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Benefit Plans
 12 Months Ended
Dec. 31, 2024
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 $18.7 million, $20.1 million, and $22.9 million for the years ended December 31, 2024, 2023, and 2022, 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, 2024 and 2023:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther BenefitsTotal
 20242023202420232024202320242023
Change in benefit obligation:      
Benefit obligation at beginning of year
$108,546 $110,293 $917,321 $785,295 $614 $670 $1,026,481 $896,258 
Service cost, gross1,587 1,155 35,403 33,159 — — 36,990 34,314 
Interest cost4,766 5,023 17,792 19,991 26 28 22,584 25,042 
Actuarial losses (gains)(6,473)552 69,564 65,734 13 372 63,104 66,658 
Plan amendments and other— — 101 — — — 101 — 
Benefits paid(8,545)(8,477)(53,103)(53,164)(132)(456)(61,780)(62,097)
Impact of foreign currency— — (62,209)66,306 — — (62,209)66,306 
Benefit obligation at end of year
$99,881 $108,546 $924,869 $917,321 $521 $614 $1,025,271 $1,026,481 
Change in plan assets:      
Fair value of plan assets at beginning of year
$86,061 $87,341 $1,010,177 $894,865 $— $— $1,096,238 $982,206 
Actual return on plan assets7,788 7,083 64,883 38,133 — — 72,671 45,216 
Employer contributions5,216 114 26,088 26,414 132 456 31,436 26,984 
Plan participants’ contributions
— — 19,287 19,214 — — 19,287 19,214 
Benefits paid(8,545)(8,477)(53,103)(53,164)(132)(456)(61,780)(62,097)
Impact of foreign currency— — (69,903)84,715 — — (69,903)84,715 
Fair value of plan assets at end of year
$90,520 $86,061 $997,429 $1,010,177 $— $— $1,087,949 $1,096,238 
Funded status$(9,361)$(22,485)$72,560 $92,856 $(521)$(614)$62,678 $69,757 
The change in the benefit obligation for 2024 is primarily related to a decrease of the non-U.S. discount rates and currency translation, offset in part by higher asset returns.
The accumulated benefit obligations at December 31, 2024 and 2023 were $99.9 million and $108.5 million, respectively, for the U.S. defined benefit pension plan and $781.1 million and $775.1 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, 2024 were $146.0 million, $118.0 million, and $51.1 million, respectively. The projected benefit obligation, the accumulated benefit obligation, and fair value of assets of these plans as of December 31, 2023 were $137.5 million, $126.5 million, and $28.2 million, respectively.
Amounts recognized in the consolidated balance sheets consist of:
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther BenefitsTotal
 20242023202420232024202320242023
Other non-current assets$— $— $174,006 $202,119 $— $— $174,006 $202,119 
Accrued and other liabilities(139)(124)(5,201)(5,368)(94)(106)(5,434)(5,598)
Pension and other post-retirement liabilities
(9,223)(22,361)(95,276)(103,895)(426)(508)(104,925)(126,764)
Accumulated other comprehensive loss (income)
36,760 47,631 238,408 222,346 74 19 275,242 269,996 
Total$27,398 $25,146 $311,937 $315,202 $(446)$(595)$338,889 $339,753 
The following amounts have been recognized in accumulated other comprehensive income (loss), before taxes at December 31, 2024 and have not yet been recognized as a component of net periodic pension cost:
U.S. Pension
Benefits		Non-U.S. Pension
Benefits		Other BenefitsTotalTotal, After Tax
2024202320242023202420232024202320242023
Plan amendments and prior service cost$— $— $(16,140)$(21,755)$(202)$(276)$(16,342)$(22,031)$(13,188)$(18,212)
Actuarial losses (gains)36,760 47,631 254,548 244,101 276 295 291,584 292,027 232,056 $231,446 
Total$36,760 $47,631 $238,408 $222,346 $74 $19 $275,242 $269,996 $218,868 $213,234 
The following changes in plan assets and benefit obligations were recognized in other comprehensive income (loss), before taxes, for the year ended December 31, 2024:
U.S. Pension
Benefits		Non-U.S. Pension
Benefits		Other BenefitsTotalTotal, After Tax
Net actuarial losses (gains)$(8,789)$41,766 $13 $32,990 $26,769 
Plan amendment— — — — — 
Amortization of:
Actuarial (losses) gains(2,082)(14,343)(32)(16,457)(13,060)
Plan amendments and prior service cost— 3,987 75 4,062 3,257 
Impact of foreign currency— (14,835)— (14,835)(11,236)
Total$(10,871)$16,575 $56 $5,760 $5,730 
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.
 2024202320242023
Discount rate5.34 %4.68 %1.57 %2.07 %
Compensation increase raten/an/a0.81 %0.84 %
Expected long-term rate of return on plan assets6.75 %6.75 %4.06 %3.84 %
Interest crediting raten/an/a1.50 %1.50 %
The assumed discount rates, rates of increase in future compensation levels, and the long-term rate of return used in calculating the net periodic pension cost vary according to the economic conditions of the country in which the retirement plans are situated. The weighted average rates used for the purposes of the Company’s plans are as follows:
 U.S.Non-U.S.
 202420232022202420232022
Discount rate4.68 %4.87 %2.57 %2.07 %2.57 %0.40 %
Compensation increase raten/an/an/a0.84 %0.87 %0.85 %
Expected long-term rate of return on plan assets6.75 %6.75 %5.75 %3.84 %3.84 %3.78 %
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
202420232022202420232022202420232022202420232022
Service cost, net$1,587 $1,155 $1,665 $16,116 $13,945 $19,040 $— $— $— $17,703 $15,100 $20,705 
Interest cost on projected benefit obligations
4,766 5,023 2,696 17,792 19,991 5,927 26 28 12 22,584 25,042 8,635 
Expected return on plan assets(5,472)(5,532)(6,189)(37,084)(34,675)(36,308)— — — (42,556)(40,207)(42,497)
Recognition of actuarial losses/(gains) and prior service cost2,082 2,192 2,337 10,356 6,061 14,665 (43)(76)(106)12,395 8,177 16,896 
Net periodic pension cost/(benefit)$2,963 $2,838 $509 $7,180 $5,322 $3,324 $(17)$(48)$(94)$10,126 $8,112 $3,739 
The projected post-retirement benefit obligation was principally determined using discount rates of 5.02% in 2024 and 4.49% in 2023. Net periodic post-retirement benefit cost was principally determined using discount rates of 4.49% in 2024, 4.67% in 2023, and 1.94% in 2022.
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 pension 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, 2024December 31, 2023
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$48,420 $— $— $48,420 $48,710 $— $— $48,710 
Equity Securities:        
Mettler-Toledo Stock2,632 — — 2,632 2,606 — — 2,606 
Equity Mutual Funds:        
U.S.(1)
5,948 25,324 — 31,272 5,831 24,856 — 30,687 
International(2)
290,027 9,802 — 299,829 294,703 10,314 — 305,017 
Emerging Markets(3)
20,536 — — 20,536 19,941 — — 19,941 
Fixed Income Securities:        
Corporate/Government Bonds(4)
92,878 — — 92,878 91,495 — — 91,495 
Fixed Income Mutual Funds:       
Insurance Contracts(5)
— 24,493 2,073 26,566 — 25,458 1,972 27,430 
Core Bond(6)
134,891 54,771 — 189,662 144,948 57,286 — 202,234 
Real Asset Mutual Funds:        
Real Estate(7)
— 183,332 — 183,332 — 186,804 — 186,804 
Commodities(8)
62,401 — — 62,401 50,109 — — 50,109 
Other Types of Investments:        
Debt Securities (9)
41,989 — — 41,989 45,156 — — 45,156 
Global Allocation Funds(10)
4,505 — — 4,505 4,326 — — 4,326 
Multi-Strategy Fund of Hedge Funds (11)
— 20,837 — 20,837 — 22,336 — 22,336 
Insurance Linked Securities(12)
669— — 669 2,870 — — 2,870 
Total assets in fair value hierarchy
$704,896 $318,559 $2,073 $1,025,528 $710,695 $327,054 $1,972 $1,039,721 
Investments measured at net asset value:
Emerging Markets (13)
6,0936,444
Multi-Strategy Fund of Hedge Funds (13)
56,32850,073
Total pension assets at fair value
$1,087,949 $1,096,238 
_____________________________________
(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, 2024 and 2023 for Level 3 asset categories:
Insurance
Contracts
Balance at December 31, 2022$1,775 
Actual return on plan assets related to assets held at end of year31 
Purchases91 
Impact of foreign currency75 
Balance at December 31, 2023$1,972 
Actual return on plan assets related to assets held at end of year42 
Purchases159 
Sales(8)
Impact of foreign currency(92)
Balance at December 31, 2024$2,073 
There were no transfers between any asset levels during the years ended December 31, 2024 and 2023.
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
2025$8,769 $53,191 $94 $62,054 
20268,757 52,880 83 61,720 
20278,720 54,310 73 63,103 
20288,665 54,924 64 63,653 
20298,567 56,553 56 65,176 
2030-203439,728 267,027 183 306,938 
In 2025, the Company expects to make employer contributions of approximately $0.1 million to its U.S. pension plan, $25.4 million to its non-U.S. pension plan, and approximately $0.1 million to its U.S. post-retirement medical plan.