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Business Segment Information

6 Months Ended

Jun. 29, 2019

Segment Reporting [Abstract]

Business Segment Information

13 Business Segment Information

The Company’s business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker. As a result of this evaluation, the Company determined that it has two operating segments: WatersTM and TATM.

The Waters operating segment is primarily in the business of designing, manufacturing, selling and servicing LC and MS instruments, columns and other precision chemistry consumables that can be integrated and used along with other analytical instruments. The TA operating segment is primarily in the business of designing, manufacturing, selling and servicing thermal analysis, rheometry and calorimetry instruments. The Company’s two operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution; and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes. Please refer to the consolidated financial statements for financial information regarding the one reportable segment of the Company.

Net sales for the Company’s products and services are as follows for the three and six months ended June 29, 2019 and June 30, 2018 (in thousands):

		Three Months Ended								Six Months Ended
		June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Product net sales:
Waters instrument systems		$	238,777			$	239,928			$	423,389			$	438,031
Chemistry consumables			100,292				99,129				199,545				197,839
TA instrument systems			48,196				49,812				84,834				92,116
Total product sales			387,265				388,869				707,768				727,986
Service net sales:
Waters service			192,048				188,248				368,097				362,581
TA service			19,849				19,102				37,159				36,322
Total service sales			211,897				207,350				405,256				398,903
Total net sales		$	599,162			$	596,219			$	1,113,024			$	1,126,889

Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three and six months ended June 29, 2019 and June 30, 2018 (in thousands):

		Three Months Ended								Six Months Ended
		June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Net Sales:
Asia:
China		$	112,796			$	109,709			$	202,887			$	203,537
Japan			45,958				43,183				89,462				85,948
Asia Other			80,081				84,013				146,998				147,700
Total Asia			238,835				236,905				439,347				437,185
Americas:
United States			173,940				161,485				323,097				308,306
Americas Other			32,835				36,641				65,546				71,530
Total Americas			206,775				198,126				388,643				379,836
Europe			153,552				161,188				285,034				309,868
Total net sales		$	599,162			$	596,219			$	1,113,024			$	1,126,889

Net sales by customer class are as follows for the three and six months ended June 29, 2019 and June 30, 2018 (in thousands):

		Three Months Ended								Six Months Ended
		June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Pharmaceutical		$	350,145			$	338,354			$	644,657			$	643,682
Industrial			176,109				183,664				331,327				345,994
Academic and governmental			72,908				74,201				137,040				137,213
Total net sales		$	599,162			$	596,219			$	1,113,024			$	1,126,889

Net sales for the Company recognized at a point in time versus over time are as follows for the three and six months ended June 29, 2019 and June 30, 2018 (in thousands):

		Three Months Ended								Six Months Ended
		June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Net sales recognized at a point in time:
Instrument systems		$	286,973			$	289,740			$	508,223			$	530,147
Chemistry consumables			100,292				99,129				199,545				197,839
Service sales recognized at a point in time (time & materials)			84,807				80,397				157,566				152,915
Total net sales recognized at a point in time			472,072				469,266				865,334				880,901
Net sales recognized over time:
Service and software maintenance sales recognized over time (contracts)			127,090				126,953				247,690				245,988
Total net sales		$	599,162			$	596,219			$	1,113,024			$	1,126,889

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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