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  "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",
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  "pageNumber": 49,
  "pageCount": 136,
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  "notes": "Uses a callout to highlight a specific CFO quote and contrasts it with accounting boilerplate and historical financial data.",
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      "kind": "callout",
      "text": "“We have a lot of diversity in our products. We have probably a 130,000 sellable products.”",
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      "kind": "callout",
      "text": "According to Mettler, it has 130,000 sellable products, and yet are we to believe it has never discontinued or written down a single product line?",
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      "text": "Recall that in 2004 an employee alleged concerns about the manner in which inventory write-downs were identified. Mettler has reported only one regular and small inventory charge of $0.4m (2013) in its annual report since coming public. Even during the financial crisis of 2007-2009, it claimed restructuring costs were “primarily related to severance costs” with no mention of any charges for obsolete inventory.(1) According to Mettler, it has 130,000 sellable products, and yet are we to believe it has never discontinued or written down a single product line?",
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      "text": "Also, a restructuring charge of $1.4 million was recorded during the three months ended September 30, 2003, related to an extension of manufacturing consolidation activities. This charge comprised severance of $1.0 million, included within Other charges (income), net, and inventory write-downs of $0.4 million, included within Cost of sales.",
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      "kind": "paragraph",
      "text": "“We record our inventory 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 our 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.”",
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      "kind": "quote",
      "text": "\"We have a lot of diversity in our products. We have probably a 130,000 sellable products.\" — CFO, Bofa/ML Conference, May 2019",
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      "kind": "source-note",
      "text": "1. 2009 10-K\n2. Prior to 2001, Mettler disclosed that “Inventories are valued at the lower of cost or market. Cost, which includes direct materials, labor and overhead plus indirect overhead, is determined using the first in, first out (FIFO) or weighted average cost methods and to a lesser extent the last in, first out (LIFO) method.”",
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      "kind": "title",
      "text": "Inventory Charges?",
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