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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": 61,
  "pageCount": 136,
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  "density": "dense",
  "nDataPoints": 48,
  "notes": "Uses a red box and arrow to visually connect US revenue data to US earnings data, highlighting the discrepancy.",
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      "kind": "callout",
      "text": "Despite 32% of revenues reported in the United States, only 9.2% of earnings before tax are attributable to the United States. We believe this suggests an aggressive tax structure used by Mettler.",
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      "text": "US Earnings Before Taxes: 6.4%",
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      "text": "61",
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      "kind": "table",
      "text": "Peer comparison table showing US Revenue, US Earnings Before Taxes, and % EBT of Revenue",
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      "kind": "table",
      "text": "Net Sales to External Customers By Geographic Customer Destination",
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      "kind": "table",
      "text": "14. TAXES: The sources of the Company's earnings before taxes are as follows for the years ended December 31:",
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      "kind": "title",
      "text": "Signs of An Aggressive Tax Position",
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      "evidence": "Highlights discrepancy between revenue and earnings to suggest aggressive tax avoidance.",
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      "arcName": "Overcoming the Monster",
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