected return on plan assets	(4,044		)	(4,788		)	(16,681		)	(18,639		)	—			—			(20,725		)	(23,427		)
Recognition of prior service cost	—			—			(2,556		)	(1,957		)	(938		)	(938		)	(3,494		)	(2,895		)
Recognition of actuarial losses/(gains)	3,792			3,814			9,053			7,635			(1,346		)	(1,685		)	11,499			9,764
Settlement charge	7,963			—			—			—			—			—			7,963			—
Net periodic pension cost/(credit)	$	10,337		$	2,659		$	3,544		$	3,564		$	(2,246	)	$	(2,554	)	$	11,635		$	3,669

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, the Company expects to make employer contributions of approximately $19.4 million to its non-U.S. pension plans and employer contributions of approximately $0.5 million to itsU.S. post-retirement medical plan during the year ended December 31, 2016. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

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Restructuring Charges

6 Months Ended

Jun. 30, 2016

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

For the three and six months ended June 30, 2016, the Company has incurred $2.2 million and $3.1 million of restructuring expenses which primarily comprised of employee-related costs. Liabilities related to restructuring activities are included in accrued and other liabilities in the consolidated balance sheet.

A rollforward of the Company’s accrual for restructuring activities for the six months ended June 30, 2016 is as follows:

	Total
Balance at December 31, 2015	$	12,211
Restructuring charges	3,085
Cash payments and utilization	(4,302		)
Impact of foreign currency	(17		)
Balance at June 30, 2016	$	10,977

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Other Charges (Income), Net

6 Months Ended

Jun. 30, 2016

Other Income and Expenses [Abstract]

OTHER CHARGES (INCOME), NET

OTHER CHARGES (INCOME), NET

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Segment Reporting

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

As disclosed in Note 16 to the Company's consolidated financial statements for the year ended December 31, 2015, the Company has determined there are five reportable segments:  U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other.

The Company evaluates segment performance based on Segment Profit (gross profit less research and development and selling, general and administrative expenses, before amortization, interest expense, restructuring charges, other charges (income), net and taxes).

The following tables show the operations of the Company’s operating segments:

	Net Sales to		Net Sales to									As of June 30,
For the three months ended	External		Other			Total Net			Segment			2016
June 30, 2016	Customers		Segments			Sales			Profit			Goodwill
U.S. Operations	$	216,968	$	22,102		$	239,070		$	41,112		$	319,715
Swiss Operations	30,720		126,983			157,703			34,997			22,105
Western European Operations	154,264		38,945			193,209			24,303			87,452
Chinese Operations	92,886		58,655			151,541			45,934			672
Other (a)	113,448		1,700			115,148			13,249			14,334
Eliminations and Corporate (b)	—		(248,385		)	(248,385		)	(30,518		)	—
Total	$	608,286	$	—		$	608,286		$	129,077		$	444,278

	Net Sales to		Net Sales to
For the six months ended	External		Other			Total Net			Segment
June 30, 2016	Customers		Segments			Sales			Profit
U.S. Operations	$	404,903	$	41,733		$	446,636		$	70,267
Swiss Operations	57,685		247,294			304,979			70,819
Western European Operations	291,915		77,492			369,407			44,493
Chinese Operations	177,833		104,581			282,414			82,560
Other (a)	215,624		3,054			218,678			24,343
Eliminations and Corporate (b)	—		(474,154		)	(474,154		)	(61,392		)
Total	$	1,147,960	$	—		$	1,147,960		$	231,090

(a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.

(b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

	Net Sales to		Net Sales to									As of June 30,
For the three months ended	External		Other			Total Net			Segment			2015
June 30, 2015	Customers		Segments			Sales			Profit			Goodwill
U.S. Operations	$	204,263	$	22,840		$	227,103		$	37,101		$	308,863
Swiss Operations	33,153		116,753			149,906			33,359			23,198
Western European Operations	148,803		38,357			187,160			22,777			96,552
Chinese Operations	91,013		54,711			145,724			41,386			746
Other (a)	104,825		1,588			106,413			10,066			13,123
Eliminations and Corporate (b)	—		(234,249		)	(234,249		)	(26,379		)	—
Total	$	582,057	$	—		$	582,057		$	118,310		$	442,482

	Net Sales to		Net Sales to
For the six months ended	External		Other			Total Net			Segment
June 30, 2015	Customers		Segments			Sales			Profit
U.S. Operations	$	383,086	$	41,132		$	424,218		$	61,417
Swiss Operations	64,004		233,093			297,097			69,534
Western European Operations	289,721		79,307			369,028			42,783
Chinese Operations	177,461		103,180			280,641			74,613
Other (a)	203,486		2,945			206,431			19,188
Eliminations and Corporate (b)	—		(459,657		)	(459,657		)	(51,919		)
Total	$	1,117,758	$	—		$	1,117,758		$	215,616

(a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.

(b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:

	Three Months Ended					Six Months Ended
	2016		2015			2016		2015
Earnings before taxes	$	103,172	$	102,047		$	189,585	$	185,010
Amortization	8,655		7,634			17,079		15,162
Interest expense	6,872		6,942			13,452		13,667
Restructuring charges	2,205		1,720			3,085		2,627
Other charges (income), net	8,173		(33		)	7,889		(850		)
Segment profit	$	129,077	$	118,310		$	231,090	$	215,616

During the three months ended June 30, 2016, restructuring charges of $2.2 million were recognized, of which $0.8 million, $0.2 million, and $1.2 million, related to the Company’s U.S., Swiss, and Western European Operations, respectively. Restructuring charges of $1.7 million were recognized during the three months ended June 30, 2015, of which $0.1 million, $0.4 million, $0.7 million, $0.2 million, and $0.3 million related to the Company’s U.S., Swiss, Western European, Chinese Operations, and Other Operations respectively. Restructuring charges of $3.1 million were recognized during the six months ended June 30, 2016, of which $1.1 million, $0.6 million, $1.2 million, $0.1 million, and $0.1 million related to the Company’s U.S., Swiss, Western European, Chinese, and Other Operations, respectively. Restructuring charges of $2.6 million were recognized during the six months ended June 30, 2015, of which $0.1 million, $1.1 million, $0.5 million, $0.3 million and $0.6 million related to the Company’s U.S., Swiss, Western European, Chinese and Other Operations, respectively.

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Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

CONTINGENCIES

The Company is party to various legal proceedings, including certain environmental matters, incidental to the normal course of business. Management does not expect that any of such proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Trade Accounts Receivable

Trade Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based upon a review of both specific accounts for collection and the age of the accounts receivable portfolio.

Inventories

Inventories

Inventories are valued at the lower of cost or net realizable value. Cost, which includes direct materials, labor and overhead, is generally determined using the first in, first out (FIFO) method. The estimated net realizable value is based on assumptions for future demand and related pricing. Adjustments to the cost basis of the Company’s inventory are made for excess and obsolete items based on usage, orders and technological obsolescence. If actual market conditions are less favorable than those projected by management, reductions in the value of inventory may be required.

Inventories consisted of the following:

	June 30, 2016		December 31, 2015
Raw materials and parts	$	101,369	$	98,252
Work-in-progress	41,433		35,100
Finished goods	91,204		81,031
	$	234,006	$	214,383

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.

Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period of benefit. The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company assesses the initial acquisition of intangible assets in accordance with the provisions of ASC 805 "Business Combinations" and the continued accounting for previously recognized intangible assets and goodwill in accordance with the provisions of ASC 350 "Intangible - Goodwill and Other" and ASC 360 "Property, Plant and Equipment".

Other intangible assets consisted of the following:

	June 30, 2016							December 31, 2015
	Gross Amount		Accumulated Amortization			Intangibles, Net		Gross Amount		Accumulated Amortization			Intangibles, Net
Customer relationships	$	98,867	$	(32,577	)	$	66,290	$	98,175	$	(30,836	)	$	67,339
Proven technology and patents	54,520		(34,060		)	20,460		52,938		(32,444		)	20,494
Tradename (finite life)	4,289		(2,212		)	2,077		4,200		(2,158		)	2,042
Tradename (indefinite life)	24,788		—			24,788		24,814		—			24,814
Other	2,143		(1,756		)	387		2,111		(1,548		)	563
	$	184,607	$	(70,605	)	$	114,002	$	182,238	$	(66,986	)	$	115,252

The Company recognized amortization expense associated with the above intangible assets of $1.7 million and $1.6 million for the three months ended June 30, 2016 and 2015, respectively and $3.5 million and $3.1 million for the six months ended June 30, 2016 and 2015, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated at $6.8 million for 2016, $6.5 million for 2017, $6.2 million for 2018, $5.9 million for 2019, $5.6 million for 2020 and $5.3 million for 2021. Purchased intangible amortization was $1.5 million, $1.0 million after tax, and $1.4 million, $0.9 million after tax, for the three months ended June 30, 2016 and 2015, respectively and $3.2 million, $2.1 million after tax, and $2.8 million, $1.9 million after tax, for the six months ended June 30, 2016 and 2015, respectively.

In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $6.9 million and $6.0 million for the three months ended June 30, 2016 and 2015, respectively and $13.4 million and $11.9 million for the six months ended June 30, 2016 and 2015, respectively.

Revenue Recognition

Revenue Recognition

Revenue is recognized when title to a product has transferred and any significant customer obligations have been fulfilled. Standard shipping terms are generally FOB shipping point in most countries and, accordingly, title and risk of loss transfers upon shipment. In countries where title cannot legally transfer before delivery, the Company defers revenue recognition until delivery has occurred. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. Shipping and handling costs charged to customers are included in total net sales and the associated expense is recorded in cost of sales for all periods presented. Other than a few small software applications, the Company does not sell software products without the related hardware instrument as the software is embedded in the instrument. The Company’s products typically require no significant production, modification or customization of the hardware or software that is essential to the functionality of the products. To the extent the Company’s solutions have a post-shipment obligation, revenue is deferred until the obligation has been completed. The Company defers product revenue where installation is required, unless such installation is deemed perfunctory. The Company also sometimes enters into certain arrangements that require the separate delivery of multiple goods and/or services. These deliverables are accounted for separately if the deliverables have standalone value and the performance of undelivered items is probable and within the Company's control. The allocation of revenue between the separate deliverables is typically based on the relative selling price at the time of the sale in accordance with a number of factors including service technician billing rates, time to install and geographic location.

Further, certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the customer upon title transfer. Revenue is recognized on these products upon transfer of title and risk of loss to its distributors. Distributor discounts are offset against revenue at the time such revenue is recognized.

Service revenue not under contract is recognized upon the completion of the service performed. Spare parts sold on a stand-alone basis are recognized upon title and risk of loss transfer which is generally at the time of shipment. Revenues from service contracts are recognized ratably over the contract period. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification and preventative maintenance on a customer’s pre-defined equipment over the contract period. Service contracts are separately priced and payment is typically received from the customer at the beginning of the contract period.

Warranty

Warranty

The Company generally offers one-year warranties on most of its products. Product warranties are recorded at the time revenue is recognized. While the Company engages in extensive product quality programs and processes, its warranty obligations are affected by product failure rates, material usage and service costs incurred in correcting a product failure.

Employee Termination Benefits

Employee Termination Benefits

In situations where contractual termination benefits exist, the Company records accruals for employee termination benefits when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. All other employee termination arrangements are recognized and measured at their fair value at the communication date unless the employee is required to render additional service beyond the legal notification period, in which case the liability is recognized ratably over the future service period.

Share - Based Compensation

Share-Based Compensation

The Company recognizes share-based compensation expense within selling, general and administrative in the consolidated statements of operations and other comprehensive income with a corresponding offset to additional paid-in capital in the consolidated balance sheet. The Company recorded $3.6 million and $7.2 million of share-based compensation expense for the three and six months ended June 30, 2016, respectively, compared to $3.5 million and $7.0 million for the corresponding periods in 2015.

Research and Development

Research and Development

Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, to ASC 606 "Revenue from Contracts with Customers." ASU 2014-09 provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Additionally, the guidance requires improved disclosure to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for assessing collectability, presentation of sales taxes, noncash considerations, and completed contract modifications at transition. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In May 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers," which amends ASU 2014-09. The ASU provides guidance for identifying performance obligations as they pertain to immaterial promised goods or services, shipping and handling activities, and identifying when promises represent performance obligations. The guidance becomes effective for the Company for the year beginning January 1, 2018. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In March 2016, the FASB issued ASU 2016-09, to ASC 718 "Compensation - Stock Compensation." The guidance allows for the simplification related to several aspects of the accounting for share-based payment transactions, including income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance can be applied either on a retrospective or prospective basis and becomes effective for annual periods beginning after December 15, 2016. We are currently evaluating the impact the adoption of this guidance will have on the Company's consolidated results of operations, financial position, and disclosures.

In February 2016, the FASB issued ASU 2016-02 to ASC 842 "Leases." The accounting guidance primarily requires lessees to recognize most leases on their balance sheet as a right to use asset and a lease liability, with the exception of short term leases. A lessee will continue to recognize lease expense on a straight-line basis for leases classified as operating leases. The guidance becomes effective for fiscal years beginning after December 15, 2018 and must be applied on a retrospective basis with early adoption permitted. The Company is currently evaluating the impact of this guidance on our financial statements and the timing of adoption.

In November 2015, the FASB issued ASU 2015-17, to ASC 740 "Income Taxes." The guidance simplifies the balance sheet classification of deferred taxes. The new guidance requires that all deferred tax balances be presented as non-current. This change, which can be early adopted, conforms U.S. GAAP to IFRS. The guidance becomes effective for the Company for the year beginning January 1, 2017. The adoption of this guidance would have reduced current assets and increased non-current assets by approximately $70.9 million and reduced current liabilities and increased non-current liabilities by approximately $22.9 million on the Company's consolidated balance sheet at June 30, 2016.

In May 2015, the FASB issued ASU 2015-07, to ASC 820 "Fair Value Measurements." ASU 2015-07 removes the requirement to categorize investments using the net asset value per share method within the fair value hierarchy. The Company will adopt the guidance in the fourth quarter of 2016, which will have an immaterial impact on the consolidated financial statements.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	June 30, 2016		December 31, 2015
Raw materials and parts	$	101,369	$	98,252
Work-in-progress	41,433		35,100
Finished goods	91,204		81,031
	$	234,006	$	214,383

Components of other intangible assets

Other intangible assets consisted of the following:

	June 30, 2016							December 31, 2015
	Gross Amount		Accumulated Amortization			Intangibles, Net		Gross Amount		Accumulated Amortization			Intangibles, Net
Customer relationships	$	98,867	$	(32,577	)	$	66,290	$	98,175	$	(30,836	)	$	67,339
Proven technology and patents	54,520		(34,060		)	20,460		52,938		(32,444		)	20,494
Tradename (finite life)	4,289		(2,212		)	2,077		4,200		(2,158		)	2,042
Tradename (indefinite life)	24,788		—			24,788		24,814		—			24,814
Other	2,143		(1,756		)	387		2,111		(1,548		)	563
	$	184,607	$	(70,605	)	$	114,002	$	182,238	$	(66,986	)	$	115,252

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following table presents for each of these hierarchy levels, the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015:

	June 30, 2016								December 31, 2015
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	19,675	$	—	$	19,675	$	—	$	18,755	$	—	$	18,755	$	—
Foreign currency forwards contracts designed as cash flow hedges	3,888		—		3,888		—		7,056		—		7,056		—
Foreign currency forward contracts not designated as hedging instruments	1,368		—		1,368		—		1,166		—		1,166		—
Total	$	24,931	$	—	$	24,931	$	—	$	26,977	$	—	$	26,977	$	—
Liabilities:
Interest rate swap agreements	$	10,167	$	—	$	10,167	$	—	$	4,092	$	—	$	4,092	$	—
Foreign currency forward contracts not designated as hedging instruments	1,866		—		1,866		—		625		—		625		—
Total	$	12,033	$	—	$	12,033	$	—	$	4,717	$	—	$	4,717	$	—

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Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt

Debt consisted of the following at June 30, 2016:

	June 30, 2016
	U.S. Dollar			Other Principal Trading Currencies			Total
3.67% $50 million Senior Notes due December 17, 2022	50,000			—			50,000
4.10% $50 million Senior Notes due September 19, 2023	50,000			—			50,000
3.84% $125 million Senior Notes due September 19, 2024	125,000			—			125,000
4.24% $125 million Senior Notes due June 25, 2025	125,000			—			125,000
1.47% EUR 125 million Senior Notes due June 17, 2030	—			138,183			138,183
Debt issuance costs, net	(1,344		)	(399		)	(1,743		)
Total Senior Notes	348,656			137,784			486,440
$800 million Credit Agreement, interest at LIBOR plus 87.5 basis points	157,952			48,871			206,823
Other local arrangements	—			20,945			20,945
Total debt	506,608			207,600			714,208
Less: current portion	—			(20,945		)	(20,945		)
Total long-term debt	$	506,608		$	186,655		$	693,263

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Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2016

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table presents changes in accumulated other comprehensive income by component for the six months ended June 30, 2016 and 2015:

	Currency Translation Adjustment, Net of Tax			Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax			Pension and Post-Retirement Benefit Related Items, Net of Tax			Total
Balance at December 31, 2015	$	(57,394	)	$	3,016		$	(212,271	)	$	(266,649	)
Other comprehensive income (loss), net of tax:
Amounts recognized in accumulated other comprehensive income (loss), net of tax	—			(3,692		)	(4,546		)	(8,238		)
Foreign currency translation adjustment	(15,350		)	(556		)	(810		)	(16,716		)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—			(2,007		)	10,835			8,828
Net change in other comprehensive income (loss), net of tax	(15,350		)	(6,255		)	5,479			(16,126		)
Balance at June 30, 2016	$	(72,744	)	$	(3,239	)	$	(206,792	)	$	(282,775	)

Disclosure of Reclassification Amount [Text Block]

The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and six month periods ended June 30:

	Three months ended June 30,
	2016			2015			Location of Amounts Recognized in Earnings
Effective portion of (gains) / losses on cash flow hedging arrangements:
Interest rate swap agreements	$	262		$	771		Interest expense
Foreign currency forward contracts	(1,498		)	(3,532		)	Cost of sales - products
Total before taxes	(1,236		)	(2,761		)
Provision for taxes	(206		)	(427		)	Provision for taxes
Total, net of taxes	$	(1,030	)	$	(2,334	)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses, settlement loss and prior service cost, before taxes	$	12,008		$	3,428		(a)
Provision for taxes	4,110			911			Provision for taxes
Total, net of taxes	$	7,898		$	2,517

Schedule of Comprehensive Income (Loss) [Table Text Block]

Comprehensive income (loss), net of tax consisted of the following as of June 30:

	Three Months Ended					Six Months Ended
	2016			2015		2016			2015
Net earnings	$	79,588		$	77,557	$	145,262		$	140,608
Other comprehensive income (loss), net of tax	(22,958		)	21,780		(16,126		)	15,524
Comprehensive income, net of tax	$	56,630		$	99,337	$	129,136		$	156,132

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Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Diluted weighted average number of common shares outstanding

In accordance with the treasury stock method, the Company has included the following common equivalent shares in the calculation of diluted weighted average number of common shares outstanding for the three and six month periods endedJune 30, relating to outstanding stock options and restricted stock units:

	2016	2015
Three months ended	512,269	616,431
Six months ended	501,858	632,823

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Net Periodic Benefit Cost (Tables)

6 Months Ended

Jun. 30, 2016

Defined Benefit Plan Disclosure [Line Items]

Net periodic benefit cost

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:

	U.S. Pension Benefits						Non-U.S. Pension Benefits						Other U.S. Post-retirement Benefits						Total
	2016			2015			2016			2015			2016			2015			2016			2015
Service cost, net	$	145		$	208		$	4,153		$	4,711		$	—		$	—		$	4,298		$	4,919
Interest cost on projected benefit obligations	1,072			1,608			2,673			3,515			19			35			3,764			5,158
Expected return on plan assets	(1,945		)	(2,394		)	(8,341		)	(9,340		)	—			—			(10,286		)	(11,734		)
Recognition of prior service cost	—			—			(1,278		)	(984		)	(469		)	(469		)	(1,747		)	(1,453		)
Recognition of actuarial losses/(gains)	1,902			1,907			4,563			3,817			(673		)	(843		)	5,792			4,881
Settlement charge	7,963			—			—			—			—			—			7,963			—
Net periodic pension cost/(credit)	$	9,137		$	1,329		$	1,770		$	1,719		$	(1,123	)	$	(1,277	)	$	9,784		$	1,771

Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:

	U.S. Pension Benefits						Non-U.S. Pension Benefits						Other U.S. Post-retirement Benefits						Total
	2016			2015			2016			2015			2016			2015			2016			2015
Service cost, net	$	262		$	417		$	8,383		$	9,456		$	—		$	—		$	8,645		$	9,873
Interest cost on projected benefit obligations	2,364			3,216			5,345			7,069			38			69			7,747			10,354
Expected return on plan assets	(4,044		)	(4,788		)	(16,681		)	(18,639		)	—			—			(20,725		)	(23,427		)
Recognition of prior service cost	—			—			(2,556		)	(1,957		)	(938		)	(938		)	(3,494		)	(2,895		)
Recognition of actuarial losses/(gains)	3,792			3,814			9,053			7,635			(1,346		)	(1,685		)	11,499			9,764
Settlement charge	7,963			—			—			—			—			—			7,963			—
Net periodic pension cost/(credit)	$	10,337		$	2,659		$	3,544		$	3,564		$	(2,246	)	$	(2,554	)	$	11,635		$	3,669

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Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2016

Restructuring Cost and Reserve [Line Items]

Company's accrual for restructuring activities

A rollforward of the Company’s accrual for restructuring activities for the six months ended June 30, 2016 is as follows:

	Total
Balance at December 31, 2015	$	12,211
Restructuring charges	3,085
Cash payments and utilization	(4,302		)
Impact of foreign currency	(17		)
Balance at June 30, 2016	$	10,977

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2016

Operations of the Company's operating segments

The following tables show the operations of the Company’s operating segments:

	Net Sales to		Net Sales to									As of June 30,
For the three months ended	External		Other			Total Net			Segment			2016
June 30, 2016	Customers		Segments			Sales			Profit			Goodwill
U.S. Operations	$	216,968	$	22,102		$	239,070		$	41,112		$	319,715
Swiss Operations	30,720		126,983			157,703			34,997			22,105
Western European Operations	154,264		38,945			193,209			24,303			87,452
Chinese Operations	92,886		58,655			151,541			45,934			672
Other (a)	113,448		1,700			115,148			13,249			14,334
Eliminations and Corporate (b)	—		(248,385		)	(248,385		)	(30,518		)	—
Total	$	608,286	$	—		$	608,286		$	129,077		$	444,278

	Net Sales to		Net Sales to
For the six months ended	External		Other			Total Net			Segment
June 30, 2016	Customers		Segments			Sales			Profit
U.S. Operations	$	404,903	$	41,733		$	446,636		$	70,267
Swiss Operations	57,685		247,294			304,979			70,819
Western European Operations	291,915		77,492			369,407			44,493
Chinese Operations	177,833		104,581			282,414			82,560
Other (a)	215,624		3,054			218,678			24,343
Eliminations and Corporate (b)	—		(474,154		)	(474,154		)	(61,392		)
Total	$	1,147,960	$	—		$	1,147,960		$	231,090

(a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.

(b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

	Net Sales to		Net Sales to									As of June 30,
For the three months ended	External		Other			Total Net			Segment			2015
June 30, 2015	Customers		Segments			Sales			Profit			Goodwill
U.S. Operations	$	204,263	$	22,840		$	227,103		$	37,101		$	308,863
Swiss Operations	33,153		116,753			149,906			33,359			23,198
Western European Operations	148,803		38,357			187,160			22,777			96,552
Chinese Operations	91,013		54,711			145,724			41,386			746
Other (a)	104,825		1,588			106,413			10,066			13,123
Eliminations and Corporate (b)	—		(234,249		)	(234,249		)	(26,379		)	—
Total	$	582,057	$	—		$	582,057		$	118,310		$	442,482

	Net Sales to		Net Sales to
For the six months ended	External		Other			Total Net			Segment
June 30, 2015	Customers		Segments			Sales			Profit
U.S. Operations	$	383,086	$	41,132		$	424,218		$	61,417
Swiss Operations	64,004		233,093			297,097			69,534
Western European Operations	289,721		79,307			369,028			42,783
Chinese Operations	177,461		103,180			280,641			74,613
Other (a)	203,486		2,945			206,431			19,188
Eliminations and Corporate (b)	—		(459,657		)	(459,657		)	(51,919		)
Total	$	1,117,758	$	—		$	1,117,758		$	215,616

(a) Other includes reporting units in Eastern Europe, Latin America, Southeast Asia and other countries.

(b) Eliminations and Corporate includes the elimination of inter-segment transactions and certain corporate expenses and intercompany investments, which are not included in the Company’s operating segments.

Reconciliation of earnings before taxes to segment profit

A reconciliation of earnings before taxes to segment profit for the three and six month periods ended June 30 follows:

	Three Months Ended					Six Months Ended
	2016		2015			2016		2015
Earnings before taxes	$	103,172	$	102,047		$	189,585	$	185,010
Amortization	8,655		7,634			17,079		15,162
Interest expense	6,872		6,942			13,452		13,667
Restructuring charges	2,205		1,720			3,085		2,627
Other charges (income), net	8,173		(33		)	7,889		(850		)
Segment profit	$	129,077	$	118,310		$	231,090	$	215,616

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Components of inventory
Raw materials and parts	$ 101,369	$ 98,252
Work-in-progress	41,433	35,100
Finished goods	91,204	81,031
Total Inventory, Net	$ 234,006	$ 214,383

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Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 184,607	$ 182,238
Accumulated Amortization	(70,605)	(66,986)
Intangible Assets, Net (Excluding Goodwill)	114,002	115,252
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount, Tradename (indefinite life)	24,788	24,814
Intangible Assets, Net (Excluding Goodwill)	24,788	24,814
Customer Relationships [Member]
Intangible Assets [Line Items]
Gross amount	98,867	98,175
Accumulated Amortization	(32,577)	(30,836)
Intangible Assets, Net (Excluding Goodwill)	66,290	67,339
Proven technology and patents [Member]
Intangible Assets [Line Items]
Gross amount	54,520	52,938
Accumulated Amortization	(34,060)	(32,444)
Intangible Assets, Net (Excluding Goodwill)	20,460	20,494
Tradename (indefinite life) [Member]
Intangible Assets [Line Items]
Gross amount	4,289	4,200
Accumulated Amortization	(2,212)	(2,158)
Intangible Assets, Net (Excluding Goodwill)	2,077	2,042
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Gross amount	2,143	2,111
Accumulated Amortization	(1,756)	(1,548)
Intangible Assets, Net (Excluding Goodwill)	$ 387	$ 563

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Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Deferred Tax Assets, Net of Valuation Allowance, Current	$ 70,940		$ 70,940		$ 67,483
Deferred Tax Liabilities, Net, Current	22,912		22,912		$ 22,435
Summary of Significant Accounting Policies (Textuals) [Abstract]
Amortization expense	1,700	$ 1,600	3,500	$ 3,100
Future Amortization Expense Current Year			6,800
Aggregate amortization expense for 2016	6,500		6,500
Aggregate amortization expense for 2017	6,200		6,200
Aggregate amortization expense for 2018	5,900		5,900
Aggregate amortization expense for 2019	5,600		5,600
Aggregate amortization expense for 2020	5,300		5,300
Purchased Intangible Amortization, Gross	1,500	1,400	3,200	2,800
Purchased intangible amortization, net of tax	1,000	900	2,100	1,900
Amortization expense associated with capitalized software	6,900	6,000	$ 13,400	11,900
Standard Warranty Period			one
Share - based compensation expense	$ 3,600	$ 3,500	$ 7,200	$ 7,000

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Business Combinations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 4,329	$ 300
Business Combination, Contingent Consideration, Liability	500
Goodwill, Acquired During Period	2,000
Finite-lived Intangible Assets Acquired	$ 1,200
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Instant BioScan Business [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 96,000

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Financial Instruments Financial Instruments Textual (Details) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($) Rate	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) Rate	Jun. 30, 2015 USD ($)	Jun. 30, 2016 EUR (€) Rate	Dec. 31, 2015 USD ($)
Derivative [Line Items]
swiss franc per euro floor	1.2		1.2		1.2
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ 2,100
Designated as Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 50,000		$ 50,000
Derivative, Fixed Interest Rate | Rate	2.52%		2.52%		2.52%
Designated as Hedging Instrument [Member] | 2.25% $100 Million Interest Rate Swap [Member]
Derivative [Line Items]
Line Of Credit Facility Forecasted Borrowing Amount	$ 100,000		$ 100,000
Derivative, Fixed Interest Rate | Rate	2.25%		2.25%		2.25%
Designated as Hedging Instrument [Member] | 3.24% $100 Million Interest Rate Swap [Member]
Derivative [Line Items]
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ 0		$ 0
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Notional Value Local Currency	67,000		67,000		€ 36.3
Derivative, Notional Amount	40,000		40,000			$ 73,000
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax	0	$ 1,000	(200)	$ 24,200
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness	0		0
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	348,400		348,400			318,700
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 1,700	$ 200	$ 600	$ 9,500
Derivative Maturing in 2015 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Forward Exchange Rate	1.21		1.21		1.21
Derivative, Notional Amount						86,000
Maturing in 2016 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Notional Value Local Currency						$ 67,000
Derivative, Forward Exchange Rate	1.19		1.19		1.19

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets:
Cash Equivalents	$ 19,700	$ 18,800
Fair Value, Measurements, Recurring [Member]
Assets:
Foreign Currency Cash Flow Hedge Asset at Fair Value	3,888	7,056
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	1,368	1,166
Total Assets at Fair Value	24,931	26,977
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	10,167	4,092
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	1,866	625
Liabilities at Fair Value	12,033	4,717
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Cash Equivalents	0	0
Foreign Currency Cash Flow Hedge Asset at Fair Value	0	0
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	0	0
Total Assets at Fair Value	0	0
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	0	0
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	0	0
Liabilities at Fair Value	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Cash Equivalents	19,675	18,755
Foreign Currency Cash Flow Hedge Asset at Fair Value	3,888	7,056
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	1,368	1,166
Total Assets at Fair Value	24,931	26,977
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	10,167	4,092
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	1,866	625
Liabilities at Fair Value	12,033	4,717
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Cash Equivalents	0	0
Foreign Currency Cash Flow Hedge Asset at Fair Value	0	0
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value	0	0
Total Assets at Fair Value	0	0
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	0	0
Foreign Currency Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value	0	0
Liabilities at Fair Value	$ 0	$ 0

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Fair Value Measurements (Details Textuals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivative Asset	$ 5,300	$ 8,200
Cash Equivalents	19,700	18,800
Change in Carrying Value Verse Fair Value of Long Term Debt	31,600	9,200
Fair Value, Measurements, Recurring [Member]
Liabilities at Fair Value	$ 12,033	$ 4,717

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Income Taxes (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Effective Income Tax Rate, Continuing Operations	24.00%	24.00%

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Debt (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($) Rate	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) Rate	Jun. 30, 2015 USD ($)	Jun. 30, 2016 EUR (€) Rate
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 486,440		$ 486,440
Unamortized Debt Issuance Expense	(1,743)		(1,743)
Total debt	714,208		714,208
Debt, Current	20,945		20,945
Long-term Debt	693,263		693,263
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	2,000	$ 500	(1,600)	$ 500
Line of Credit Facility, Remaining Borrowing Capacity	588,600		588,600
Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	348,656		348,656
Unamortized Debt Issuance Expense	(1,344)		(1,344)
Total debt	506,608		506,608
Debt, Current	0		0
Long-term Debt	506,608		506,608
Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	137,784		137,784
Unamortized Debt Issuance Expense	(399)		(399)
Total debt	207,600		207,600
Debt, Current	20,945		20,945
Long-term Debt	$ 186,655		$ 186,655
3.67% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	3.67%		3.67%		3.67%
Debt Instrument, Maturity Date			Dec. 17, 2022
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 50,000		$ 50,000
3.67% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	50,000		50,000
3.67% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
4.10% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	4.10%		4.10%		4.10%
Debt Instrument, Maturity Date			Sep. 19, 2023
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 50,000		$ 50,000
4.10% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	50,000		50,000
4.10% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
3.84% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	3.84%		3.84%		3.84%
Debt Instrument, Maturity Date			Sep. 19, 2024
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 125,000		$ 125,000
3.84% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	125,000		125,000
3.84% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
4.24% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	4.24%		4.24%		4.24%
Debt Instrument, Maturity Date			Jun. 25, 2025
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 125,000		$ 125,000
4.24% Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	125,000		125,000
4.24% Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 0		$ 0
1.47% EURO Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage | Rate	1.47%		1.47%		1.47%
Debt Instrument, Maturity Date			Jun. 17, 2030
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	$ 138,183		$ 138,183		€ 125,000
1.47% EURO Senior Notes [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	0		0
1.47% EURO Senior Notes [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Senior Notes	138,183		138,183
Credit facility [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Line of Credit Facility, Fair Value of Amount Outstanding	206,823		206,823
Credit facility [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Line of Credit Facility, Fair Value of Amount Outstanding	157,952		157,952
Credit facility [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Line of Credit Facility, Fair Value of Amount Outstanding	48,871		48,871
Other local arrangements [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	20,945		20,945
Other local arrangements [Member] | Us Dollar Amounts Member
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	0		0
Other local arrangements [Member] | Other Principal Trading Currencies [Member]
Long-Term Debt, by Current and Noncurrent, and Short-Term Debt
Other Borrowings	$ 20,945		$ 20,945

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Share Repurchase Program and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share Repurchase Program and Treasury Stock (Textuals) [Abstract]
Remaining Amount to Repurchase under the program	$ 1,233,400
Shares Purchased Under Share Repurchase Program	25,400,000
Treasury Stock, Value, Acquired, Cost Method	$ 249,997	$ 247,500	$ 494,966
Number of shares repurchased	(732,245)	(777,248)
Average price of share repurchased, per share	$ 341.39	$ 318.38
Exercise of stock options and restricted stock units, shares reissued	131,737	233,593

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Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (282,775)	$ (197,425)		$ (266,649)	$ (212,949)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		19,932	$ (8,238)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(16,716)	(5,127)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	8,828	719
Other Comprehensive Income (Loss), Net of Tax	(16,126)	15,524
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(72,744)	(6,615)		(57,394)	(4,960)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(15,350)	(1,655)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0
Other Comprehensive Income (Loss), Net of Tax	(15,350)	(1,655)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(3,239)	12,850		3,016	(1,944)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(3,692)	19,932
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(556)	(817)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(2,007)	(4,321)
Other Comprehensive Income (Loss), Net of Tax	(6,255)	14,794
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(206,792)	(203,660)		$ (212,271)	$ (206,045)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(4,546)	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(810)	(2,655)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	10,835	5,040
Other Comprehensive Income (Loss), Net of Tax	$ 5,479	$ 2,385

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Other Comprehensive Income Details 2 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (1,236)	$ (2,761)	$ (2,405)	$ (5,088)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	(206)	(427)	(398)	(767)
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax	(1,030)	(2,334)	(2,007)	(4,321)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, Portion Attributable to Parent	12,008	3,428	15,968	6,869
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent	4,110	911	5,133	1,829
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	7,898	2,517	10,835	5,040
3.24% $100 Million Interest Rate Swap [Member]
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	262	771	526	1,535
Foreign Exchange Forward [Member]
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ (1,498)	$ (3,532)	$ (2,931)	$ (6,623)

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Other Comprehensive Income Details 3 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Net earnings	$ 79,588	$ 77,557	$ 145,262	$ 140,608	$ 352,820
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(22,958)	21,780	(16,126)	15,524	$ (53,700)
Comprehensive Income, Net of Tax (Note 9)	$ 56,630	$ 99,337	$ 129,136	$ 156,132

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Earnings Per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Weighted Average Number of Shares Outstanding, Diluted, Total	512,269	616,431	501,858	632,823
Antidilutive Shares Outstanding
Weighted Average Number of Shares Outstanding, Antidilutive, Total	84,392	95,535	108,361	95,725

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Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	$ 4,298	$ 4,919	$ 8,645	$ 9,873
Interest cost on projected benefit obligations	3,764	5,158	7,747	10,354
Expected return on plan assets	(10,286)	(11,734)	(20,725)	(23,427)
Net amortization and deferral	(1,747)	(1,453)	(3,494)	(2,895)
Recognition of actuarial losses/(gains)	5,792	4,881	11,499	9,764
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	7,963	0	7,963	0
Net periodic pension cost/(credit)	9,784	1,771	11,635	3,669
Net Periodic Benefit Cost (Textuals) [Abstract]
Defined Benefit Plan, Settlements, Benefit Obligation			14,600
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax			(8,189)	0
Defined Benefit Plan, Settlement Loss after tax			4,900
United States Pension Plans of US Entity, Defined Benefit [Member]
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	145	208	262	417
Interest cost on projected benefit obligations	1,072	1,608	2,364	3,216
Expected return on plan assets	(1,945)	(2,394)	(4,044)	(4,788)
Net amortization and deferral	0	0	0	0
Recognition of actuarial losses/(gains)	1,902	1,907	3,792	3,814
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	7,963	0	7,963	0
Net periodic pension cost/(credit)	9,137	1,329	10,337	2,659
Foreign Pension Plans, Defined Benefit [Member]
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	4,153	4,711	8,383	9,456
Interest cost on projected benefit obligations	2,673	3,515	5,345	7,069
Expected return on plan assets	(8,341)	(9,340)	(16,681)	(18,639)
Net amortization and deferral	(1,278)	(984)	(2,556)	(1,957)
Recognition of actuarial losses/(gains)	4,563	3,817	9,053	7,635
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	0	0	0	0
Net periodic pension cost/(credit)	1,770	1,719	3,544	3,564
Net Periodic Benefit Cost (Textuals) [Abstract]
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year			19,400
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
Components of Net periodic pension cost for the Company's defined benefit pension plans and U.S. post-retirement medical plan
Service cost, net	0	0	0	0
Interest cost on projected benefit obligations	19	35	38	69
Expected return on plan assets	0	0	0	0
Net amortization and deferral	(469)	(469)	(938)	(938)
Recognition of actuarial losses/(gains)	(673)	(843)	(1,346)	(1,685)
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	0	0	0	0
Net periodic pension cost/(credit)	$ (1,123)	$ (1,277)	(2,246)	$ (2,554)
Net Periodic Benefit Cost (Textuals) [Abstract]
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year			$ 500

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Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Company's accrual for restructuring activities:-
Beginning Restructuring Accrual Balance, as of December 31, 2015			$ 12,211
Restructuring Charges	$ 2,205	$ 1,720	3,085	$ 2,627
Restructuring Cash Payments			(4,302)
Impact of foreign currency on restructuring reserve			(17)
Ending Restructuring Accrual Balance, as of June 30, 2016	$ 10,977		$ 10,977

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Restructuring Charges Restructuring Charges (textuals) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restructuring Charges [Abstract]
Restructuring Charges	$ 2,205	$ 1,720	$ 3,085	$ 2,627

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Other Charges , Net Other Charges, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax	$ (8,189)	$ 0

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Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Operations of the Company's operating segments
Net Sales to External Customers	$ 608,286	$ 582,057	$ 1,147,960	$ 1,117,758
Revenue Transactions With Other Operating Segments	0	0	0	0
Total net sales	608,286	582,057	1,147,960	1,117,758
Segment Profit	129,077	118,310	231,090	215,616
Goodwill	444,278	442,482	444,278	442,482	$ 446,284
US Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	216,968	204,263	404,903	383,086
Revenue Transactions With Other Operating Segments	22,102	22,840	41,733	41,132
Total net sales	239,070	227,103	446,636	424,218
Segment profit	41,112	37,101	70,267	61,417
Goodwill	319,715	308,863	319,715	308,863
Swiss Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	30,720	33,153	57,685	64,004
Revenue Transactions With Other Operating Segments	126,983	116,753	247,294	233,093
Total net sales	157,703	149,906	304,979	297,097
Segment profit	34,997	33,359	70,819	69,534
Goodwill	22,105	23,198	22,105	23,198
Western European Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	154,264	148,803	291,915	289,721
Revenue Transactions With Other Operating Segments	38,945	38,357	77,492	79,307
Total net sales	193,209	187,160	369,407	369,028
Segment profit	24,303	22,777	44,493	42,783
Goodwill	87,452	96,552	87,452	96,552
Chinese Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	92,886	91,013	177,833	177,461
Revenue Transactions With Other Operating Segments	58,655	54,711	104,581	103,180
Total net sales	151,541	145,724	282,414	280,641
Segment profit	45,934	41,386	82,560	74,613
Goodwill	672	746	672	746
Other Operations [Member]
Operations of the Company's operating segments
Net Sales to External Customers	113,448	104,825	215,624	203,486
Revenue Transactions With Other Operating Segments	1,700	1,588	3,054	2,945
Total net sales	115,148	106,413	218,678	206,431
Segment profit	13,249	10,066	24,343	19,188
Goodwill	14,334	13,123	14,334	13,123
Intersegment Elimination [Member]
Operations of the Company's operating segments
Net Sales to External Customers	0	0	0	0
Revenue Transactions With Other Operating Segments	(248,385)	(234,249)	(474,154)	(459,657)
Total net sales	(248,385)	(234,249)	(474,154)	(459,657)
Segment profit	(30,518)	(26,379)	(61,392)	(51,919)
Goodwill	$ 0	$ 0	$ 0	$ 0

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Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of earnings before taxes to segment profit
Earnings before taxes	$ 103,172	$ 102,047	$ 189,585	$ 185,010
Amortization	8,655	7,634	17,079	15,162
Interest expense	6,872	6,942	13,452	13,667
Restructuring Charges	2,205	1,720	3,085	2,627
Other charges (income), net	8,173	(33)	7,889	(850)
Segment Profit Information	$ 129,077	$ 118,310	$ 231,090	$ 215,616

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Segment Reporting (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 2,205	$ 1,720	$ 3,085	$ 2,627
US Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	800	100	1,100	100
Swiss Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	200	400	600	1,100
Western European Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges	$ 1,200	700	1,200	500
Chinese Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges		200	100	300
Other Operations [Member]
Segment Reporting (Textuals) [Abstract]
Restructuring Charges		$ 300	$ 100	$ 600