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

6 Months Ended

Jun. 29, 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 and six months ended June 29, 2019 and June 30, 2018 (in thousands):

		Balance at												Balance at
		Beginning												End of
		of Period				Additions				Deduction				Period
Allowance for Doubtful Accounts
June 29, 2019		$	7,663			$	3,793			$	(3,426	)		$	8,030
June 30, 2018		$	6,109			$	1,825			$	(1,778	)		$	6,156

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 June 29, 2019 (in thousands):

						Quoted Prices
						in Active				Significant
						Markets				Other				Significant
		Total at				for Identical				Observable				Unobservable
		June 29,				Assets				Inputs				Inputs
		2019				(Level 1)				(Level 2)				(Level 3)
Assets:
U.S. Treasury securities		$	66,225			$	—			$	66,225			$	—
Corporate debt securities			94,335				—				94,335				—
Time deposits			57,964				—				57,964				—
Waters 401(k) Restoration Plan assets			33,278				33,278				—				—
Foreign currency exchange contracts			164				—				164				—
Interest rate cross-currency swap agreements			1,098				—				1,098				—
Total		$	253,064			$	33,278			$	219,786			$	—
Liabilities:
Contingent consideration		$	2,707			$	—			$	—			$	2,707
Foreign currency exchange contracts			292				—				292				—
Total		$	2,999			$	—			$	292			$	2,707

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):

		June 29, 2019								December 31, 2018
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	31,270			$	164			$	112,212			$	503
Other current liabilities		$	124,346			$	292			$	40,175			$	224
Interest rate cross-currency swap agreements:
Other assets		$	410,000			$	1,098			$	300,000			$	1,093
Accumulated other comprehensive income						$	(1,098	)						$	(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			Three Months Ended								Six Months Ended
			Statement			June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
			Classification
Foreign currency exchange contracts:
Realized gains (losses) on closed contracts			Cost of sales			$	136			$	(4,096	)		$	(407	)		$	(2,158	)
Unrealized losses on open contracts			Cost of sales				(3,044	)			(105	)			(2,518	)			(1,092	)
Cumulative net pre-tax losses			Cost of sales			$	(2,908	)		$	(4,201	)		$	(2,925	)		$	(3,250	)
Interest rate cross-currency swap agreements:
Interest earned			Interest income			$	2,923			$	—			$	5,150			$	—
Unrealized (losses) gains
on open contracts			Stockholders’ equity			$	(6,022	)		$	—			$	1,098			$	—

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 and six months ended June 29, 2019 and June 30, 2018 (in thousands):

		Balance at												Balance at
		Beginning				Accruals for				Settlements				End of
		of Period				Warranties				Made				Period
Accrued warranty liability:
June 29, 2019		$	12,300			$	3,571			$	(4,288	)		$	11,583
June 30, 2018		$	13,026			$	3,588			$	(4,115	)		$	12,499

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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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