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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023, 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)
Delaware13-3668641
(State or other jurisdiction of(I.R.S Employer Identification No.)
incorporation or organization)
1900 Polaris Parkway
Columbus, OH 43240
and
Im Langacher, P.O. Box MT-100
CH 8606 Greifensee, Switzerland
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)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueMTDNew York Stock Exchange

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 No

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 No     
        
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer. Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

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

The Registrant had 21,683,802 shares of Common Stock outstanding at September 30, 2023.




METTLER-TOLEDO INTERNATIONAL INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
PAGE



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Three months ended September 30, 2023 and 2022
(In thousands, except share data)
(unaudited)
September 30,
2023
September 30,
2022
Net sales
Products$722,611 $783,986 
Service219,851 201,860 
Total net sales942,462 985,846 
Cost of sales
Products280,704 305,337 
Service102,219 95,853 
Gross profit559,539 584,656 
Research and development46,127 44,129 
Selling, general and administrative217,447 233,357 
Amortization18,314 16,728 
Interest expense20,278 14,484 
Restructuring charges7,385 2,022 
Other charges (income), net(1,171)(1,949)
Earnings before taxes251,159 275,885 
Provision for taxes49,528 55,288 
Net earnings$201,631 $220,597 
Basic earnings per common share:
Net earnings$9.26 $9.85 
Weighted average number of common shares21,776,944 22,403,393 
Diluted earnings per common share:
Net earnings$9.21 $9.76 
Weighted average number of common and common equivalent shares21,886,482 22,610,027 
Comprehensive income, net of tax (Note 9)$205,694 $178,448 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 3 -

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Nine months ended September 30, 2023 and 2022
(In thousands, except share data)
(unaudited)
September 30,
2023
September 30,
2022
Net sales  
Products$2,197,583 $2,270,845 
Service655,734 591,179 
Total net sales2,853,317 2,862,024 
Cost of sales
Products863,408 902,445 
Service300,261 283,677 
Gross profit1,689,648 1,675,902 
Research and development138,849 131,180 
Selling, general and administrative680,679 710,875 
Amortization54,135 49,697 
Interest expense57,711 38,587 
Restructuring charges19,680 7,803 
Other charges (income), net(2,578)(7,818)
Earnings before taxes741,172 745,578 
Provision for taxes137,188 138,910 
Net earnings$603,984 $606,668 
Basic earnings per common share:
Net earnings$27.54 $26.86 
Weighted average number of common shares21,933,889 22,587,026 
Diluted earnings per common share:
Net earnings$27.37 $26.58 
Weighted average number of common and common equivalent shares22,067,398 22,821,408 
Comprehensive income, net of tax (Note 9)$568,064 $537,378 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 4 -

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE SHEETS
As of September 30, 2023 and December 31, 2022
(In thousands, except share data)
(unaudited)
September 30,
2023
December 31,
2022
ASSETS
Current assets:  
Cash and cash equivalents$69,675 $95,966 
Trade accounts receivable, less allowances of $19,411 at September 30, 2023
and $22,427 at December 31, 2022634,967 709,321 
Inventories375,959 441,694 
Other current assets and prepaid expenses116,311 128,108 
Total current assets1,196,912 1,375,089 
Property, plant and equipment, net763,209 778,600 
Goodwill660,638 660,170 
Other intangible assets, net287,197 306,054 
Deferred tax assets, net27,687 27,080 
Other non-current assets353,087 345,402 
Total assets$3,288,730 $3,492,395 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:  
Trade accounts payable$173,970 $252,538 
Accrued and other liabilities172,871 205,253 
Accrued compensation and related items144,871 200,031 
Deferred revenue and customer prepayments190,784 192,759 
Taxes payable208,844 191,096 
Short-term borrowings and current maturities of long-term debt179,083 106,054 
Total current liabilities1,070,423 1,147,731 
Long-term debt1,929,401 1,908,480 
Deferred tax liabilities, net112,209 111,360 
Other non-current liabilities282,569 300,031 
Total liabilities3,394,602 3,467,602 
Commitments and contingencies (Note 14)
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 21,683,802 shares and
22,139,009 shares at September 30, 2023 and December 31, 2022, respectively448 448 
Additional paid-in capital865,632 850,368 
Treasury stock at cost (23,102,209 shares at September 30, 2023 and 22,647,002 shares at December 31, 2022)(8,037,091)(7,325,656)
Retained earnings7,328,292 6,726,866 
Accumulated other comprehensive loss(263,153)(227,233)
Total shareholders' equity(105,872)24,793 
Total liabilities and shareholders’ equity$3,288,730 $3,492,395 

The accompanying notes are an integral part of these interim consolidated financial statements.
- 5 -

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Nine months ended September 30, 2023 and 2022
(In thousands, except share data)
(unaudited)
 Additional Paid-in Capital  Accumulated Other Comprehensive Income (Loss) 
 Common StockTreasury StockRetained Earnings 
 SharesAmountTotal
Balance at December 31, 202122,843,103 $448 $825,974 $(6,259,049)$5,859,272 $(255,224)$171,421 
Exercise of stock options and restricted stock units27,795 — 1,020 6,669 (2,400)— 5,289 
Repurchases of common stock(190,593)— — (275,000)— — (275,000)
Share-based compensation— — 4,509 — — — 4,509 
Net earnings— — — — 174,001 — 174,001 
Other comprehensive income (loss), net of tax— — — — — 4,350 4,350 
Balance at March 31, 202222,680,305 $448 $831,503 $(6,527,380)$6,030,873 $(250,874)$84,570 
Exercise of stock options and restricted stock units44,613 — 1,496 10,925  — 12,421 
Repurchases of common stock(218,308)— — (274,999)— — (274,999)
Share-based compensation— — 4,691 — — — 4,691 
Net earnings— — — — 212,070 — 212,070 
Other comprehensive income (loss), net of tax— — — — — (31,491)(31,491)
Balance at June 30, 202222,506,610 $448 $837,690 $(6,791,454)$6,242,943 $(282,365)$7,262 
Exercise of stock options and restricted stock units8,058 —  1,941 (191)— 1,750 
Repurchases of common stock(220,479)— — (275,000)— — (275,000)
Share-based compensation— — 4,731 — — — 4,731 
Net earnings— — — — 220,597 — 220,597 
Other comprehensive income (loss), net of tax— — — — — (42,149)(42,149)
Balance at September 30, 202222,294,189 $448 $842,421 $(7,064,513)$6,463,349 $(324,514)$(82,809)
Balance at December 31, 202222,139,009 $448 $850,368 $(7,325,656)$6,726,866 $(227,233)$24,793 
Exercise of stock options and restricted stock units47,849 — 1,278 12,720 (2,525)— 11,473 
Repurchases of common stock(166,628)— — (249,999)— — (249,999)
Excise tax on net repurchases of common stock— — — (1,906)— — (1,906)
Share-based compensation— — 4,027 — — — 4,027 
Net earnings— — — — 188,426 — 188,426 
Other comprehensive income (loss), net of tax— — — — — (1,283)(1,283)
Balance at March 31, 202322,020,230 $448 $855,673 $(7,564,841)$6,912,767 $(228,516)$(24,469)
Exercise of stock options and restricted stock units22,342 — 1,536 6,085 (7)— 7,614 
Repurchases of common stock(177,754)— — (250,000)— — (250,000)
Excise tax on net repurchases of common stock— — — (2,272)— — (2,272)
Share-based compensation— — 4,195 — — — 4,195 
Net earnings— — — — 213,927 — 213,927 
Other comprehensive income (loss), net of tax— — — — — (38,700)(38,700)
Balance at June 30, 202321,864,818 $448 $861,404 $(7,811,028)$7,126,687 $(267,216)$(89,705)
Exercise of stock options and restricted stock units621 — — 173 (26)— 147 
Repurchases of common stock(181,637)— — (223,999)— — (223,999)
Excise tax on net repurchases of common stock— — — (2,237)— — (2,237)
Share-based compensation— — 4,228 — — — 4,228 
Net earnings— — — — 201,631 — 201,631 
Other comprehensive income (loss), net of tax— — — — — 4,063 4,063 
Balance at September 30, 202321,683,802 $448 $865,632 $(8,037,091)$7,328,292 $(263,153)$(105,872)

The accompanying notes are an integral part of these interim consolidated financial statements.
- 6 -

METTLER-TOLEDO INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months ended September 30, 2023 and 2022
(In thousands)
(unaudited)
September 30,
2023
September 30,
2022
Cash flows from operating activities:  
Net earnings$603,984 $606,668 
Adjustments to reconcile net earnings to net cash provided by operating activities: 
Depreciation36,406 35,001 
Amortization54,135 49,697 
Deferred tax benefit(4,455)(4,881)
Share-based compensation12,450 13,931 
Increase (decrease) in cash resulting from changes in: 
Trade accounts receivable, net61,978 (16,239)
Inventories59,409 (78,574)
Other current assets14,679 (14,509)
Trade accounts payable(70,562)(26,614)
Taxes payable16,726 73,815 
Accruals and other(100,381)(82,871)
Net cash provided by operating activities684,369 555,424 
Cash flows from investing activities:  
Proceeds from sale of property, plant and equipment668 236 
Purchase of property, plant and equipment(72,907)(89,213)
Proceeds from government funding2,596 28,670 
Acquisitions(613)(25,588)
Other investing activities(25,937)(3,463)
Net cash used in investing activities(96,193)(89,358)
Cash flows from financing activities:  
Proceeds from borrowings1,569,973 1,732,169 
Repayments of borrowings(1,467,228)(1,348,152)
Proceeds from stock option exercises19,234 19,460 
Repurchases of common stock(723,998)(824,999)
Acquisition contingent consideration payment(7,767)(7,912)
Other financing activities(826)(1,172)
Net cash used in financing activities(610,612)(430,606)
Effect of exchange rate changes on cash and cash equivalents(3,855)(11,888)
Net increase (decrease) in cash and cash equivalents(26,291)23,572 
Cash and cash equivalents: 
Beginning of period95,966 98,564 
End of period$69,675 $122,136 


The accompanying notes are an integral part of these interim consolidated financial statements.
- 7 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (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, 2022.
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 nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. These financial statements were prepared using information reasonably available as of September 30, 2023 and through the date of this report. Actual results may differ from those estimates due to uncertainty in the economic environment and our end markets, ongoing developments in Ukraine, the Israeli-Palestinian conflict and inflation, as well as other factors.
All intercompany transactions and balances have been eliminated.
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 expected credit losses represents the Company’s best estimate based on historical information, current information, and reasonable and supportable forecasts of future events and circumstances.
- 8 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(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:
September 30,
2023
December 31,
2022
Raw materials and parts$183,464 $222,170 
Work-in-progress73,605 77,848 
Finished goods118,890 141,676 
 $375,959 $441,694 
Goodwill and Other Intangible Assets
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.
Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period 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:
 September 30, 2023December 31, 2022
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$292,336 $(103,688)$188,648 $292,713 $(92,981)$199,732 
Proven technology and patents124,175 (70,693)53,482 123,623 (64,089)59,534 
Tradenames (finite life)7,581 (4,127)3,454 7,675 (3,543)4,132 
Tradenames (indefinite life)36,232 — 36,232 36,252 — 36,252 
Other13,214 (7,833)5,381 13,271 (6,867)6,404 
 $473,538 $(186,341)$287,197 $473,534 $(167,480)$306,054 
- 9 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The Company recognized amortization expense associated with the above intangible assets of $7.0 million and $6.7 million for the three months ended September 30, 2023 and 2022, respectively, and $20.8 million and $20.1 million for the nine months ended September 30, 2023 and 2022, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $27.5 million for 2023, $26.9 million for 2024, $26.0 million for 2025, $22.1 million for 2026, $20.6 million for 2027, and $18.9 million for 2028. Purchased intangible amortization was $6.7 million, $5.2 million after tax, and $6.4 million, $5.0 million after tax, for the three months ended September 30, 2023 and 2022, respectively, and $19.9 million, $15.4 million after tax, and $19.4 million, $15.0 million after tax, for the nine months ended September 30, 2023 and 2022, respectively.
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $11.2 million and $10.0 million for the three months ended September 30, 2023 and 2022, respectively, and $33.2 million and $29.4 million for the nine months ended September 30, 2023 and 2022, respectively.
Revenue Recognition
Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.
Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.
Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.
Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period.

- 10 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
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 $4.2 million and $12.5 million of share-based compensation expense for the three and nine months ended September 30, 2023, respectively, compared to $4.7 million and $13.9 million for the corresponding periods in 2022.
Research and Development
Research and development costs primarily consist of salaries, consulting and other costs. The Company expenses these costs as incurred.

Business Combinations and Asset Acquisitions
The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company's consolidated results as of the acquisition date. The purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values and any consideration in excess of the net assets acquired is recognized as goodwill. The determination of the values of the acquired assets and assumed liabilities, including goodwill and intangible assets, require significant judgment. Acquisition transaction costs are expensed when incurred.

In circumstances where an acquisition involves a contingent consideration arrangement, the Company recognizes a liability equal to the fair value of the expected contingent payments as of the acquisition date. Subsequent changes in the fair value of the contingent consideration are recorded to other charges (income), net.

Recent Accounting Pronouncements
In March 2020, January 2021 and December 2022, the FASB issued ASU 2020-04, ASU 2021-01 and ASU-2022-06: Reference Rate Reform which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2024. During the nine months ended September 30, 2023, the Company amended its credit agreement and cross currency swap agreements to change the interest rate benchmark from LIBOR to SOFR and other non-U.S. dollar references, which did not change the amount or timing of cash flows. As a result, the discontinuation of LIBOR in June 2023 did not have a material impact on the Company’s financial statements.

3.REVENUE
The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. A summary of revenue by the Company’s reportable segments for the three and nine months ended September 30, 2023 and 2022 follows:
- 11 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
For the three months ended September 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$264,095 $40,270 $135,608 $147,312 $135,326 $722,611 
Service Revenue:
Point in time68,082 7,049 42,663 10,570 34,420 162,784 
Over time21,581 2,914 20,249 4,130 8,193 57,067 
Total$353,758 $50,233 $198,520 $162,012 $177,939 $942,462 
For the three months ended September 30, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$287,948 $32,366 $129,089 $212,163 $122,421 $783,987 
Service Revenue:
Point in time
65,596 6,401 29,071 13,543 30,248 144,859 
Over time
20,220 2,205 22,799 4,016 7,760 57,000 
Total$373,764 $40,972 $180,959 $229,722 $160,429 $985,846 
For the nine months ended September 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$776,505 $113,393 $406,719 $522,001 $378,965 $2,197,583 
Service Revenue:
Point in time210,957 21,756 124,659 34,938 96,607 488,917 
Over time62,812 8,256 58,641 12,510 24,598 166,817 
Total$1,050,274 $143,405 $590,019 $569,449 $500,170 $2,853,317 
For the nine months ended September 30, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$816,193 $99,567 $404,060 $593,283 $357,742 $2,270,845 
Service Revenue:
Point in time
190,340 20,072 97,250 34,578 89,390 431,630 
Over time
54,197 6,665 62,798 14,376 21,513 159,549 
Total$1,060,730 $126,304 $564,108 $642,237 $468,645 $2,862,024 
A breakdown of net sales to external customers by geographic customer destination for the three and nine months ended September 30 follows:
Three Months EndedNine Months Ended
2023202220232022
Americas$397,721 $408,207 $1,166,691 $1,154,602 
Europe255,157 228,145 755,470 720,667 
Asia / Rest of World289,584 349,494 931,156 986,755 
Total$942,462 $985,846 $2,853,317 $2,862,024 
- 12 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The Company's global revenue mix by product category is laboratory (55% of sales), industrial (39% of sales) and retail (6% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the three and nine months ended September 30 is as follows:
Three Months EndedNine Months Ended
2023202220232022
Laboratory$508,817 $555,112 $1,555,547 $1,614,586 
Industrial365,909 386,543 1,120,090 1,114,454 
Retail67,736 44,191 177,680 132,984 
Total$942,462 $985,846 $2,853,317 $2,862,024 

The payment terms in the Company’s contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but not yet billed to the customer. Unbilled revenue as of September 30, 2023 and December 31, 2022 was $43.5 million and $29.2 million, respectively, and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation.
Changes in the components of deferred revenue and customer prepayments during the nine month periods ending September 30, 2023 and 2022 are as follows:
20232022
Beginning balances as of January 1$192,759 $192,648 
Customer pre-payments/deferred revenue485,721 545,997 
Revenue recognized(484,858)(523,022)
Foreign currency translation(2,838)(17,444)
Ending balance as of September 30$190,784 $198,179 
The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The value of unsatisfied performance obligations other than customer prepayments and deferred revenue associated with contracts greater than one year is immaterial.
- 13 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
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 and cross currency 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 and cross currency swap agreements and the level and composition of its debt. The Company also enters into certain foreign currency forward contracts to limit the Company's exposure to currency fluctuations on the respective hedged items. For additional disclosures on derivative instruments regarding balance sheet location, fair value, and the amounts reclassified into other comprehensive income and the effective portion of the cash flow hedges, also see Note 5 and Note 9 to the interim consolidated financial statements. As also described in Note 7, the Company has designated its euro-denominated debt as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries.
Cash Flow Hedges
In June 2023, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread, to a fixed Swiss franc expense of 1.55%. The swap replaced the agreement that matured in June 2023. The swap matures in June 2027.
The Company amended all active cross currency swap agreements to replace all references of LIBOR to SOFR as the interest rate benchmark to align with the amendment to the Company's Credit Facility Agreement, as discussed in Note 7 to the interim consolidated financial statements. As part of these amendments, the corresponding fixed Swiss Franc interest rates were amended as well to reflect the change in the benchmark.
In November 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.67%. The swap matures in November 2023.
In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.59%. The swap matures in June 2025.
In June 2021, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate SOFR-based interest payments, excluding the credit spread to a fixed Swiss franc income of 0.73%. The swap matures in June 2024.
In June 2019, the Company entered into a cross currency swap arrangement designated as a cash flow hedge. The agreement converts $50 million of borrowings under the Company's credit facility into synthetic Swiss franc debt, which allows the Company to effectively change the floating rate LIBOR-based interest payments, excluding the credit spread, to a fixed Swiss franc income of 0.82%. The swap matured in June 2023.
- 14 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
    The Company's cash flow hedges are recorded gross at fair value in the consolidated balance sheet at September 30, 2023 and December 31, 2022, respectively. A derivative gain of $6.0 million based upon interest rates at September 30, 2023, is expected to be reclassified from other comprehensive income (loss) to earnings in the next twelve months. The cash flow hedges remain effective as of September 30, 2023.
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 September 30, 2023 and December 31, 2022, as disclosed in Note 5. The Company recognized in other charges (income) a net loss of $0.2 million and net loss of $20.9 million during the three months ended September 30, 2023 and 2022, respectively, and a net loss of $15.7 million and a net loss of $29.3 million during the nine months ended September 30, 2023 and 2022, respectively, which offset the related transaction gains (losses) associated with these contracts. At September 30, 2023 and December 31, 2022, these contracts had a notional value of $697.3 million and $930.3 million, respectively.    
5.    FAIR VALUE MEASUREMENTS
At September 30, 2023 and December 31, 2022, the Company had derivative assets totaling $13.8 million and $11.5 million respectively, and derivative liabilities totaling $4.6 million and $5.4 million, respectively. The Company has limited involvement with derivative financial instruments and therefore does not need to present all the required disclosures in tabular format. The fair values of the cross-currency swap agreements 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 September 30, 2023 and December 31, 2022.
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
- 15 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
The following table presents the Company's assets and liabilities, which are all categorized as Level 2, that are measured at fair value on a recurring basis. The Company does not have any assets or liabilities which are categorized as Level 1:
 September 30, 2023December 31, 2022Balance Sheet Classification
Foreign currency forward contracts not designated as hedging instruments$9,261 $3,958 Other current assets and prepaid expenses
Cash Flow Hedges:
Cross currency swap agreement1,823609Other current assets and prepaid expenses
Cross currency swap agreement2,7366,890 Other non-current assets
Total derivative assets$13,820 $11,457 
Foreign currency forward contracts not designated as hedging instruments$3,847 $2,056 Accrued and other liabilities
Cash Flow Hedges:
Cross currency swap agreement633 3,366 Accrued and other liabilities
Cross currency swap agreement169  Other non-current liabilities
Total derivative liabilities$4,649 $5,422 
The Company had $9.7 million and $25.3 million of cash equivalents at September 30, 2023 and December 31, 2022, respectively, the fair value of which is determined using Level 2 inputs, through quoted and corroborated prices in active markets. The fair value of cash equivalents approximates cost.
The fair value of the Company's debt is less than the carrying value by approximately $274.7 million as of September 30, 2023. 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.
During the nine months ended September 30, 2023, $10.0 million of contingent consideration was paid relating to the PendoTECH acquisition of which $5.6 million is included in financing activities for the amount accrued at the acquisition date and $4.4 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP.
During the nine months ended September 30, 2022, $10.0 million of contingent consideration was paid relating to the PendoTECH acquisition of which $7.9 million is included in financing activities for the amount accrued at the acquisition date and $2.1 million is included in operating activities for the amount not accrued at the acquisition date on the Consolidated Statement of Cash Flows in accordance with U.S. GAAP.
The Company no longer has a contingent consideration obligation relating to the PendoTECH acquisition as of September 30, 2023.
6.    INCOME TAXES
The Company's reported tax rate was 19.7% and 20.0% during the three months ended September 30, 2023 and 2022, respectively and 18.5% and 18.6% during the nine months ended September 30, 2023 and 2022, respectively. The provision for taxes is based upon using the Company's projected annual effective tax rate of 19.0% before non-recurring discrete tax items during 2023 and 2022. The difference between the Company's projected annual effective tax rate and the reported tax rate is primarily related to the timing of excess tax benefits associated with stock option exercises.
- 16 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
7.    DEBT
Debt consisted of the following at September 30, 2023:
U.S. DollarOther Principal Trading CurrenciesTotal
3.84% $125 million ten-year Senior Notes due September 19, 2024$125,000 $ $125,000 
4.24% $125 million ten-year Senior Notes due June 25, 2025125,000  125,000 
3.91% $75 million ten-year Senior Notes due June 25, 202975,000  75,000 
5.45% $150 million ten-year Senior Notes due March 1, 2033150,000  150,000 
2.83% $125 million twelve-year Senior Notes due July 22, 2033125,000 — 125,000 
3.19% $50 million fifteen-year Senior Notes due January 24, 203550,000  50,000 
2.81% $150 million fifteen-year Senior Note due March 17, 2037150,000  150,000 
2.91% $150 million fifteen-year Senior Note due September 1, 2037150,000 — 150,000 
1.47% Euro 125 million fifteen-year Senior Notes due June 17, 2030 131,704 131,704 
1.30% Euro 135 million fifteen-year Senior Notes due November 6, 2034 142,241 142,241 
1.06% Euro 125 million fifteen-year Senior Notes due March 19, 2036 131,704 131,704 
Debt issuance costs, net(2,753)(1,389)(4,142)
Total Senior Notes947,247 404,260 1,351,507 
$1.25 billion Credit Agreement, interest at benchmark plus 87.5 basis points (a)
509,253 190,303 699,556 
Other local arrangements5,803 51,618 57,421 
Total debt1,462,303 646,181 2,108,484 
Less: current portion(127,663)(51,420)(179,083)
Total long-term debt$1,334,640 $594,761 $1,929,401 
(a) The benchmark interest rate is determined by the borrowing currency. The benchmark rates by borrowing currency are as follows: SOFR for U.S. dollars (plus a 10 basis points spread adjustment), SARON for Swiss franc, EURIBOR for Euro and SONIA for Great British pounds.
As of September 30, 2023, the Company had $545.2 million of additional borrowings available under its Credit Agreement, and the Company maintained $69.7 million of cash and cash equivalents.
In May 2023, the Company amended its Credit Agreement to replace all references of LIBOR to SOFR and other non-U.S. dollar references as the interest rate benchmark.
In December 2022, the Company entered into an agreement to issue and sell $150 million 10-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 5.45% (5.45% Senior Notes) in March 2023. The 5.45% Senior Notes are senior unsecured obligations of the Company. The 5.45% Senior Notes mature in March 2033. The terms of the 5.45% Senior Notes are consistent with the previous Senior Notes as described in the Company's Annual Report on Form 10-K. The Company used the proceeds from the sale of the 5.45% Senior Notes to refinance existing indebtedness and for other general corporate purposes.
In December 2021, the Company entered into an agreement to issue and sell $300 million 15-year Senior Notes in a private placement. The Company issued $150 million with a fixed interest rate of 2.81% (2.81% Senior Notes) in March 2022 and $150 million with a fixed interest rate of 2.91% (2.91% Senior Notes) in September 2022. The 2.81% and 2.91% Senior Notes are senior unsecured obligations of the Company. The 2.81% Senior Notes mature in March 2037, and the 2.91% Senior Notes mature in September 2037. The terms of the Senior Notes are consistent with the previous Senior Notes as described
- 17 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
in the Company's Annual Report on Form 10-K. The Company used the proceeds from the sale of the notes to refinance existing indebtedness and for other general corporate purposes.
The Company has designated the EUR 125 million 1.47% Euro Senior Notes, the EUR 135 million 1.30% Euro Senior Notes, and the EUR 125 million 1.06% Euro Senior Notes as a hedge of a portion of its net investment in euro-denominated foreign subsidiaries to reduce foreign currency risk associated with the net investment. Changes in the carrying value of this debt resulting from fluctuations in the euro to U.S. dollar exchange rate are recorded as foreign currency translation adjustments within other comprehensive income (loss). The Company recorded in other comprehensive income (loss) related to this net investment hedge an unrealized gain of $15.3 million and $35.8 million for the three months ended September 30, 2023 and 2022, respectively, and an unrealized gain of $6.4 million and $66.2 million for the nine month periods ended September 30, 2023 and 2022, respectively. The Company has a gain of $36.6 million recorded in accumulated other comprehensive income (loss) as of September 30, 2023.

Other Local Arrangements
In April 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions, which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2023.

8.    SHARE REPURCHASE PROGRAM AND TREASURY STOCK
The Company has $2.7 billion of remaining availability for its share repurchase program as of September 30, 2023. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.

The Company has purchased 31.5 million shares since the inception of the program in 2004 through September 30, 2023. During the nine months ended September 30, 2023 and 2022, the Company spent $724.0 million and $825.0 million on the repurchase of 526,019 shares and 629,380 shares at an average price per share of $1,388.54 and $1,310.79, respectively. The Company also reissued 70,812 shares and 80,466 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the nine months ended September 30, 2023 and 2022, respectively. In addition, the Company incurred $2.2 million and $6.4 million of excise tax during the three and nine months ended September 30, 2023 related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in the Company's consolidated financial statements.
- 18 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
9.    ACCUMULATED OTHER COMPREHENSIVE INCOME
    Comprehensive income (loss), net of tax consisted of the following as of September 30:        
Three Months EndedNine Months Ended
2023202220232022
Net earnings$201,631 $220,597 $603,984 $606,668 
Other comprehensive income (loss), net of tax4,063 (42,149)(35,920)(69,290)
Comprehensive income, net of tax$205,694 $178,448 $568,064 $537,378 

    The following table presents changes in accumulated other comprehensive income by component for the nine months ended September 30, 2023 and 2022:
Currency Translation Adjustment, Net of TaxNet 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, 2022$(82,864)$4,256 $(148,625)$(227,233)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements 2,555  2,555 
Foreign currency translation adjustment
(36,740) (991)(37,731)
Amounts recognized from accumulated other comprehensive income (loss), net of tax
 (5,541)4,797 (744)
Net change in other comprehensive income (loss), net of tax
(36,740)(2,986)3,806 (35,920)
Balance at September 30, 2023$(119,604)$1,270 $(144,819)$(263,153)
Currency Translation Adjustment, Net of TaxNet 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, 2021$(19,566)$2 $(235,660)$(255,224)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging arrangements 18,512  18,512 
Foreign currency translation adjustment(101,250) 17,842 (83,408)
Amounts recognized from accumulated other comprehensive income (loss), net of tax (14,434)10,040 (4,394)
Net change in other comprehensive income (loss), net of tax(101,250)4,078 27,882 (69,290)
Balance at September 30, 2022$(120,816)$4,080 $(207,778)$(324,514)

- 19 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
    The following table presents amounts recognized from accumulated other comprehensive income (loss) for the three and nine month periods ended September 30:
Three Months Ended
September 30,
20232022Location of Amounts Recognized in Earnings
Effective portion of gains on cash flow hedging arrangements:
Cross currency swap agreement(7,736)(7,612)(a)
Provision for taxes(1,470)(1,446)Provision for taxes
Total, net of taxes$(6,266)$(6,166)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$2,044 $4,173 (b)
Provision for taxes430 896 Provision for taxes
Total, net of taxes$1,614 $3,277 
(a) The cross currency swap reflects an unrealized gain of $5.0 million for the three months ended September 30, 2023 recorded in other charges (income) that was offset by the underlying unrealized loss on the hedged debt. The cross currency swap also reflects a realized gain of $2.7 million recorded in interest expense for the three months ended September 30, 2023.
(b) 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 months ended September 30, 2023 and 2022.
Nine Months Ended
September 30,
20232022Location of Amounts Recognized in Earnings
Effective portion of gains on cash flow hedging arrangements:
Interest rate swap agreements
$ $352 Interest expense
Cross currency swap agreement
(6,841)(18,144)(a)
Total before taxes(6,841)(17,792)
Provision for taxes(1,300)(3,358)Provision for taxes
Total, net of taxes$(5,541)$(14,434)
Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses and prior service cost, before taxes
$6,081 $12,788 (b)
Provision for taxes1,284 2,748 Provision for taxes
Total, net of taxes$4,797 $10,040 
(a) The cross currency swap reflects an unrealized loss of $1.3 million for the nine months ended September 30, 2023 recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $8.2 million recorded in interest expense for the nine months ended September 30, 2023.
(b) 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 nine months ended September 30, 2023 and 2022.

- 20 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
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 nine months ended September 30, relating to outstanding stock options and restricted stock units:
20232022
Three months ended109,538 206,634 
Nine months ended133,509 234,382 
Outstanding options and restricted stock units to purchase or receive 52,423 and 39,214 shares of common stock for the three month period ended September 30, 2023 and 2022, respectively, have been excluded from the calculation of diluted weighted average number of common and common equivalent shares as such options and restricted stock units would be anti-dilutive. Options and restricted stock units to purchase or receive 48,490 and 38,870 shares for the nine month period ended September 30, 2023 and 2022, 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.
11.    NET PERIODIC PENSION 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 September 30:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 202320222023