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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 30, 2019

Accounting Policies [Abstract]

Summary of Activity of Company's Allowance for Doubtful Accounts

The following is a summary of the activity of the Company’s allowance for doubtful accounts for the three months ended March 30, 2019 and March 31, 2018 (in thousands):

		Balance at												Balance at
		Beginning												End of
		of Period				Additions				Deduction				Period
Allowance for Doubtful Accounts
March 30, 2019		$	7,663			$	2,159			$	(2,324	)		$	7,498
March 31, 2018		$	6,109			$	1,056			$	(1,033	)		$	6,132

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at March 30, 2019 (in thousands):

						Quoted Prices
						in Active				Significant
						Markets				Other				Significant
		Total at				for Identical				Observable				Unobservable
		March 30,				Assets				Inputs				Inputs
		2019				(Level 1)				(Level 2)				(Level 3)
Assets:
U.S. Treasury securities		$	98,576			$	—			$	98,576			$	—
Foreign government securities			3,476				—				3,476				—
Corporate debt securities			367,621				—				367,621				—
Time deposits			52,507				—				52,507				—
Waters 401(k) Restoration Plan assets			33,951				33,951				—				—
Foreign currency exchange contracts			355				—				355				—
Interest rate cross-currency swap agreements			7,120				—				7,120				—
Total		$	563,606			$	33,951			$	529,655			$	—
Liabilities:
Contingent consideration		$	2,591			$	—			$	—			$	2,591
Foreign currency exchange contracts			619				—				619				—
Total		$	3,210			$	—			$	619			$	2,591

The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 (in thousands):

						Quoted Prices
						in Active				Significant
						Markets				Other				Significant
		Total at				for Identical				Observable				Unobservable
		December 31,				Assets				Inputs				Inputs
		2018				(Level 1)				(Level 2)				(Level 3)
Assets:
U.S. Treasury securities		$	164,315			$	—			$	164,315			$	—
Foreign government securities			3,463				—				3,463				—
Corporate debt securities			723,059				—				723,059				—
Time deposits			108,638				—				108,638				—
Waters 401(k) Restoration Plan assets			33,104				33,104				—				—
Foreign currency exchange contracts			503				—				503				—
Interest rate cross-currency swap agreements			1,093								1,093
Total		$	1,034,175			$	33,104			$	1,001,071			$	—
Liabilities:
Contingent consideration		$	2,476			$	—			$	—			$	2,476
Foreign currency exchange contracts			224				—				224				—
Total		$	2,700			$	—			$	224			$	2,476

Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements

The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands):

		March 30, 2019								December 31, 2018
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	34,219			$	355			$	112,212			$	503
Other current liabilities		$	98,745			$	619			$	40,175			$	224
Interest rate cross-currency swap agreements:
Other assets		$	300,000			$	7,120			$	300,000			$	1,093
Accumulated other comprehensive income						$	(7,120	)						$	(1,093	)

Gains (Losses) on Foreign Exchange Contracts

The following is a summary of the activity included in the statements of comprehensive income related to the foreign currency exchange contracts (in thousands):

		Financial Statement Classification				Three Months Ended
						March 30, 2019				March 31, 2018
Foreign currency exchange contracts:
Realized (losses) gains on closed contracts			Cost of sales			$	(543	)		$	1,937
Unrealized gains (losses) on open contracts			Cost of sales				526				(985	)
Cumulative net pre-tax (losses) gains			Cost of sales			$	(17	)		$	952
Interest rate cross-currency swap agreements:
Interest earned			Interest income			$	2,227			$	—
Unrealized gains on contracts			Stockholders’ equity			$	7,120			$	—

Summary of Activity of Company's Accrued Warranty Liability

The following is a summary of the activity of the Company’s accrued warranty liability for the three months ended March 30, 2019 and March 31, 2018 (in thousands):

		Balance at												Balance at
		Beginning				Accruals for				Settlements				End of
		of Period				Warranties				Made				Period
Accrued warranty liability:
March 30, 2019		$	12,300			$	1,500			$	(2,338	)		$	11,462
March 31, 2018		$	13,026			$	1,767			$	(2,167	)		$	12,626

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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