{
  "docId": "019dd923-622c-750b-8b98-ad29603ddb10",
  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 18,
  "pageCount": 136,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 16,
  "notes": "Uses screenshots of financial statements from France, Singapore, UK, and Australia to prove the existence of hidden reserves.",
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      "kind": "callout",
      "text": "Mettler does not report inventory reserves at the parent level to U.S. investors, however, at the international subsidiary level we find disclosures that suggest inventory provisions from 7.7% - 27.9% of stated value.",
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      "kind": "image",
      "text": "Mettler-Toledo SAS (France) 27.9% financial statement",
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      "kind": "image",
      "text": "Mettler-Toledo (S) PTE Ltd (Singapore) 7.7% financial statement",
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      "kind": "image",
      "text": "Mettler-Toledo Safeline X-Ray Ltd (UK) 9.6% financial statement",
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      "kind": "image",
      "text": "Mettler-Toledo Ltd (Australia) 9.6% financial statement",
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      "kind": "metric",
      "text": "inventory provision percentage: 27.9%",
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      "kind": "paragraph",
      "text": "Mettler does not report inventory reserves at the parent level to U.S. investors, however, at the international subsidiary level we find disclosures that suggest inventory provisions from 7.7% - 27.9% of stated value. This is a significant reserve provision based on industry peer disclosures of 3% - 4%.",
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      "kind": "source-note",
      "text": "Note: % provision based on gross inventory",
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      "kind": "title",
      "text": "Mettler's Hidden Inventory Reserves",
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      "evidence": "Exposing hidden accounting reserves to suggest earnings manipulation.",
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