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Benefit Plans
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plan [Abstract]  
Benefits Plans Disclosure BENEFIT PLANS
The Company maintains a number of retirement and other post-retirement employee benefit plans.
Certain subsidiaries sponsor defined contribution plans. Benefits are determined and funded annually based upon the terms of the plans. Amounts recognized as cost under these plans amounted to $22.9 million, $24.8 million, and $19.3 million for the years ended December 31, 2022, 2021, and 2020, respectively.
Certain subsidiaries sponsor defined benefit plans. Benefits are provided to employees primarily based upon years of service and employees’ compensation for certain periods during the last years of employment. Prior to 2002, the Company’s U.S. operations also provided post-retirement medical benefits to their employees. Contributions for medical benefits are related to employee years of service.
The following tables set forth the change in benefit obligation, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the Company’s defined benefit plans and post-retirement plan at December 31, 2022 and 2021:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther BenefitsTotal
 20222021202220212022202120222021
Change in benefit obligation:      
Benefit obligation at beginning of year
$141,906 $149,947 $1,027,333 $1,091,811 $875 $1,030 $1,170,114 $1,242,788 
Service cost, gross1,665 1,498 36,640 35,675 — — 38,305 37,173 
Interest cost2,696 2,194 5,927 3,347 12 8 8,635 5,549 
Actuarial losses (gains)(27,541)(3,399)(219,304)1,904 206 37 (246,639)(1,458)
Plan amendments and other— — 13 (23,196)— — 13 (23,196)
Benefits paid(8,433)(8,334)(34,949)(39,911)(423)(200)(43,805)(48,445)
Impact of foreign currency— — (30,365)(42,297)— — (30,365)(42,297)
Benefit obligation at end of year
$110,293 $141,906 $785,295 $1,027,333 $670 $875 $896,258 $1,170,114 
Change in plan assets:      
Fair value of plan assets at beginning of year
$113,523 $109,462 $1,008,261 $984,322 $— $— $1,121,784 $1,093,784 
Actual return on plan assets(17,863)12,307 (96,866)52,922 — — (114,729)65,229 
Employer contributions114 88 24,441 27,088 423 200 24,978 27,376 
Plan participants’ contributions
— — 17,600 16,102 — — 17,600 16,102 
Benefits paid(8,433)(8,334)(34,949)(39,911)(423)(200)(43,805)(48,445)
Impact of foreign currency— — (23,622)(32,262)— — (23,622)(32,262)
Fair value of plan assets at end of year
$87,341 $113,523 $894,865 $1,008,261 $— $— $982,206 $1,121,784 
Funded status$(22,952)$(28,383)$109,570 $(19,072)$(670)$(875)$85,948 $(48,330)
The change in the benefit obligation for 2022 is primarily related to an increase of the discount rates.
The accumulated benefit obligations at December 31, 2022 and 2021 were $110.3 million and $141.9 million, respectively, for the U.S. defined benefit pension plan and $665.1 million and $867.0 million, respectively, for all non-U.S. plans. Certain of the plans included within non-U.S. pension benefits have accumulated benefit obligations which exceed the fair value of plan assets. The projected benefit obligation, the accumulated benefit obligation, and fair value of assets of these plans as of December 31, 2022 were $121.6 million, $111.7 million, and $26.9 million, respectively. The projected benefit obligation, the accumulated benefit obligation, and fair value of assets of these plans as of December 31, 2021 were $181.3 million, $174.1 million, and $40.3 million, respectively.
Amounts recognized in the consolidated balance sheets consist of:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther BenefitsTotal
 20222021202220212022202120222021
Other non-current assets$— $— $202,368 $122,049 $— $— $202,368 $122,049 
Accrued and other liabilities(131)(136)(4,986)(5,289)(115)(129)(5,232)(5,554)
Pension and other post-retirement liabilities
(22,821)(28,246)(90,342)(135,833)(555)(746)(113,718)(164,825)
Accumulated other comprehensive loss (income)
50,822 56,648 151,924 259,714 (430)(742)202,316 315,620 
Total$27,870 $28,266 $258,964 $240,641 $(1,100)$(1,617)$285,734 $267,290 
The following amounts have been recognized in accumulated other comprehensive income (loss), before taxes, at December 31, 2022 and have not yet been recognized as a component of net periodic pension cost:
U.S. Pension
Benefits		Non-U.S. Pension
Benefits		Other BenefitsTotalTotal, After Tax
2022202120222021202220212022202120222021
Plan amendments and prior service cost$— $— $(24,701)$(29,446)$(351)$(426)$(25,052)$(29,872)$(20,237)$(24,118)
Actuarial losses (gains)50,822 56,648 176,625 289,160 (79)(316)227,368 345,492 180,278 $272,118 
Total$50,822 $56,648 $151,924 $259,714 $(430)$(742)$202,316 $315,620 $160,041 $248,000 
The following changes in plan assets and benefit obligations were recognized in other comprehensive income (loss), before taxes, for the year ended December 31, 2022:
U.S. Pension
Benefits		Non-U.S. Pension
Benefits		Other BenefitsTotalTotal, After Tax
Net actuarial losses (gains)$(3,489)$(86,130)$206 $(89,413)$(70,672)
Plan amendment— 13 — 13 9 
Amortization of:
Actuarial (losses) gains(2,337)(18,896)31 (21,202)(16,777)
Plan amendments and prior service cost— 4,231 75 4,306 3,499 
Impact of foreign currency— (7,008)— (7,008)(3,094)
Total$(5,826)$(107,790)$312 $(113,304)$(87,035)
The assumed discount rates and rates of increase in future compensation levels used in calculating the projected benefit obligations vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows:
 U.S.Non-U.S.
 2022202120222021
Discount rate4.87 %2.57 %2.57 %0.40 %
Compensation increase raten/an/a0.87 %0.85 %
Expected long-term rate of return on plan assets6.75 %5.75 %3.84 %3.78 %
Interest crediting raten/an/a1.50 %1.00 %
The assumed discount rates, rates of increase in future compensation levels, and the long-term rate of return used in calculating the net periodic pension cost vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows:
 U.S.Non-U.S.
 202220212020202220212020
Discount rate2.57 %2.22 %3.03 %0.40 %0.63 %0.51 %
Compensation increase raten/an/an/a0.85 %0.85 %0.86 %
Expected long-term rate of return on plan assets5.75 %5.75 %6.25 %3.78 %3.78 %3.76 %
Net periodic pension cost and net periodic post-retirement benefit for the defined benefit plans and U.S. post-retirement plan include the following components for the years ended December 31:
U.S.Non-U.S.Other BenefitsTotal
202220212020202220212020202220212020202220212020
Service cost, net$1,665 $1,498 $1,304 $19,040 $19,558 $18,314 $— $— $— $20,705 $21,056 $19,618 
Interest cost on projected benefit obligations
2,696 2,194 3,556 5,927 3,347 4,778 12 8 25 8,635 5,549 8,359 
Expected return on plan assets(6,189)(5,974)(6,094)(36,308)(35,511)(33,067)— — — (42,497)(41,485)(39,161)
Recognition of actuarial losses/(gains) and prior service cost2,337 2,916 2,578 14,665 21,725 16,134 (106)(112)(103)16,896 24,529 18,609 
Net periodic pension cost/(benefit)$509 $634 $1,344 $3,324 $9,119 $6,159 $(94)$(104)$(78)$3,739 $9,649 $7,425 
The projected post-retirement benefit obligation was principally determined using discount rates of 4.67% in 2022 and 1.94% in 2021. Net periodic post-retirement benefit cost was principally determined using discount rates of 1.94% in 2022, 1.47% in 2021, and 2.54% in 2020. The health care cost trend rate was 5.7% in 2022, 5.9% in 2021, and 6.0% in 2020, decreasing to 4.50% in 2029.
The Company’s overall asset investment strategy is to achieve long-term growth while minimizing volatility by widely diversifying among asset types and strategies. Target asset allocations and investment return criteria are established by the pension committee or designated officers of each plan. Target asset allocation ranges for the U.S. pension plan include 40-60% in equity securities, 23-33% in fixed income securities, and 15-25% in other types of investments. International plan assets relate primarily to the Company’s Swiss plan with target allocations of 24-45% in equities, 35-55% in fixed income securities, and 15-25% in other types of investments. Actual results are monitored against targets and the trustees are required to report to the members of each plan, including an analysis of investment performance on an annual basis at a minimum. Day-to-day asset management is typically performed by third-party asset managers, reporting to the pension committees or designated officers.
The long-term rate of return on plan asset assumptions used to determine pension expense under U.S. GAAP is generally based on estimated future returns for the target investment mix determined by the trustees as well as historical investment performance.
The following table presents the fair value measurement of the Company’s plan assets by hierarchy level:
 December 31, 2022December 31, 2021
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Observable
Inputs for
Identical
Assets
(Level 2)		Unobservable
Inputs
(Level 3)		TotalQuoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Observable
Inputs for
Identical
Assets
(Level 2)		Unobservable
Inputs
(Level 3)		Total
Asset Category:     
Cash and Cash Equivalents$99,535 $— $— $99,535 $92,207 $— $— $92,207 
Equity Securities:        
Mettler-Toledo Stock3,107 — — 3,107 3,639 — — 3,639 
Equity Mutual Funds:        
U.S.(1)
5,753 24,133 — 29,886 8,197 43,287 — 51,484 
International(2)
89,247 9,496 — 98,743 100,197 23,022 — 123,219 
Emerging Markets(3)
127,506 — — 127,506 157,814 3,315 — 161,129 
Fixed Income Securities:        
Corporate/Government Bonds(4)
79,221 — — 79,221 87,772 — — 87,772 
Fixed Income Mutual Funds:       
Insurance Contracts(5)
— 25,126 1,775 26,901 — 38,555 1,787 40,342 
Core Bond(6)
73,315 62,956 — 136,271 107,394 71,608 — 179,002 
Real Asset Mutual Funds:        
Real Estate(7)
— 167,693 — 167,693 — 153,954 — 153,954 
Commodities(8)
49,603 — — 49,603 50,525 — — 50,525 
Other Types of Investments:        
Debt Securities (9)
41,099 — — 41,099 41,628 — — 41,628 
Global Allocation Funds(10)
4,370 — — 4,370 5,680 — — 5,680 
Multi-Strategy Fund of Hedge Funds (11)
— 17,702 — 17,702 — 16,103 — 16,103 
Insurance Linked Securities(12)
13,243— — 13,243 19,287 — — 19,287 
Total assets in fair value hierarchy
$585,999 $307,106 $1,775 $894,880 $674,340 $349,844 $1,787 $1,025,971 
Investments measured at net asset value:
International(13)
2,4093,568 
Emerging Markets (13)
5,9807,211
Multi-Strategy Fund of Hedge Funds (13)
78,93785,034
Total pension assets at fair value
$982,206 $1,121,784 
_____________________________________
(1)Represents primarily large capitalization equity mutual funds tracking the S&P 500 Index.
(2)Represents all capitalization core and value equity mutual funds located primarily in Switzerland, the United Kingdom, and Canada.
(3)Represents core and growth mutual funds and funds of mutual funds invested in emerging markets primarily in Eastern Europe, Latin America, and Asia.
(4)Represents investments in high-grade corporate and government bonds located in Switzerland and the European Union.
(5)Represents fixed and variable rate annuity contracts provided by insurance companies.
(6)Represents fixed income mutual funds invested in the U.S., the United Kingdom, Switzerland, and European government bonds, high-grade corporate bonds, mortgage-backed securities, and collateralized mortgage obligations.
(7)Represents mutual funds invested in real estate located primarily in Switzerland.
(8)Represents commodity funds invested across a broad range of sectors.
(9)Represents a loan to a wholly owned subsidiary of the Company. See Note 10 for additional disclosure.
(10)Represents mutual funds invested globally in both equities and fixed income securities.
(11)Represents currency hedged versions of the non-currency hedged equity funds held in the United Kingdom.
(12)Represents a broadly diversified portfolio of assets that carry exposure to insurance risks, particularly insurance linked securities.
(13)Investments that are measured using the net asset value (NAV) per share practical expedient have not been categorized in the fair value hierarchy. The amounts presented above are intended to permit reconciliation of the fair value hierarchy to the fair value of total plan assets in order to determine the amounts included in the consolidated balance sheet.
The fair values of the Company’s stock and corporate and government bonds are valued at the year-end closing price as reported on the securities exchange on which they are traded. Mutual funds are valued at the exchange-listed year-end closing price or at the net asset value of shares held by the fund at the end of the year. Insurance contracts are valued by discounting the related cash flows using a current year-end market rate or at cash surrender value, which is presumed to equal fair value. Funds of hedge funds are valued at the net asset value of shares held by the fund at the end of the year.
The following table presents a roll-forward of activity for the years ended December 31, 2022 and 2021 for Level 3 asset categories:
Insurance
Contracts
Balance at December 31, 2020$1,793 
Actual return on plan assets related to assets held at end of year26 
Purchases70 
Impact of foreign currency(102)
Balance at December 31, 2021$1,787 
Actual return on plan assets related to assets held at end of year(1)
Purchases80 
Impact of foreign currency(91)
Balance at December 31, 2022$1,775 
There were no transfers between any asset levels during the years ended December 31, 2022 and 2021.
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid:
U.S. Pension
Benefits		Non-U.S. Pension
Benefits		Other Benefits, Net of
Subsidy		Total
2023$8,737 $48,449 $115 $57,301 
20248,777 51,196 102 60,075 
20258,804 51,332 90 60,226 
20268,768 49,982 79 58,829 
20278,712 52,391 70 61,173 
2028-203241,633 257,800 235 299,668 
In 2023, the Company expects to make employer pension contributions of approximately $27.5 million to its non-U.S. pension plan and employer contributions of approximately $0.1 million to its U.S. post-retirement medical plan.