Net sales benefited by approximately 6% from the recovery of our previously disclosed shipping delays in 2023 related to a new external European logistics service provider. This indicates improved operational efficiency in addressing prior supply chain issues.

Net sales by geographic destination increased 3% in the Americas and 8% in Europe, but decreased 12% in Asia/Rest of World. This suggests regional variations in market demand and competitive pressures.

The company states, 'We continue to explore potential acquisitions. In connection with any acquisition, we may incur additional indebtedness.' This indicates a continued focus on inorganic growth opportunities.

Selling, general and administrative expense was flat in U.S. dollars and decreased 1% in local currencies during the three months ended March 31, 2024 compared to the corresponding period in 2023. The local currency decrease includes benefits from our cost savings programs.

Restructuring charges were $9.7 million and $4.3 million for the three months ended March 31, 2024 and 2023, respectively. Restructuring expenses are primarily comprised of employee-related costs.

The Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

For the three months ended March 31, 2024 there were no material changes from risk factors disclosed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

There is uncertainty in the economic environment and our end markets, including the risk of recession in many countries, and market conditions may change quickly. The ongoing developments related to Ukraine, the Israel-Hamas war, and inflation also present several risks to our business.

Our earnings are affected by changing exchange rates. We are most sensitive to changes in the exchange rates between the Swiss franc, euro, Chinese renminbi, and U.S. dollar.

Net sales to external customers by origin decreased 23% in U.S. dollars and 20% in local currency for the three months ended March 31, 2024 compared to the corresponding period in 2023. The decrease in local currency net sales to external customers reflects a significant decline in market demand in most product categories.

Net sales of laboratory products and services increased, while industrial and food retailing products and services decreased. This indicates varying competitive dynamics across different market segments.

The increase in gross profit as a percentage of net sales for the three months ended March 31, 2024 primarily reflects favorable price realization and business mix.

Cash provided by operating activities totaled $190.0 million, an increase from $153.3 million in the prior year, primarily due to working capital improvements.

Net sales benefited by approximately 6% from the recovery of previously disclosed shipping delays.

Selling, general and administrative expense was flat in U.S. dollars and decreased 1% in local currencies, including benefits from cost savings programs.

Research and development expenses as a percentage of net sales was 5.0% for the three months ended March 31, 2024 compared to 4.9% in the corresponding period of 2023.

Capital expenditures are made primarily for investments in information systems and technology, machinery, equipment and the purchase and expansion of facilities.

The company states that it benefits from its innovative product portfolio.

We have $2.3 billion of remaining availability for our share repurchase program as of March 31, 2024.

The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances.

Capital expenditures are made primarily for investments in information systems and technology, machinery, equipment and the purchase and expansion of facilities.

In 2018, two of the Company's non-U.S. pension plans issued loans totaling $39.6 million (Swiss franc 38 million) to a wholly owned subsidiary of the Company. The loans have the same terms and conditions which include an interest rate of SARON plus 87.5 basis points. The loans were renewed for one year in April 2024.

We also continued to experience reduced market demand, particularly in China.

Global market conditions can be uncertain, and our ability to generate cash flows could be reduced by a deterioration in global markets.

The ongoing developments related to Ukraine, the Israel-Hamas war, and inflation also present several risks to our business.