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Business Segment Information

9 Months Ended

Sep. 28, 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 nine months ended September 28, 2019 and September 29, 2018 (in thousands):

		Three Months Ended								Nine Months Ended
		September 28,  2019				September 29,  2018				September 28,  2019				September 29,  2018
Product net sales:
Waters instrument systems		$	223,859			$	238,986			$	647,248			$	677,017
Chemistry consumables			100,256				95,979				299,801				293,818
TA instrument systems			46,458				43,557				131,292				135,673
Total product sales			370,573				378,522				1,078,341				1,106,508
Service net sales:
Waters service			188,031				180,830				556,128				543,411
TA service			18,674				18,669				55,833				54,991
Total service sales			206,705				199,499				611,961				598,402
Total net sales		$	577,278			$	578,021			$	1,690,302			$	1,704,910

Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three and nine months ended September 28, 2019 and September 29, 2018 (in thousands):

		Three Months Ended								Nine Months Ended
		September 28,  2019				September 29,  2018				September 28,  2019				September 29,  2018
Net Sales:
Asia:
China		$	111,657			$	109,713			$	314,544			$	313,250
Japan			46,840				43,549				136,302				129,497
Asia Other			79,278				68,934				226,276				216,634
Total Asia			237,775				222,196				677,122				659,381
Americas:
United States			164,164				170,766				487,261				479,072
Americas Other			32,294				36,037				97,840				107,567
Total Americas			196,458				206,803				585,101				586,639
Europe			143,045				149,022				428,079				458,890
Total net sales		$	577,278			$	578,021			$	1,690,302			$	1,704,910

Net sales by customer class are as follows for the three and nine months ended September 28, 2019 and September 29, 2018 (in thousands):

		Three Months Ended								Nine Months Ended
		September 28,  2019				September 29,  2018				September 28,  2019				September 29,  2018
Pharmaceutical		$	328,227			$	325,166			$	972,884			$	968,848
Industrial			171,352				171,985				502,679				517,979
Academic and governmental			77,699				80,870				214,739				218,083
Total net sales		$	577,278			$	578,021			$	1,690,302			$	1,704,910

Net sales for the Company recognized at a point in time versus over time are as follows for the three and nine months ended September 28, 2019 and September 29, 2018 (in thousands):

		Three Months Ended								Nine Months Ended
		September 28,  2019				September 29,  2018				September 28,  2019				September 29,  2018
Net sales recognized at a point in time:
Instrument systems		$	270,317			$	282,543			$	778,540			$	812,690
Chemistry consumables			100,256				95,979				299,801				293,818
Service sales recognized at a point in time (time & materials)			75,240				75,769				232,806				228,685
Total net sales recognized at a point in time			445,813				454,291				1,311,147				1,335,193
Net sales recognized over time:
Service and software maintenance sales recognized over time (contracts)			131,465				123,730				379,155				369,717
Total net sales		$	577,278			$	578,021			$	1,690,302			$	1,704,910

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- References

No definition available.

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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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