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

3 Months Ended

Mar. 28, 2020

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 28, 2020 and March 30, 2019 (in thousands).

		Balance at Beginning of Period				Impact of CECL Adoption				Additions				Deduction				Balance at End of Period
Allowance for Doubtful Accounts
March 28, 2020		$	9,560			$	985			$	3,506			$	(1,749	)		$	12,302
March 30, 2019		$	7,663			$	—			$	2,159			$	(2,324	)		$	7,498

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 28, 2020 (in thousands):

						Quoted Prices
						in Active				Significant
						Markets				Other				Significant
		Total at				for Identical				Observable				Unobservable
		March 28,				Assets				Inputs				Inputs
		2020				(Level 1)				(Level 2)				(Level 3)
Assets:
Time deposits			3,810				—				3,810				—
Waters 401(k) Restoration Plan assets			29,165				29,165				—				—
Foreign currency exchange contracts			1,028				—				1,028				—
Interest rate cross-currency swap agreements			10,007				—				10,007				—
Total		$	44,010			$	29,165			$	14,845			$	—
Liabilities:
Contingent consideration		$	2,672			$	—			$	—			$	2,672
Foreign currency exchange contracts			715				—				715				—
Total		$	3,387			$	—			$	715			$	2,672

The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2019 (in thousands):

						Quoted Prices
						in Active				Significant
						Markets				Other				Significant
		Total at				for Identical				Observable				Unobservable
		December 31,				Assets				Inputs				Inputs
		2019				(Level 1)				(Level 2)				(Level 3)
Assets:
Time deposits			1,642				—				1,642				—
Waters 401(k) Restoration Plan assets			30,158				30,158				—				—
Foreign currency exchange contracts			16				—				16				—
Interest rate cross-currency swap agreements			4,485								4,485
Total		$	36,301			$	30,158			$	6,143			$	—
Liabilities:
Contingent consideration		$	2,557			$	—			$	—			$	2,557
Foreign currency exchange contracts			1,028				—				1,028				—
Total		$	3,585			$	—			$	1,028			$	2,557

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 28, 2020								December 31, 2019
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	69,627			$	1,028			$	119,576			$	16
Other current liabilities		$	24,000			$	715			$	29,495			$	1,028
Interest rate cross-currency swap agreements:
Other assets		$	560,000			$	10,007			$	560,000			$	4,485
Accumulated other comprehensive income						$	(10,007	)						$	(4,485	)

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 28, 2020				March 30, 2019
Foreign currency exchange contracts:
Realized (losses) gains on closed contracts		Cost of sales		$	(2,981	)		$	525
Unrealized gains (losses) on open contracts		Cost of sales			1,325				(542	)
Cumulative net pre-tax losses		Cost of sales		$	(1,656	)		$	(17	)
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	3,714			$	2,227
Unrealized gains on contracts		Stockholders’ equity		$	5,522			$	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 28, 2020 and March 30, 2019 (in thousands):

		Balance at												Balance at
		Beginning				Accruals for				Settlements				End of
		of Period				Warranties				Made				Period
Accrued warranty liability:
March 28, 2020		$	11,964			$	1,671			$	(2,619	)		$	11,016
March 30, 2019		$	12,300			$	1,500			$	(2,338	)		$	11,462

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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 presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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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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