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

9 Months Ended

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

		Balance at Beginning of Period				Additions				Deduction				Balance at End of Period
Allowance for Doubtful Accounts
September 28, 2019		$	7,663			$	6,014			$	(5,461	)		$	8,216
September 29, 2018		$	6,109			$	2,752			$	(2,175	)		$	6,686

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 September 28, 2019 (in thousands):

		Total at September 28, 2019				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Time deposits			213				—				213				—
Waters 401(k) Restoration Plan assets			32,796				32,796				—				—
Foreign currency exchange contracts			66				—				66				—
Interest rate cross-currency swap agreements			16,945				—				16,945				—
Total		$	50,020			$	32,796			$	17,224			$	—
Liabilities:
Contingent consideration		$	2,822			$	—			$	—			$	2,822
Foreign currency exchange contracts			826				—				826				—
Total		$	3,648			$	—			$	826			$	2,822

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

		Total at December 31, 2018				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (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):

		September 28, 2019								December 31, 2018
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	24,000			$	66			$	112,212			$	503
Other current liabilities		$	121,580			$	826			$	40,175			$	224
Interest rate cross-currency swap agreements:
Other assets		$	410,000			$	16,945			$	300,000			$	1,093
Accumulated other comprehensive income						$	16,945							$	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								Nine Months Ended
		Statement Classification				September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Foreign currency exchange contracts:
Realized losses on closed contracts		Cost of sales				$	(3,340	)		$	(23	)		$	(5,858	)		$	(2,158	)
Unrealized losses on open contracts		Cost of sales					(633	)			(5	)			(1,040	)			(1,092	)
Cumulative net pre-tax losses		Cost of sales				$	(3,973	)		$	(28	)		$	(6,898	)		$	(3,250	)
Interest rate cross-currency swap agreements:
Interest earned		Interest income				$	2,698			$	927			$	7,848			$	927
Unrealized gains on open contracts		Stockholders’ equity				$	15,847			$	767			$	15,852			$	767

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

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
September 28, 2019		$	12,300			$	5,271			$	(6,094	)		$	11,477
September 29, 2018		$	13,026			$	6,068			$	(6,901	)		$	12,193

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