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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "notes": "Uses red underlining to highlight the change in amortization policy from 5 years to 10 years.",
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      "text": "The implied amortization period based on Mettler's reported results directly contradict its stated estimated useful lives.",
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      "text": "The implied amortization period based on Mettler's reported results directly contradict its stated estimated useful lives. Mettler says it amortizes capitalized costs and software for a period not exceeding 10 years. However, our calculations show it has amortized over periods up to 13 years. The current policy has clearly become more aggressive and enabled Mettler to inflate earnings. In its 2007 10-K, Mettler said capitalized software development costs were amortized in a period \"generally not exceeding 5 years\", and now it says \"generally not exceeding 10 years\".",
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      "kind": "quote",
      "text": "In its 2007 10-K, Mettler said capitalized software development costs were amortized in a period \"generally not exceeding 5 years\", and now it says \"generally not exceeding 10 years\". — Spruce Point Capital Management",
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      "text": "2018 Annual Report Capitalization/Amortization Policy",
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      "text": "Change In Amortization Policy Inflating Earnings",
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