10-Q 1 mtd-20220930.htm 10-Q mtd-20220930
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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, 2022, 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 22,294,189 shares of Common Stock outstanding at September 30, 2022.




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, 2022 and 2021
(In thousands, except share data)
(unaudited)
September 30,
2022
September 30,
2021
Net sales
Products$783,986 $760,844 
Service201,860 191,106 
Total net sales985,846 951,950 
Cost of sales
Products305,337 304,290 
Service95,853 91,840 
Gross profit584,656 555,820 
Research and development44,129 42,276 
Selling, general and administrative233,357 240,734 
Amortization16,728 16,039 
Interest expense14,484 11,791 
Restructuring charges2,022 650 
Other charges (income), net(1,949)(3,257)
Earnings before taxes275,885 247,587 
Provision for taxes55,288 43,899 
Net earnings$220,597 $203,688 
Basic earnings per common share:
Net earnings$9.85 $8.83 
Weighted average number of common shares22,403,393 23,056,924 
Diluted earnings per common share:
Net earnings$9.76 $8.71 
Weighted average number of common and common equivalent shares22,610,027 23,393,579 
Comprehensive income, net of tax (Note 9)$178,448 $208,428 


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, 2022 and 2021
(In thousands, except share data)
(unaudited)
September 30,
2022
September 30,
2021
Net sales  
Products$2,270,845 $2,124,245 
Service591,179 556,446 
Total net sales2,862,024 2,680,691 
Cost of sales
Products902,445 843,613 
Service283,677 272,658 
Gross profit1,675,902 1,564,420 
Research and development131,180 124,151 
Selling, general and administrative710,875 701,531 
Amortization49,697 46,141 
Interest expense38,587 31,701 
Restructuring charges7,803 2,719 
Other charges (income), net(7,818)(5,208)
Earnings before taxes745,578 663,385 
Provision for taxes138,910 125,271 
Net earnings$606,668 $538,114 
Basic earnings per common share:
Net earnings$26.86 $23.19 
Weighted average number of common shares22,587,026 23,203,257 
Diluted earnings per common share:
Net earnings$26.58 $22.86 
Weighted average number of common and common equivalent shares22,821,408 23,536,615 
Comprehensive income, net of tax (Note 9)$537,378 $575,187 


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, 2022 and December 31, 2021
(In thousands, except share data)
(unaudited)
September 30,
2022
December 31,
2021
ASSETS
Current assets:  
Cash and cash equivalents$122,136 $98,564 
Trade accounts receivable, less allowances of $22,094 at September 30, 2022
and $22,176 at December 31, 2021611,399 647,335 
Inventories451,320 414,543 
Other current assets and prepaid expenses131,047 108,916 
Total current assets1,315,902 1,269,358 
Property, plant and equipment, net728,602 799,365 
Goodwill636,089 648,622 
Other intangible assets, net297,435 307,450 
Deferred tax assets, net34,986 39,496 
Other non-current assets281,446 262,507 
Total assets$3,294,460 $3,326,798 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:  
Trade accounts payable$226,681 $272,911 
Accrued and other liabilities202,039 208,811 
Accrued compensation and related items184,773 236,265 
Deferred revenue and customer prepayments198,179 192,648 
Taxes payable199,626 134,769 
Short-term borrowings and current maturities of long-term debt153,639 101,134 
Total current liabilities1,164,937 1,146,538 
Long-term debt1,825,253 1,580,808 
Deferred tax liabilities, net76,532 62,230 
Other non-current liabilities310,547 365,801 
Total liabilities3,377,269 3,155,377 
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 22,294,189 shares and
22,843,103 shares at September 30, 2022 and December 31, 2021, respectively448 448 
Additional paid-in capital842,421 825,974 
Treasury stock at cost (22,491,822 shares at September 30, 2022 and 21,942,908 shares at December 31, 2021)(7,064,513)(6,259,049)
Retained earnings6,463,349 5,859,272 
Accumulated other comprehensive loss(324,514)(255,224)
Total shareholders' equity(82,809)171,421 
Total liabilities and shareholders’ equity$3,294,460 $3,326,798 

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, 2022 and 2021
(In thousands, except share data)
(unaudited)
 Additional Paid-in Capital  Accumulated Other Comprehensive Income (Loss) 
 Common StockTreasury StockRetained Earnings 
 SharesAmountTotal
Balance at December 31, 202023,471,841 $448 $805,140 $(5,283,584)$5,095,596 $(334,925)$282,675 
Exercise of stock options and restricted stock units22,388 — 1,239 4,682 (872)— 5,049 
Repurchases of common stock(224,808)— — (262,500)— — (262,500)
Share-based compensation— — 4,575 — — — 4,575 
Net earnings— — — — 149,663 — 149,663 
Other comprehensive income (loss), net of tax— — — — — 23,181 23,181 
Balance at March 31, 202123,269,421 $448 $810,954 $(5,541,402)$5,244,387 $(311,744)$202,643 
Exercise of stock options and restricted stock units13,248 —  2,849 (65)— 2,784 
Repurchases of common stock(165,730)— — (212,499)— — (212,499)
Share-based compensation— — 4,581 — — — 4,581 
Net earnings— — — — 184,763 — 184,763 
Other comprehensive income (loss), net of tax— — — — — 9,152 9,152 
Balance at June 30, 202123,116,939 $448 $815,535 $(5,751,052)$5,429,085 $(302,592)$191,424 
Exercise of stock options and restricted stock units35,488 —  7,889 (808)— 7,081 
Repurchases of common stock(166,772)— — (252,499)— — (252,499)
Share-based compensation— — 4,737 — — — 4,737 
Net earnings— — — — 203,688 — 203,688 
Other comprehensive income (loss), net of tax— — — — — 4,740 4,740 
Balance at September 30, 202122,985,655 $448 $820,272 $(5,995,662)$5,631,965 $(297,852)$159,171 
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)

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, 2022 and 2021
(In thousands)
(unaudited)
September 30,
2022
September 30,
2021
Cash flows from operating activities:  
Net earnings$606,668 $538,114 
Adjustments to reconcile net earnings to net cash provided by operating activities: 
Depreciation35,001 33,440 
Amortization49,697 46,141 
Deferred tax benefit(4,881)(6,072)
Share-based compensation13,931 13,893 
Increase (decrease) in cash resulting from changes in: 
Trade accounts receivable, net(16,239)(19,153)
Inventories(78,574)(87,568)
Other current assets(14,509)(3,596)
Trade accounts payable(26,614)44,170 
Taxes payable73,815 42,474 
Accruals and other(82,871)65,876 
Net cash provided by operating activities555,424 667,719 
Cash flows from investing activities:  
Proceeds from sale of property, plant and equipment236 3,399 
Purchase of property, plant and equipment(89,213)(69,796)
Proceeds from government funding28,670 — 
Acquisitions(25,588)(193,387)
Other investing activities(3,463)8,559 
Net cash used in investing activities(89,358)(251,225)
Cash flows from financing activities:  
Proceeds from borrowings1,732,169 1,638,321 
Repayments of borrowings(1,348,152)(1,249,177)
Proceeds from stock option exercises19,460 14,914 
Repurchases of common stock(824,999)(727,498)
Acquisition contingent consideration payment(7,912)— 
Other financing activities(1,172)(2,864)
Net cash used in financing activities(430,606)(326,304)
Effect of exchange rate changes on cash and cash equivalents(11,888)(772)
Net increase (decrease) in cash and cash equivalents23,572 89,418 
Cash and cash equivalents: 
Beginning of period98,564 94,254 
End of period$122,136 $183,672 


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, 2021.
The accompanying interim consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. These financial statements were prepared using information reasonably available as of September 30, 2022 and through the date of this report. Actual results may differ from those estimates due to the uncertainty around the global economy, the magnitude and duration of the COVID-19 pandemic, the ongoing developments related to Ukraine, 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,
2022
December 31,
2021
Raw materials and parts$215,397 $184,624 
Work-in-progress80,898 76,019 
Finished goods155,025 153,900 
 $451,320 $414,543 
Goodwill and Other Intangible Assets
Goodwill, representing the excess of purchase price over the net asset value of companies acquired, and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset might be impaired. The annual evaluation for goodwill and indefinite-lived intangible assets are generally based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount.
Other intangible assets include indefinite-lived assets and assets subject to amortization. Where applicable, amortization is charged on a straight-line basis over the expected period 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, 2022December 31, 2021
Gross
Amount
Accumulated
Amortization
Intangibles, NetGross
Amount
Accumulated
Amortization
Intangibles, Net
Customer relationships$289,709 $(88,707)$201,002 $282,470 $(79,782)$202,688 
Proven technology and patents109,967 (60,200)$49,767 115,680 (56,305)59,375 
Tradenames (finite life)7,490 (3,223)$4,267 8,206 (3,731)4,475 
Tradenames (indefinite life)35,683 — $35,683 35,949 — 35,949 
Other13,242 (6,526)$6,716 10,641 (5,678)4,963 
 $456,091 $(158,656)$297,435 $452,946 $(145,496)$307,450 
- 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 $6.7 million and $5.7 million for the three months ended September 30, 2022 and 2021, respectively, and $20.1 million and $15.9 million for the nine months ended September 30, 2022 and 2021, respectively. The annual aggregate amortization expense based on the current balance of other intangible assets is estimated to be $25.4 million for 2022, $23.6 million for 2023, $22.8 million for 2024, $21.9 million for 2025, $19.7 million for 2026, and $18.4 million for 2027. Purchased intangible amortization was $6.4 million, $5.0 million after tax, and $5.5 million, $4.1 million after tax, for the three months ended September 30, 2022 and 2021, respectively, and $19.4 million, $15.0 million after tax, and $15.2 million, $11.5 million after tax, for the nine months ended September 30, 2022 and 2021, respectively.
In addition to the above amortization, the Company recorded amortization expense associated with capitalized software of $10.0 million and $10.3 million for the three months ended September 30, 2022 and 2021, respectively, and $29.4 million and $30 million for the nine months ended September 30, 2022 and 2021, respectively.
Revenue Recognition
Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s arrangements have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.
Certain of the Company’s product arrangements include separate performance obligations, primarily related to installation. Such performance obligations are accounted for separately when the deliverables have stand-alone value and the satisfaction of the undelivered performance obligations is probable and within the Company's control. The allocation of revenue between the performance obligations is based on the observable stand-alone selling prices at the time of the sale in accordance with a number of factors including service technician billing rates, time to install, and geographic location.
Software is generally not considered a distinct performance obligation with the exception of a few small software applications. The Company generally does not sell software products without the related hardware instrument as the software is embedded in the product. The Company’s products typically require no significant production, modification, or customization of the hardware or software that is essential to the functionality of the products.
Service revenue not under contract is recognized upon the completion of the service performed. Revenue from spare parts sold on a stand-alone basis is recognized when control is transferred to the customer, which is generally at the time of shipment or delivery. Revenue from service contracts is recognized ratably over the contract period using a time-based method. These contracts represent an obligation to perform repair and other services including regulatory compliance qualification, calibration, certification, and preventative maintenance on a customer’s pre-defined equipment over the contract period.

- 10 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
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 after 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 $4.7 million and $13.9 million of share-based compensation expense for the three and nine months ended September 30, 2022, respectively, compared to $4.7 million and $13.9 million for the corresponding periods in 2021.
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 and January 2021, the FASB issued ASU 2020-04 and ASU 2021-01: Reference Rate Reform which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuance of LIBOR or another referenced rate. The guidance may be applied to any applicable contract entered into before December 31, 2022. The Company's interest rate and cross currency swaps, as mentioned in Note 4 to the consolidated financial statements, are governed by International Swaps and Derivatives Association ("ISDA") agreements, and the Company adheres to the ISDA's fallback protocol when LIBOR is discontinued. In addition, the Company renewed the LIBOR based credit agreement, as discussed further in Note 10 of the Annual Report Form 10-K, which includes a fallback protocol when LIBOR is discontinued. Based on these procedures, when LIBOR is discontinued the interest rate and cross currency swaps will not require de-designation if certain criteria are met. The Company expects the financial impact of the rate change when LIBOR is discontinued to be immaterial to its financial statements.

- 11 -

METTLER-TOLEDO INTERNATIONAL INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share data, unless otherwise stated)
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, 2022 and 2021 follows:
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 time65,596 6,401 29,071 13,543 30,248 144,859 
Over time20,220 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 three months ended September 30, 2021U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$263,885 $33,612 $142,318 $193,727 $127,302 $760,844 
Service Revenue:
Point in time
56,325 6,092 37,524 12,680 30,120 142,741 
Over time
16,498 2,146 18,790 4,053 6,878 48,365 
Total$336,708 $41,850 $198,632 $210,460 $164,300 $951,950 
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 time190,340 20,072 97,250 34,578 89,390 431,630 
Over time54,197 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 
For the nine months ended September 30, 2021U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$721,744 $95,797 $424,904 $525,855 $355,945 $2,124,245 
Service Revenue:
Point in time
162,409 19,517 110,243 34,655 87,708 414,532 
Over time
47,824 6,653 57,557 11,545 18,335 141,914 
Total$931,977 $121,967 $592,704 $572,055 $461,988 $2,680,691 
A summary of revenue by major geographic destination for the three and nine months ended September 30 follows:
Three Months EndedNine Months Ended
2022202120222021
Americas$408,207 $367,278 $1,154,602 $1,024,033 
Europe228,145 258,925 720,667 760,491 
Asia / Rest of World349,494 325,747 986,755 896,167 
Total$985,846 $951,950 $2,862,024 $2,680,691