<SEC-DOCUMENT>0001193125-16-609628.txt : 20160801
<SEC-HEADER>0001193125-16-609628.hdr.sgml : 20160801
<ACCEPTANCE-DATETIME>20160601132734
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ACCESSION NUMBER:		0001193125-16-609628
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WATERS CORP /DE/
		CENTRAL INDEX KEY:			0001000697
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				133668640
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		34 MAPLE ST
		CITY:			MILFORD
		STATE:			MA
		ZIP:			01757
		BUSINESS PHONE:		5084782000

	MAIL ADDRESS:	
		STREET 1:		34 MAPLE STREET
		CITY:			MILFORD
		STATE:			MA
		ZIP:			01757

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WCD INVESTORS INC /DE/
		DATE OF NAME CHANGE:	19960605
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<TYPE>CORRESP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;1, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
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<TD VALIGN="top">Attention:</TD>
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<TD VALIGN="bottom">Mr. Kevin J. Kuhar</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mr.&nbsp;Gary Newberry</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mr.&nbsp;Martin James</TD></TR>
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<TD VALIGN="bottom"><B>Re:</B></TD>
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<TD VALIGN="bottom"><B>Waters Corporation</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2015</B></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"><B>Filed February&nbsp;26, 2016</B></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"><B>File No.&nbsp;1 &#150; 14010</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Waters Corporation
(&#147;Waters&#148; or the &#147;Company&#148;) respectfully submits this letter in response to the comments contained in your letter dated May&nbsp;24, 2016 relating to the Company&#146;s Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the &#147;Commission&#148;, or the &#147;Staff&#148;) for the fiscal year ended December&nbsp;31, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have, for your
convenience, reproduced the Staff&#146;s comments, followed by the Company&#146;s responses, below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 10-K for the Fiscal Year Ended
December&nbsp;31, 2015 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Question:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your response to comment 5. Please revise future filings to provide footnote disclosure of the tax incentive contractual milestones similar to the last sentence of the first paragraph of your response. To the
extent that the critical estimates and judgments made in concluding the milestones required for the tax holiday will be met and that reasonably possible changes in these assumptions could have a material effect on your financial statements, revise
future Critical Accounting Policies and Estimates disclosure within Managements&#146; Discussion and Analysis to disclose the specific aspects that cause them to be particularly judgmental or subjective. </B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 1, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Response:</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Company acknowledges the Staff&#146;s comment and will, in future Form 10-K filings, more fully describe the tax incentive contractual milestones in a footnote to its financial statements and will also, to
the extent applicable, discuss the critical estimates and judgments made in concluding that the milestones are expected to be met and how reasonably possible changes in these assumptions could have a material effect on the financial statements of
the Company and such conclusion in the Critical Accounting Policies and Estimates disclosure within Management&#146;s Discussion and Analysis. Set forth below is an example of the type of disclosure that the Company intends to include in future
filings in response to the comment:<B> </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:16%; font-size:10pt; font-family:Times New Roman"><I>Income Tax Footnote </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; font-size:10pt; font-family:Times New Roman">The Company has a contractual tax rate in Singapore of 0% through March 2021, that is based on the achievement (and, in some cases, continued
satisfaction) of certain operational and financial milestones. These milestones include the following types of objectives: reaching and maintaining annual revenue and business spending targets; meeting capital expenditures targets; attaining and
sustaining employment targets; and establishing a local research and development and service center. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:16%; font-size:10pt; font-family:Times New Roman"><I>MD&amp;A Critical Accounting
Policies and Estimates </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; font-size:10pt; font-family:Times New Roman"><I>Income Taxes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; font-size:10pt; font-family:Times New Roman">The Company has a contractual tax rate in Singapore of 0% that is based on the achievement (and, in some cases, continued satisfaction) of
certain operational and financial milestones that the Company expects to meet, to the extent not already achieved, by December&nbsp;31, 2020 and maintain through at least March&nbsp;31, 2021. The Company regularly assesses its progress against these
operational and financial milestone targets to determine whether the milestones can be reasonably achieved. These assessments require significant judgments and estimates about the Company&#146;s ability to meet the milestone targets for the
following types of objectives: reaching and maintaining annual revenue and business spending targets; meeting capital expenditures targets; attaining and sustaining employment targets; and establishing a local research and development and service
center which will be significantly influenced by the Company&#146;s business plan, the business climate in Singapore and the Company&#146;s overall financial performance. Currently, the Company has determined that it expects to achieve these
milestone targets and, as a result, realize its contractual tax rate in Singapore of 0%. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 1, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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In the event that the Company determines that the milestone targets are not expected to be met, the Company would no longer be able to record a tax benefit at a 0% contractual tax rate on income
earned in Singapore from and after the April&nbsp;1, 2016 start date of the contract period. At such time, the Company would record an income tax charge on the affected Singapore income earned back to April&nbsp;1, 2016 at the Singapore statutory
tax rate(s) (currently 17%), with a corresponding income tax liability recorded on the balance sheet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I hope that the foregoing has been responsive to
your comments. If you should have any questions about this letter or require any further information, please call me 508-482-2349. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Eugene G. Cassis</P></TD></TR>
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<TD VALIGN="top">Eugene G. Cassis</TD></TR>
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<TD VALIGN="top">Senior Vice President and Chief Financial Officer</TD></TR>
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