<SEC-DOCUMENT>0001193125-16-632766.txt : 20160801
<SEC-HEADER>0001193125-16-632766.hdr.sgml : 20160801
<ACCEPTANCE-DATETIME>20160627135802
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ACCESSION NUMBER:		0001193125-16-632766
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160627

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
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 27, 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" COLSPAN="3">Attention:</TD>
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<TD VALIGN="bottom">Mr. Kevin J. Kuhar</TD></TR>
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<TD VALIGN="top">Mr. Gary Newberry</TD></TR>
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<TD VALIGN="top">Mr. Martin James</TD></TR>
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<TD VALIGN="top"><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>
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<TD VALIGN="top"><B>Form 10-K for the Fiscal Year Ended December 31, 2015</B></TD></TR>
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<TD VALIGN="top"><B>Filed February 26, 2016</B></TD></TR>
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<TD VALIGN="top"><B>Form 8-K filed April 26, 2016</B></TD></TR>
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<TD VALIGN="top"><B>File No. 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 June 16, 2016 relating to the Company&#146;s Current Report on Form 8-K filed with the Securities and
Exchange Commission (the &#147;Commission,&#148; and the staff of the Commission, the &#147;Staff&#148;) on April 2, 2016. </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 8-K filed April 26, 2016 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99.1 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Comment&nbsp;1:</B></TD>
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<TD VALIGN="top"><B>We note that you present non-GAAP EPS in the headline of your press release without presenting GAAP earnings per share with equal or greater prominence, as required by Item 10(e)(1)(i)(A) of Regulation S-K.&nbsp;Similarly, you
highlight a 5% non-GAAP constant currency sales growth in the first bullet and discuss other constant currency sales growth throughout the first page without discussing the corresponding change in GAAP sales.&nbsp;Your presentation appears to give
greater prominence to the non-GAAP measures than to the comparable GAAP measures which is inconsistent with the updated</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 27, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 2 </P>
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<TD VALIGN="bottom"><B>Compliance and Disclosure Interpretation issued on May 17, 2016.&nbsp;Please review this guidance when preparing your next earnings release.</B></TD></TR>
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<TD VALIGN="top"><B>Response:</B></TD>
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<TD VALIGN="bottom"><B></B>The Company acknowledges the Staff&#146;s comment and confirms that the Company will review the referenced guidance when preparing its next earnings release and will make appropriate revisions to its disclosures to address
the matters identified in the Staff&#146;s Comment 1 above.<B></B></TD></TR>
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<TD VALIGN="top"><B>Comment&nbsp;2:</B></TD>
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<TD VALIGN="bottom"><B>We note that your non-GAAP measures exclude purchased intangible amortization, restructuring costs, asset impairments, acquisition-related costs, and income tax items and that you describe these items as infrequent or unusual
although you have reported similar items for multiple fiscal years.&nbsp;Please note that Item 10(e)(1)(i)(A) of Regulation S-K prohibits you from adjusting a non-GAAP performance measure to eliminate or smooth items identified as non-recurring,
infrequent or unusual, when the nature of the charge or gain is such that it is reasonably likely to recur within two years&nbsp;or there was a similar charge or gain within the prior two years.&nbsp;In addition, your non-GAAP measures appear to
exclude certain normal, recurring, cash operating expenses which is inconsistent with the updated Compliance and Disclosure Interpretations issued on May 17, 2016.&nbsp;Please review this guidance when preparing your next earnings
release.</B></TD></TR>
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<TD VALIGN="top"><B>Response:</B></TD>
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<TD VALIGN="bottom"><B></B>The Company acknowledges the Staff&#146;s comment and confirms that the Company will review the referenced guidance when preparing its next earnings release and will make appropriate revisions to its disclosures to address
the matters identified in the Staff&#146;s Comment 2 above.<B></B></TD></TR>
</TABLE> <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.&nbsp;If you should have any questions about this letter or
require any further information, please call me 508-482-2349. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Eugene G. Cassis </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eugene G. Cassis </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Vice President and Chief Financial Officer </P>
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